NEWARK, Del, Oct. 16, 2023 (GLOBE NEWSWIRE) -- In 2018, the size of the global boron carbide market was US$ 136.7 million. The demand for boron carbide is anticipated to increase to US$ 256.8 million by 2033. The boron carbide market is expected to display a CAGR of 5.3% from 2023 to 2033. In 2023, its value is projected to increase to US$ 153.9 million.
The extraordinary physical properties of boron carbide are set to primarily drive its demand in laser drilling and cutting applications. Boron carbide is a highly sought-after product due to its incredible hardness, which is only surpassed by diamond, and its extraordinary endurance to high temperatures. These properties are crucial for precision machining, high-tech industries, and research applications where extreme conditions are expected.
Industries seeking accurate and effective material processing prefer boron carbide nozzles and focusing lenses since they can withstand the tremendous heat produced by strong lasers during laser cutting. In industries such as electronics and aerospace, where precise and clean drilling and cutting procedures are required, its hardness ensures life and lowers the frequency of replacements in laser systems.
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Boron carbide is still in great demand as these high-tech industries develop. It is essential for use in contemporary production and research facilities to retain structural integrity under harsh conditions. The unique hardness and heat resistance combination is estimated to position boron carbide as an indispensable material in the laser cutting and drilling industry.
Key Takeaways from the Boron Carbide Market Study
- The global boron carbide market witnessed a CAGR of 4.1% over the historical period from 2018 to 2022.
- The United States boron carbide industry is expected to represent a total financial potential of US$ 18.9 million between 2023 and 2033.
- The boron carbide industry in China is expected to rise at a CAGR of 7.6% during the forecast period.
- The abrasive grade segment is estimated to hold around 67.8% of the global boron carbide market share in 2023.
- The industrial abrasive segment in terms of end-use is anticipated to expand at a CAGR of 5.6% during the forecast period.
“Due to increased manufacturing of protective body armor and vehicle armor systems to fulfill growing defense demand, the boron carbide industry is anticipated to rise. As developed and developing countries are expected to push their defense spending to modernize their current armed forces, the market for organic boron carbide is anticipated to surge.” – says a lead analyst by Nikhil Kaitwade Associate Vice President at Future Market Insights.
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Competitive Landscape
The market for boron carbide on a worldwide scale has a handful of key companies that are quite active in the industry. An estimated 40 to 45% of the global market share for boron carbide is held by key players.
There can be a number of small and medium-sized participants in the market. These players are poised to drive the market and challenge tier-1 competitors.
Leading business organizations are investing a lot in research & development initiatives to increase the applications for boron carbide. The inclusion of new technology into their products is further boosting the utilization of this chemical component on the international market.
For instance,
- Researchers from the University Of Florida (UF) used Expanse at the San Diego Supercomputer Center (SDSC) at UC San Diego in September 2023. They sought to investigate the atomic-level effects of stress on the useful but naturally brittle boron carbide. Expanse-powered molecular dynamics simulations were utilized by the researchers to demonstrate bond breakdown caused by stretching or an artificial tensile shock. The results were reported in the European Journal of Mechanics - A/Solids.
- In April 2023, Flex B4C, a cutting-edge boron carbide-enhanced filament, was introduced by Nanovia, a manufacturer of distinctive 3D printing filaments based in France. In the nuclear energy sector, it can be used for neuron shielding. Nanovia Flex B4C is conceptually equivalent to Nanovia's PLA XRS, which filters X-rays using barium sulfate. The company has been using B4C on ceramic filament in the Cr range that is intended for sintering for an extended period.
Key Companies Profiled in Boron Carbide Market
- Washington Mills North Grafton, Inc.
- Saint-Gobain S.A.
- 3M
- UK Abrasives, Inc.
- Songshan Specialty Materials, Inc.
- ABSCO Limited
- Advanced Abrasives Corporation
- Dalian Zhengxing Abrasive Co., Ltd.
- Henan E-Grind Abrasives Co. Ltd
- Bhukhanvala Industries Pvt. Ltd.
- Feldco International
- U.S. Electrofused Minerals, Inc.
- CDH Fine Chemicals
- TRBOR
- Schunk Ingenieurkeramik GmbH
- Ultrananotech Private Limited
- Universal Hard Metal Co
- Mudanjiang Jingangzuan Boron Carbide Co., Ltd
- Advanced Abrasives Corporation
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Get More Valuable Insights into the Boron Carbide Market Report
In its latest report, Future Market Insights (FMI) offers an unbiased analysis of the global boron carbide market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on grade, physical form, end-use, and region.
Boron Carbide Market Outlook by Category
Boron Carbide Market by Grade:
- Abrasive
- Macrogrit
- Microgrit
- Nuclear
- Refractory
Boron Carbide Market by Physical Form:
- Powder
- Granular
- Paste
Boron Carbide Market by End-Use:
- Armors & Ballistic Protection
- Body Armors
- Vehicle Armors
- Industrial Abrasives
- Grinding and Polishing
- Cutting Tool
- Neutron Shielding (Nuclear Reactor)
- Shields & Panels
- Refractory Materials
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa
About the Chemicals and Materials Division at Future Market Insights (FMI)
The chemicals and materials division of Future Market Insights (FMI) offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Authors by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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