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    Boron Carbide Market Report

    Boron Carbide Market Report
    Report code - SR1188 Delivery - 2 Weeks
    Boron Carbide Market Size, Share, Trend, Forecast, & Industry Analysis – 2022-20 See more...

    Market Insights

    The boron carbide market is expected to grow from USD 385.01 million in 2021 to reach USD 534.3 million by 2028 at a healthy CAGR of 4.71% during the forecast period.

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    What is boron carbide?

    Boron carbide is a ceramic substance that is primarily utilized as an abrasive in commercial and industrial applications. It's made by reacting boric oxide and carbon in an electric arc furnace. Boron carbide possesses great abrasion resistance, extraordinary hardness and wear resistance, industrial shock resistance, impact resistance, and low thermal conductivity, among other features.

    Boron Carbide Market Report Overview

    Market Size in 2028

    USD 534.3 Million

    Market Size in 2021

    USD 385.01 Million

    Market Growth (2022-2028)

    CAGR of 4.71%

    Base Year of Study

    2021

    Trend Period

    2016-2020

    Forecast Period

    2022-2028

    Key Players

    Some of the key players in the market are-

    • The 3M Company
    • Absco Limited
    • Absco Limited
    • Henan Ruiheng New Material Co.Limited
    • Höganäs AB
    • Kemet International Limited
    • Mudanjiang Qianjin Boron Carbide Co., Ltd.
    • Saint-Gobain
    • UK Abrasives
    • WASHINGTON MILLS

    Market Dynamics

    The market is being driven by a number of factors, including the increasing demand for boron carbide in the defense, aerospace, nuclear, automotive, and construction industries. The development of new applications for boron carbide and the increasing availability of boron carbide is also expected to support the growth of the market.

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    Opportunities

    Here are some market opportunities for the boron carbide market:

    The increasing demand for lightweight and high-performance materials in the defense and aerospace industries. Boron carbide is a lightweight and high-performance material that is increasingly being used in these industries, as it can help reduce the weight of vehicles and aircraft, improving their strength and durability.

    The increasing demand for boron carbide in the automotive industry. Boron carbide is used in a variety of applications in the automotive industry, including brake pads, clutch discs, and gears. The growing demand for fuel-efficient and lightweight vehicles is expected to drive the demand for boron carbide in the coming years. For example, boron carbide is used in the brake pads of high-performance cars, as it can help improve the brakes' stopping power without adding too much weight to the car.

    The increasing demand for boron carbide in the construction industry. Boron carbide is used in a variety of applications in the construction industry, including abrasives, wear-resistant coatings, and refractory materials. The growing demand for infrastructure development is expected to drive the demand for boron carbide in the coming years. The development of new applications for boron carbide. Researchers are constantly developing new applications for boron carbide, such as its use in medical implants and sporting goods. This is expected to further drive the growth of the market in the coming years.

    Challenges

    Here are some of the challenges in the boron carbide market:

    • The high cost of boron carbide: Boron carbide is a relatively expensive material, which can limit its adoption in some applications.
    • The availability of substitutes: A number of alternative materials can be used in some applications where boron carbide is currently used. For example, silicon carbide is a cheaper and more readily available material that can be used in some applications where boron carbide is used.
    • The development of new materials: Researchers are constantly developing new materials that have properties similar to boron carbide. If these materials are able to be produced at a lower cost, they could pose a challenge to the boron carbide market.
    • The regulatory environment: The regulatory environment for boron carbide can be complex and may vary from country to country. This can make it difficult for companies to market and sell boron carbide in some markets.

    Segments Analysis

    By Grade Type

    The market is segmented as abrasive grade and nuclear & defense grade. The abrasive grade segment is expected to dominate the market during the forecast period. The growth of the segment is attributed to the increasing usage of abrasive-grade boron powders in the ultrasonic drilling of glass and the production of semi-precious stones and ceramic plates.

