The boron carbide market has experienced steady growth over the past decade, and this trend is expected to continue in the coming years.
According to a recent market research analysis by Future Market Insights, the worldwide boron carbide market will be worth US$ 141.2 million in 2022 and is predicted to grow at a CAGR of 4.2% from 2022 to 2029.
According to the report’s conclusions, the research and development activities in the defense industry are just one of the many reasons that are expected to contribute to the worldwide boron carbide market’s significant expansion over the forecast period. According to the FMI analysis, continued developments in the defense industry would increase the use of boron carbide globally because it is frequently used to create bulletproof vests and military tanks.
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Market Overview:
The boron carbide market has experienced steady growth over the past decade, and this trend is expected to continue in the coming years. The market is driven by several factors, including:
- Defense and Aerospace Applications: Boron carbide is widely used in armor materials, such as body armor, tank armor, and aircraft armor. Its high hardness and low weight make it a preferred choice for protection against ballistic threats. As defense and aerospace spending increases globally, the demand for boron carbide is likely to rise.
- Nuclear Industry: Boron carbide is employed as a neutron absorber in nuclear reactors and spent fuel storage applications. As the nuclear energy sector expands and seeks safer technologies, the boron carbide market is poised for growth.
- Industrial Abrasives: Boron carbide’s exceptional hardness makes it an ideal material for abrasive applications. It is used in cutting tools, grinding wheels, and abrasive powders, contributing to the growth of the industrial sector.
- Growing Interest in Electric Vehicles (EVs): With the automotive industry shifting toward electric vehicles, boron carbide is used in components like brake pads and clutches due to its durability and heat resistance.
- Research and Development: Continuous research and development efforts are expanding the range of applications for boron carbide. Innovations in ceramics and composites are driving demand in various niche markets.
Increasing Growth Opportunities in Asia Pacific excluding Japan Dictate Market Players’ Strategies
Asia Pacific excl. Japan is expected to account for a prominent proportion of the global boron carbide market in terms of value and volume, according to the FMI study. The region is also estimated to witness relatively stronger growth over the forecast period.
This can be attributed to the widespread application of boron carbide in developing products for the defense sector. Furthermore, increased defense budgets in countries in this region are expected to further spur growth in the boron carbide market, as boron carbide is largely used in the production of vehicle body and armour.
The increasing prominence of nuclear technology for energy generation has also been considered to contribute towards the long-term growth of the boron carbide market. Considering the population growth as well as the urbanization rate of countries in the region, demand for power and energy is expected to increase with time, causing an inclination towards nuclear technology, further giving a significant push to the boron carbide demand in the coming years.
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Boron Carbide Market: Vendor Insights
The global boron carbide market report offers key insights about few of the prominent market players that have established their foothold in the global boron carbide market.
Some of the key players in the global boron carbide market
- 3M Company
- ABSCO Limited
- American Elements
- Advanced Abrasives Corporation
- Bhukhanvala Industries Pvt. Ltd.
- China Mudanjiang Chenxi Boron Carbide Co., Ltd.
- Dalian Jinma Boron Technology Group Co. ,Ltd (Dalian Jinma Group)
- Dalian Zhengxing Abrasive Co., Ltd.
- Dunhua Zhengxing Abrasive Co., Ltd.
- Dynamic-Ceramic Limited (CoorsTek)
Several manufacturers are noted to enhance their boron carbide product lines by focusing on investments in research & development activities as well as broadening the scope of applications of boron carbide.
End-use sectors such as automotive, aerospace, and defense, among others are compelling the manufacturers to develop products based on boron carbide as these have a longer service life and are noted to operate with a relatively better efficiency. Hence, research & development is expected to generate lucrative growth for manufacturers in the marketplace.
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Boron Carbide Market By Category
Grade :
- Abrasive
- Nuclear
Product Type :
- Powder
- Grain
- Paste
Application :
- Abrasive
- Nozzles
- Armor
- Others
Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- MEA
- Japan
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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