Home > Pressrelease > Boron Carbide Market size worth around USD 480.03 million by 2027
Boron Carbide Market size worth around USD 480.03 million by 2027
- Published Date: May 28, 2021
According to a new research study published by Global Market Insights Inc., the Boron Carbide Market size is expected to reach USD 480 million by the end of 2027. Boron carbide is widely used in manufacturing activities and areas where cost-effective lapping & fine grinding are required, such as steels, non-ferrous metals, Teflon, plastics, and titanium to other solid metals. Economic conditions, raw materials prices, and market competition have significantly impacted the price of boron carbide in recent years. In the coming five years, as rivalry increases, the price gap among different companies will narrow.
Boron carbide is used in the manufacturing of wear-resistance parts, metal cutting tools, and nozzles. It is also used as a raw material in the production of various special materials such as boron alloys, metal ceramics, boron steel, and special welding & refractory materials. It is manufactured by mixing boron oxide with petroleum coke at temperatures of nearly 2,000°C. This process utilizes a significant amount of energy and time due to which the manufacturing of boron carbide solution is 10 times more costly compared to other less hard-wearing ceramic materials that will limit the boron carbide market expansion over forecast timeframe.
Rising use of boron carbide paste in mechanical engineering applications to drive industry growth
Industry participants have developed water-based and oil-based boron carbide pastes. The water-based paste can be used in applications with temperatures up to 200 °C and since it utilizes polyalcohols as raw material, which is almost a biodegradable (>90%) material. While oil-based boron carbide pastes are suitable for use in applications with temperatures ranging from 200 to 350 °C and they can easily dilute oil or kerosene, thus are used to easily clean equipment. The above-mentioned factors will drive the boron carbide market growth.
Browse key industry insights spread across 220 pages with 224 market data tables & 21 figures & charts from the report, “Boron Carbide Market, By Grade (Abrasive Grade, Nuclear & Defense Grade ), By Type (Powder, Paste, Grains), By Application (Industrial, [Grinding, Lapping, Polishing], Nuclear, Defense [Body Armor, Vehicle Armor]), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The nuclear & defense grade segment will witness over 4.5% CAGR for boron carbide market share by 2027. The product is mostly used in nuclear applications such as protecting and other shielding applications since it can absorb neutrons emitted from the nuclear reactor. As boron carbide is used in various nuclear applications, each application requires a different purity level. The increasing implementation of new nuclear reactors for commercial use and in the defense sector such as a nuclear submarine, navel vessels, will improve product penetration over the forecast timeframe.
In terms of value, the grains segment is estimated to witness around 4% CAGR during the forecast period. Boron grains are considerably used in various applications including flux-cored wires for build-up welding, lapping, metal-matrix composites, and as a sintering technology.
Europe to bank upon product demand in defense sector
Europe was valued at over USD 70 million in 2020 owing to its usage in the defense sector for the production of ceramic armor plates, which are widely used in tanks, aircraft, and personal protective gears. Increasing spending in the construction of nuclear plants across Europe will likely enhance the boron carbide market during the forecast period.
Some of the major manufacturers in 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.