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"The demand for Boron Carbide was estimated at USD ~ 116.7 million in 2019. It is projected to witness a CAGR of 3.5% during the forecast period (2020-2028)"
Rising demand for boron carbide for making nozzles for water jet cutting, polishing & lapping, slurry pumping, and grit blasting is the major factor driving the market. Increased use of boron carbide for making bulletproof vests, engine sabotage powder, tank armor, and others will also enhance the market growth in years to come. Another factor supplementing the growth of the boron carbide market in the coming years is increasing annual defense spending by numerous countries to obtain high-tech anti-ballistic armaments that can resist the impact of shrapnel, missiles, and bullets.
Growing product demand in manufacturing industries for technological development, increased use in brain cancer treatment & biomedical instruments and rising use in metalworking industries will propel the market growth in years to come. However, high product cost is expected to hinder the market growth. The growing product innovation efforts and growing defense expenditure along with the surge in production of armors will enhance the market growth. Growing consumption of boron carbide in the automotive industry for abrasive products will also boost the market demand in years to come.
The global boron carbide market on the basis of the application segment is bifurcated into abrasive, nozzles, armor and others. The geography segment is analyzed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
By Product Type, the Paste is expected to witness the highest growth in the Boron Carbide Market across the globe. It is expected to hold XX% of the total market.
In 2019, powder and grain product type is expected to dominate the boron carbide market. Wide application of powder and grain in different industries for grinding of hard metals, polishing and sintering will enhance the segment growth. Powder and grain are majorly used in the metal industry for metal processing and are another factor for segment growth. On the contrary, the paste product type will show significant growth during the forecast period. Paste form of boron carbide is majorly used in the automotive industry for gridding and lapping owing to which the segment will show substantial growth in years to come. The rising growth of the automotive industry in the Asia Pacific will also enhance segment growth.
By Application, Abrasive is estimated to witness high sales in Boron Carbide Market
The abrasive segment will dominate the boron carbide market in 2019. The major use of boron carbide in the automotive industry as an abrasive is the major factor driving the segment growth. The growing energy sector will also boost the segment growth. Rapid application of boron carbide for the development of reliable and safe nuclear technology is expected to change the boron carbide market. Numerous use of abrasive in the commercial as well as an industrial sector will also boost the segment growth. Due to high abrasion resistance, high shock resistance, low thermal connectivity, and hardness the boron carbide are majorly used in the manufacturing industry, which also enhances the abrasive segment in years to come.
In addition, the surge in the defense budget by numerous nations for armor development will also boost the market growth. Growing expenditure for defense in developing nations is another factor driving the market.
Asia Pacific region to dominate the overall Boron Carbide Market in terms of revenue share.
In 2019, Asia Pacific dominates the global boron carbide market by volume and value. The rising automotive industry and growing defense sector in the region are the major factors for the dominance of Asia Pacific. The increased energy sector in the region will also spur the Asia Pacific boron carbide market in years to come. The market is expected to register a CAGR of XX% during the forecast period. North America has a substantial share in the boron carbide market. The region will grow significantly owing to the wide application of boron carbide in the defense and automobile industry.
Sandvik Hyperion, 3M Company, Dynamic-Ceramic Limited, Momentive performance materials, Sigma-Aldrich, American elements, , Feldco International, ABSCO limited, Electro Abrasives LLC, H.C. starck, Advanced abrasives corporation, Dalian Jinma Boron Technology Group, Saint-Gobain S.A, UK abrasives Inc, Dunhua zhengxing abrasive company, and Washington Mills North Grafton, Inc. are few of the key players in the global boron carbide market.
Segmentation of Global Boron Carbide Market:
Boron Carbide Market by Grade:
Boron Carbide Market by Product Type:
Boron Carbide Market by End-use:
Boron Carbide Market by Region:
- North America
- South America
- Middle East & Africa