    Apart from providing contour fidelity, an abrasive-boron carbide offers sharp angles at all corners and owns higher dimensional stability. Also, boron carbide machining delivers higher-quality surfaces without changing the surface shape. The growth of the abrasive grade is supported by increased use in grinding, lapping and polishing applications and stimulates the demand for defense grade, which further propels the market share of boron carbide.

    By Type

    The market is segmented as powder, paste and grains. The powder segment led the market in 2021, owing to the growing use of boron carbide in the production of wear-resistant and blasting nozzles. The segment is expected to maintain its lead during the assessment period as well.

    In addition, boron carbide is used in both solid and powdered forms as control & shield rods in nuclear reactors due to its large neutron-absorbing feature. This feature is likely to accelerate the market growth in the nuclear segment. Also, boron carbide owns high hardness because of which it is an extensively used material in sandblasting nozzle systems.

    By Application Type

    The market is segmented as Industrial, Nuclear and Defense. Among them, the nuclear segment is expected to dominate the market during the assessment period, with more than a 10% share of the boron carbide market. According to the World Nuclear Association, nuclear power currently contributes approximately 10% of the world's electricity production.

    The growing demand for boron carbide in the nuclear industry. Boron carbide is used as a neutron absorber in nuclear reactors, and as a result, the growing demand for nuclear power plants is expected to drive the demand for boron carbide in the coming years. Boron carbide is also used in constructing nuclear reactor cores, as it can help prevent the spread of radiation in the event of a meltdown.

    Due to vast nuclear construction programs in East and South Asia, extended operational lifetimes of existing reactors, and an anticipated expansion of the pool of nuclear countries due to more newcomer countries, the market is expected to grow.

    Regional Analysis

    Asia-Pacific is a major revenue-generating region, accounting for more than half of the global market volume. Growing end-use industries, such as nuclear power plants; rising defense spending, and grading applications are all contributing to strong product demand. The nuclear power industry is one of the verticals that has made a significant contribution to regional development.

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    Segmentation

    The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

    The boron carbide market is segmented into the following categories:

    By grade type:

    • Abrasive Grade
    • Nuclear
    • Defense Grade

    By type:

    • Powder
    • Paste
    • Grains

    By application type:

    • Industrial
      • Type Analysis: Grinding, Lapping, Polishing, and Others
    • Nuclear
    • Defense

    By region:

    • North America 
    • Europe
    • Asia-Pacific
    • Rest of the World

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the boron carbide market.

    How lucrative is the future?

    The market forecast and trend data and emerging trends.

    Which regions offer the best sales opportunities?

    Global, regional and country-level historical data and forecasts.

    Which are the most attractive market segments?

    Market segment analysis and Forecast.

    Which are the top players and their market positioning?

    Competitive landscape and Market share analysis.

    How complex is the business environment?

    Porter’s five forces, PEST and Life cycle analysis.

    What are the factors affecting the market?

    Drivers & challenges.

    Will I get the information on my specific requirement?

    10% free customization.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Segmentation

    • Current market segmentation by any one of the types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Boron carbide is a ceramic substance that is primarily utilized as an abrasive in commercial and industrial applications. It's made by reacting boric oxide and carbon in an electric arc furnace. Boron carbide possesses great abrasion resistance, extraordinary hardness and wear resistance, industrial shock resistance, impact resistance, and low thermal conductivity, among other features.

    The market is expected to grow at a CAGR of 4.71 % during the upcoming five years.

    The market size is estimated to grow from USD 385.01 Mn in 2021 to USD 534.3 Mn by 2028.

    Asia Pacific is expected to have the largest share of the market during the assessment period.

    The 3M Company, Absco Limited, Absco Limited, Henan Ruiheng New Material Co., Limited, Hgans AB, Kemet International Limited, Mudanjiang Qianjin Boron Carbide Co., Ltd., Saint-Gobain, UK Abrasives and WASHINGTON MILLS. are the key companies in the market.

    The abrasive grade segment has the largest share of the market during the estimated time.

    The study period of the market is 2016-2028.

    Increasing demand for boron carbide from industries such as aerospace, automotive, nuclear and refractory is likely to drive the market over the assessment period.

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