New York, United States , Feb. 28, 2023 (GLOBE NEWSWIRE) -- The Global Boron Carbide Market Size to grow from USD 4.9 billion in 2021 to USD 6.39 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 3.0% during the forecast period. One of the key drivers of Boron Carbide market expansion is driven by an increase in the use of boron compounds in a variety of products, including glass and ceramics, detergents, alloys and metals, and agrochemicals, as well as by supportive government regulations that promote the use of semiconductor and glass fibre products that consume less energy.
Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
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The increasing prominence of nuclear technology for energy generation has also been considered to contribute towards the long-term growth of the boron carbide market. Considering the population growth as well as the urbanization rate of countries in the region, demand for power and energy is expected to increase with time, causing an inclination towards nuclear technology, further giving a significant push to the boron carbide demand in the coming years. Additionally, due to its extreme hardness B4C finds use in nozzles for water jet cutting, slurry pumping, and grit blasting, which is further anticipated to drive the growth of the boron carbide market.
COVID-19 IMPACT ANALYSIS
The COVID-19 pandemic has made an adverse impact on credit portfolios. There has been an unprecedented rise in unemployment and disruption in economic activity, putting a strain on the solvency of customers and companies. Central banks have taken a proactive approach by injecting liquidity into the market by lowering interest rates and asset purchase programs. Managing and monitoring credit, market, liquidity, and operational risk across financial markets were hard enough with ongoing geopolitical tensions, international trade wars, and the occasional hurricanes and earthquakes. The current pandemic situation has forced chief risk officers and their teams to recalibrate old assumptions and models used to manage and monitor risk. COVID-19’s global impact has shown that interconnectedness plays an important role in international cooperation. As a result, many governments started rushing toward identifying, evaluating, and procuring reliable solutions powered by AI.
Browse 49 market data Tables and 59 Figures spread through 279 Pages and in-depth TOC on "Global Boron Carbide Market Size, Share, and COVID-19 Impact Analysis, By Product (Boron minerals and Boron chemicals), By Application (Glass and Ceramics, Alloys and Metals, Detergents and Bleaches, Agrochemical, Adhesives and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2021 – 2030." View a detailed Table of Content Here with Premium Report.
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The Boron minerals segment to account for the largest market size during the forecast period.
Based on the Product, the global Boron Carbide Market is categorized into Boron minerals and Boron chemicals. The Boron minerals segment to account for the largest market size during the forecast period. The Boron minerals segment is anticipated to be the leading category during the anticipated years because Boron minerals are being used more frequently as it is being used more and more in the creation of heat-resistant glass as well as a variety of industrial, medicinal, and cosmetic uses. Due to their excellent characteristics, colemanite, tincal, and ulexite are of interest in various application fields. Individually, Colemanite and Ulexite were used as fillers to create epoxy composites.
The Glass and Ceramics segment to hold a higher CAGR during the forecast period.
Based on the Application, the Boron Carbide Market is categorized into Glass and Ceramics, Alloys and Metals, Detergents and Bleaches, Agrochemical, Adhesives and Others. The Glass and Ceramics segment to hold a higher CAGR during the forecast period. Throughout the forecast period, the Glass and Ceramics segment is anticipated to maintain its leading position while expanding at the fastest CAGR. The glass and ceramics industries are the main users of borax and boric acid. Glass fibres, boron-silicate glass that can withstand heat, industrial glass, and optical glass are all made with boric acid. Because of the close ties between the glass and ceramics industries and the building sector, both regions have experienced high profit in construction sector and the market has grown at a healthy rate, mostly as a result of the rising demand in Asia, which is followed by Central and South America, Africa, and the Middle East.
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North America to hold a higher CAGR during the forecast period.
The Global Boron Carbide Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia-Pacific is estimated to account for the highest market share in 2022. The demand for Boron Carbide is being driven by the rising acceptance by the market. Asia is expected to have substantial growth in the building and construction sector, with countries like Japan, South Korea, Australia, China, and India leading the way. As per capita income and population increase, there will likely be a large demand for residential buildings and residences. High government investment on highways, roads, bridges, dams, and other public facilities is anticipated to promote regional boron minerals and chemicals market expansion. The demand for glass and ceramics goods is anticipated to increase due to the rapidly expanding population and rise in consumer disposable income, encouraging corporate growth. High government spending on the construction of roads, bridges, dams, and other public infrastructure might drive the market for regional goods. In addition, it is predicted that increasing domestic demand for agrochemicals would help to strengthen the local economy.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Boron Carbide Market include Absco Limited, CoorsTek, Inc.,Electro Abrasives LLC, Feldco International, Höganäs AB, Kyocera Corporation, Mudanjiang Jingangzuan Boron Carbide Co., Ltd, Precision Ceramics Usa Inc, U.K. Abrasives, Inc., Washington Mills Electro Minerals Limited, Saint-Gobain S.A., H.C. Starck GmbH, Washington Mills, Kyocera Corporation, Dynamic-Ceramic Limited, and U.K. Abrasives Inc.
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