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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.
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.
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 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.