Boron Carbide Market Evaluation of Industry Trends, Growth Drivers and Forecast To 2025
Global Boron Carbide Market: Snapshot
Growth in the global boron carbide market is mainly being supported by its usage in the burgeoning manufacturing sector. This is because of its unique perceived benefits that include excellent wear and abrasion resistance, low thermal conductivity, industrial shock resistance, and incredible hardness. Besides the manufacturing sector, the global boron carbide market is also feeding off the refractory industry where it finds usage as an antioxidant. Nuclear reactors are lending support to the global boron carbide market’s growth pace as well where it finds application as an absorbent of the neutron.
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The global boron carbide market is primed to grow further in the near future owing to the continued technological progress in manufacturing industries and the surging demand for premium high strength and high quality grade materials for metal working industries. The global boron carbide market is also being boosted by the surging demand for protective ceramic materials by nuclear industries for a range of applications.
At present, the nuclear grade and abrasive grade boron carbide is mostly sold in the global boron carbide market. They are mostly in the form of grains, powder, and paste. The different end use sectors where boron carbide finds application are industrial, nuclear, and defense. For example, abrasive grade boron carbide is used in polishing in the aerospace and automotive space.
A few drawbacks, nonetheless, are proving to be a hindrance for the global boron carbide market. One of those is the steep price of product. Another challenge for the market is the easy availability of substitutes offered by regional smaller players.
Notwithstanding such challenges, the North America and Europe boron carbide market together account for a significant share because of the proliferating nuclear power sector, substantial allocation towards research and development in the industrial sector, and the easy availability of innovative products.
Global Boron Carbide Market: Overview
Boron carbide finds usage chiefly as an abrasive across a number of applications across industrial as well as commercial sectors. Owing to properties such as high shock resistance, high abrasion resistance, an amazing level of hardness, low thermal conductivity and high resistance to wear and tear, the material has vast uses in the manufacturing sector. It is also used in nuclear reactors as absorbent of neutrons and as an antioxidant in refractory industry. The demand for boron carbide has increased across a number of other industries in the recent years, driving the global boron carbide market. The market is expected to expand at a healthy pace in the next few years as well.
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Global Boron Carbide Market: Trends and Opportunities
One of the key factors driving the global boron carbide market is the rising demand for boron carbide nanoparticles in hard metal industry tools and the rising demand for more effective composite materials for defense applications. The market is also benefiting from a massive rise in research activities aimed at the development of better compositions of boron carbide capable of stopping flashing and swelling phenomenon in tanks of nuclear reactors. Moreover, a number of companies are focusing on research and development activities aimed at the increased utilization of boron carbine in areas and products such as grit blasting, slurry pumping, and water jet cutters.
The market is also expected to benefit from the rising use of boron carbide in a variety of biomedical instruments and the treatment of brain cancer. This trend is expected to have vast positive implications on the overall development of the market over the report’s forecast period. The rising demand for new and cleaner sources of energy is expected to drive the market for nuclear energy, which will, in turn, prove to be promising for the global market for boron carbide.
Global Boron Carbide Market: Regional Dynamics
The report covers the boron carbide market for regions such as North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. The markets in North America and Europe presently account collectively for a massive share in the overall market, thanks to factors such as steady expansion of the nuclear power sector, high investments towards research and development activities in the industrial sector, strong technological base, and the easy availability of innovative products. These regions are likely to continue to expand at a promising pace over the next few years.
The market in Asia Pacific is also expected to register a healthy CAGR over the forecast period owing to thriving metal fabrication sector in the region. The burgeoning metal fabrication industry in China and the steadily expanding nuclear power industry in Japan are expected to help the regional market remain a key consumer of boron carbide in a variety of forms. The market in Latin America and Middle East and Africa, however, is likely to witness moderate growth owing to various macro-economic factors and relatively underdeveloped metal fabrication industries.
Global Boron Carbide Market: Competitive Dynamics
The global market for boron carbide features a competitive vendor landscape wherein companies are investing more on research and development activities with the intension of developing new application areas and gaining a stronger foothold in the market as compared to peers. Some of the leading companies in the market are ABSCO Limited, Advanced Abrasives Corporation, Bhukhanvala Industries Pvt. Ltd., 3M Company, China Mudanjiang Chenxi Boron Carbide Co., Ltd, American Elements, Dalian Zhengxing Abrasive Co., Ltd., Feldco International, Songshan Specialty Materials Incorporated, Dynamic-Ceramic Limited (CoorsTek), Electro Abrasives LLC, Sigma-Aldrich Co. LLC. (Merck Group), Dunhua Zhengxing Abrasive Co., Ltd., Washington Mills North Grafton, Inc., Saint-Gobain S.A, UK Abrasives, Inc, and H.C. Starck GmbH.
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