Boron Carbide Market - By Grade (Abrasive Grade, Nuclear & Defense Grade ), By Type (Powder, Paste, Grains), By Application (Industrial, Nuclear, Defense) & Forecast, 2021-2027

Industry Overview

The global boron carbide market size was valued at USD 347.21 million in 2020 and is estimated to exhibit a CAGR of 4.9% from 2021 to 2027. Increasing construction of nuclear reactors for sustainable energy in emerging countries to drive the product demand during the forecast timeframe.
 

Boron carbide is one of the hardest materials known. It is third in ranking after cubic boron nitride and diamond. The powder form of boron carbide is majorly produced by the reaction of boron oxide with carbon reaction inside an electric arc furnace, by gas-phase reactions, or by carbothermal reduction. Some of the exclusive features of boron carbide are high absorption of neutrons in cross-section, chemical inertness, and high hardness.
 

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Several manufacturers are optimizing the production process of boron carbide to obtain high purity & boron content. For instance, 3M has developed boron carbide containing the exact ratio of 4:3 boron-to-carbon owing to which it is suitable for non-oxidic ceramics, wire sawing of oxidic and, and specifically for sapphire cutting.
 

Increasing adoption of abrasive-grade product in lapping, sawing, and drilling applications

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The abrasive grade segment is will generate over USD 250 million by 2027 owing to the increasing usage of abrasive-grade boron powders in ultrasonic drilling of glass & semi-precious stones and ceramics plate production. An abrasive boron carbide provides sharp angles at all corners, provides contour fidelity, and has higher dimensional stability. At the same time, machining with boron carbide provides higher surface quality without changing the shape of the work surface. The growth of abrasive grade is supported by increasing use in grinding, lapping, and polishing applications coupled with bolstering demand from the defense segment, which will further drive the boron carbide market share.
 

Powder form to dominate the market

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The powder segment generated over USD 200 million in 2020 owing to the increasing use of boron carbide in the production of wear-resistant and blasting nozzles. Furthermore, due to its large neutron-absorbing feature, boron carbide is used in both solid and powdered form as control & shield rods in nuclear reactors. This feature is likely to drive the boron carbide market growth in the nuclear segment. Moreover, boron carbide has high hardness due to which it an extensively used material in sandblasting nozzle systems.
 

Increasing new nuclear projects in emerging nation to drive product penetration

The nuclear segment holds around 15% share in boron carbide market size. Nearly fifteen nations across the globe are expected to develop new nuclear power projects in the next few years. According to the World Nuclear Association, 48 new nuclear reactors are going to be built between 2020 to 2026. For instance, in 2018, the UAE built its first-ever commercial nuclear power plant in Barakah, which has a capacity of 5.6 GW. Moreover, nuclear-grade boron carbide is used across a nuclear reactor core as a protective shield. It also performs special in-core & non-core applications in the nuclear reactor.
 

The defense segment will witness over 5% CAGR by 2027. The increasing production of vehicle armor systems and protective body jackets to meet the rising demand is boosting the segment growth. The COVID-19 pandemic has considerably obstructed armor vehicle production globally; however, despite the decline in armor vehicle production and strict locked downs, the defense sector has witnessed significant growth. For instance, in 2021, the world defense spending is projected to grow around 2.8%; for instance, in 2020, Japan increased its defense budget by 1.1% compared to 2019, which is likely to drive the boron carbide market growth during the forecast period.
 

Asia Pacific to hold a significant share due to large boron production

Asia Pacific is a prominent revenue-generating region and holds over 50% share in boron carbide market volume. The robust product demand can be attributed to the growing end-use industries, such as nuclear power plants; increasing defense spending; and grading application. The nuclear power industry is one of the verticals considerably contributing to the regional growth.
 

Boron carbide producers are implementing an inclusive range of advanced technologies in the production of boron carbide to optimize the purity and boron content, driving the market during the forecast period. Moreover, many Asian countries are adopting abrasive-grade boron carbide for ultrasonic boring since it can be used for boring almost any desired profile of brittle & hard materials.
 

The industry to be highly competitive

The boron carbide industry is consolidated with the top ten market players holding major in the market. Manufacturers are adopting strategic initiatives, such as production capacity expansion, acquisitions, and mergers, to tap extra market share and increase their business productivity. For instance, in 2019, Turkey built a new boron carbide production facility with a production capacity of around 1,000 - 1,500 tons of boron carbide annually. Additionally, boron carbide that will be produced in this plant has low-density and a high level of resistance to large temperatures, which are ideal for defense application use such as armored vehicles, aircraft, helicopters, tanks, and artillery tubes.
 

Some of the key manufacturers of the boron carbide industry are Höganäs AB, Absco Limited, Henan Ruiheng New Material Co., Limited, Mudanjiang Qianjin Boron Carbide Co., Ltd., Kemet International Limited, Saint-Gobain, WASHINGTON MILLS, 3M, Absco Limited, CoorsTek Inc., UK Abrasives, Inc., and Precision Ceramics USA.
 

The boron carbide market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD million from 2017 to 2027 for the following segments

By Grade

• Abrasive Grade
• Nuclear & Defense Grade

By Type

• Powder
• Paste
• Grains

By Application

• Industrial
  • Grinding
  • Lapping
  • Polishing
  • Others
• Nuclear
• Defense
  • Body Armor
  • Vehicle Armor

The above information is provided on a regional and country basis for the following:

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • Italy
  • Spain
  • U.K
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Malaysia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • Turkey
  • Iran
  • UAE