Boron Carbide Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, Spain, China, India, Japan, Australia, Brazil, Mexico, GCC, South Africa), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
Report ID: GMI2632
Boron Carbide Market is an extremely hard and covalent material chiefly used as an abrasive for commercial as well as industrial applications used in, bulletproof vests, tank armor, engine sabotage powder, as well as various industrial applications. The product is manufactured in an electric arc furnace by reacting boric oxide and carbon, through carbothermal reduction or by gas phase reactions. It is one of the hardest material behind cubic boron nitride and diamond, having incredible hardness, high resistance to wear, good nuclear properties industrial shock resistance, impact resistance and low thermal conductivity. The product is also used in refractory industry as an antioxidant and it acts as a neutron radiation absorbent in nuclear sector.
Rising product demand in abrasives for making nozzles for slurry pumping, water jet cutting, grit blasting, and in polishing & lapping applications are the key factors driving the global boron carbide market growth over the forecast period. It can also be used for dressing diamond tools. Increasing annual defense expenditure by various countries to acquire high tech anti-ballistic weapons that can resist the impact of bullets, shrapnel, and missile are other factor that supplement the boron carbide market growth in the upcoming years.
High product cost, and easy availability of substitutes offered by local players such as steel are likely to be the restraining factors for boron carbide market in coming days. Nevertheless, the product demand for technological development in the manufacturing industries, premium quality grade mechanical materials in metalworking industries, and its use in biomedical instruments and brain cancer treatment will propel the global boron carbide market over the forecast period.
The overall boron carbide market could be segmented on the basis of its grades, form, application, and geography. On the basis of grades, boron carbide market is divided into nuclear grade and abrasive grade. Increased demand for advanced energy sources and the requirement for clear sources of energy in future will contribute towards growth in the nuclear industry the product’s nuclear applications include control rod, shielding and shut down pellets. Abrasive grade of the chemical is used in industrial equipment manufacturing, wood work as well as in polishing which is also required in industries such as aerospace and automotive.
Based on form, global boron carbide market can be segmented into grains, powder, and paste. The powder and grain product form are widely used in industries for sintering, gridding of hard metals and polishing while, paste form is used in the automotive sector for lapping and gridding.
The diverse application areas of the boron carbide market include abrasives, nozzles, nuclear applications, ballistic armor and others such as, ceramic tooling dies, precision toll parts, mortars and pestles. etc. Increasing product applications in nuclear industries due to rising energy demand will contribute to the growth of nuclear power plants over the forecast period.
Rapid growth in end-use verticals such as ceramic, refractory, and abrasive industries plastics in Asia-pacific along with the growing North American industry attributable to high adoption of this chemical in defense sector for production of anti-ballistics weapons will propel the boron carbide market in coming years. Rising expenditure in establishment of nuclear plants in Western Europe will likely to augment the boron carbide market over the forecast period.
The prominent players in the boron carbide market are 3M Company, Advanced abrasives corporation, Momentive performance materials, Sigma-Aldrich, American elements, Dynamic-Ceramic Limited, Feldco International, ABSCO limited, Electro Abrasives LLC, H.C. starck, Dalian Jinma Boron Technology Group, Saint-Gobain S.A, UK abrasives Inc, Dunhua zhengxing abrasive company, Sandvik Hyperion and Washington mills. In order to attain a dominant position in the global boron carbide market, these players are focusing on research and development activities to introduce technological advancement and innovation.
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