Market Insights
The boron carbide market was estimated at USD 405.22 million in 2022 and is likely to grow at a CAGR of 4.63% during 2023-2028 to reach USD 534.3 million in 2028.
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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.
Global Boron Carbide Market Report Overview
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Market Size in 2022
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USD 405.22 Million
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Market Size in 2028
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USD 534.3 Million
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Market Growth (2023-2028)
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CAGR of 4.63%
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Base Year of Study
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2022
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Trend Period
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2017-2021
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Forecast Period
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2023-2028
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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.
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.
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Segments Analysis
By Grade Type
The market is segmented into 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 2022, 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 has high hardness because 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 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 Insights
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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Critical Questions Answered in the Report
- What are the key trends in the global market?
- How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
- What is the impact of COVID-19 on the global market?
- What are the key strategies adopted by the major vendors to lead in the market?
- What is the market share of the top vendors?
Market Segmentation
This report studies the market covering a period of 12 years of trend and forecast. 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
By Application Type
- Industrial
- Nuclear
- Defense
By Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
- Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)
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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
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth analysis of the boron carbide market.
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How lucrative is the future?
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The market forecast and trend data and emerging trends.
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Which regions offer the best sales opportunities?
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Global, regional and country-level historical data and forecasts.
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast.
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What are the top players and their market positioning?
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Competitive landscape and Market share analysis.
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How complex is the business environment?
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Porter’s five forces, PEST, and Life cycle analysis.
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What are the factors affecting the market?
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Drivers & challenges.
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Will I get the information on my specific requirements?
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10% free customization.
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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.
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