Global Boron Carbide Market Size Likely to Grow at a CAGR

Austin, TX, USA, May 15, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Boron Carbide Market Size, Share, Growth Analysis Report By Grade (Abrasive Grade, Nuclear & Defence Grade), By Type (Powder, Paste, Grains), By Application (Industrial, Nuclear, Defence), and By Region - Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of Global Boron Carbide Market size & share was valued at approximately USD 149.21 Billion in 2022 and is expected to reach USD 155.21 Billion in 2023 and is expected to reach a value of around USD 202.18 Billion by 2030, at a compound annual growth rate (CAGR) of about 4.55% during the forecast period 2022 to 2030.”

Boron carbide is a crystalline compound of boron and carbon. It is the hardest material known after diamond and cubic boron nitride. It is used in abrasive and wear-resistant products, lightweight composite materials, and control rods for nuclear power generation. Its strength ability is to withstand an applied load without failure or plastic deformation.

Boron carbide is also used as ballistic armor and other materials, resulting in properties like high hardness, high elastic modulus, and low density, providing extraordinary unique stopping power against high-velocity projectiles. Boron Carbide has antimicrobial protection properties. They are used in cooling towers in power plants, mining, swimming pools, tank armor, bulletproof vests, engine sabotage powders, and other industrial applications.

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Regional Snapshots

Region-wise the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominant region in the boron carbide market. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China and Japan have significant contributions to the growth of the Boron carbide market in the APAC region. Key factors for the growth in the APAC region are increasing nuclear power plants; increasing defense spending and grading application.

Furthermore, boron carbide producers are implementing an inclusive range of advanced technologies in the production of boron carbide for optimizing the purity and boron content which will drive the market during the forecast period. Moreover, Asian countries are using abrasive-grade boron carbide for ultrasonic boring since it can be used for boring almost any desired profile of brittle & hard materials. In addition, metal fabrication industries are growing in the Asia-Pacific region which is driving the boron carbide market growth during the forecast period.

Market Dynamics

Growth Drivers

Boron carbide has the ability to absorb neutrons without producing long-lived radionuclides makes thereby making it attractive as a neutron absorbent in nuclear power plants. Some applications of Boron Carbide are used in a nuclear reactor as control rods shut down pellets and insulation. Currently, there are 440 nuclear power reactors operating in 32 with a combined capacity of about 390 GWe.

Globally, Nuclear power capacity is steadily growing with 55 reactors under construction in 19 countries, covering India, Russia, China and the United Arab Emirates. As per World Nuclear Association. The majority of plants are planned for the Asia Pacific region. Moreover, plant lifetime extension programs are going on in the USA to maintain capacity. Thus, the growth of nuclear reactors will drive demand for boron carbide in the upcoming years.

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Restraints

However, the lack of skilled labor is restricting the expansion of the global boron carbide market during the forecast period. Furthermore, the logistics and supply chain interface, government norms and regulations on export and import activities are restraining factors in the boron carbide market.

Opportunities

The growing demand from the refractory industry is projected to support the growth of the global boron carbide market in the forthcoming years. In addition, the market for boron carbide is witnessing increased demand avenues from the nuclear, aerospace, and automotive industries. In nuclear industries, boron carbide is in high demand for protective ceramic materials. All these factors together may act as one of the key drivers responsible for the growth of the market; thus, creating generative opportunities.

(A free sample of the Boron Carbide report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Boron Carbide report has been modified to include the COVID-19 impact study prior to delivery.)

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Challenges

Over the forecast period, high costs and complexity related to import and export issues may act as one of the challenging factors in the boron carbide market.

Report Highlights

On the basis of grade, the segment includes abrasive and nuclear and defense grades. The abrasive segment dominated the market in 2020 and is expected to grow over the forecasted period. Boron carbide coating is widely used in lapping and polishing applications owing to its high hardness. It is also used as a loose abrasive in multiple cutting applications, such as water jet cutting, grit blasting and slurry pumping. Abrasive boron carbide is considered to be an ideal material for dressing diamond tools. However, the nuclear & defense grade segment is expected to grow at a moderate rate during the forecast period.

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On the basis of type, the segment includes powder, paste and grains. The grains segment is the largest segment and is expected to be in a dominant position during the forecast period. Boron carbide grains are used in applications that cover metal-matrix composites, lapping and flux-cored wires for build-up welding.

On the basis of application, the segment includes industrial, grinding, lapping, polishing, others, nuclear, defense, body armor, and vehicle armor. The nuclear application dominates the boron carbide market and is expected to remain the dominant segment during the forecast period. The increase in the demand for boron carbide in avenues, defense, aerospace, nuclear, automotive, and others has escalated the growth of the boron carbide market. In addition, boron carbide demand has increased in protective ceramics materials and import & export trade activities among countries have propelled the growth of the boron carbide market.

Key questions answered in this report:

What is the size of the Boron Carbide market and what is its expected growth rate?
What are the primary driving factors that push the Boron Carbide market forward?
What are the Boron Carbide Industry's top companies?
What are the different categories that the Boron Carbide Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Boron Carbide market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2030
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Report Scope

Feature of the Report	Details
Market Size in 2021	USD 141.8 Million
Projected Market Size in 2030	USD 202.18 Million
CAGR Growth Rate	4.55% CAGR (2022-2030)
Base Year	2022
Forecast Period	2023-2032
Prominent Players	Absco Limited, CoorsTek, Inc., Electro Abrasives LLC, Feldco International, Höganäs AB, Kyocera Corporation, Mudanjiang Jingangzuan Boron Carbide Co., Ltd, Precision Ceramics Usa Inc, UK Abrasives, Inc., Washington Mills Electro Minerals Limited, Saint-Gobain S.A., H.C. Starck GmbH, Washington Mills, Kyocera Corporation, Dynamic-Ceramic Limited, UK Abrasives Inc., and Others
Key Segment	By Grade, Type, Application, and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

Recent Developments

Some of the recent developments that happened in the Boron Carbide market are given below

Samsung, a South Korea-based multinational electronics corporation announced in Feb 2022 its focus on using boron carbide to replace silicon carbide in its focus rings due to the durable property nature of boron carbide against plasma and high temperature. These newly developed focus rings will be utilized in wafer fabrication during the etching process.
Kyocera Corporation has acquired the AVX corporation. The latest acquisition has strengthened the position of Kyocera Corporation in the global boron carbide market in 2020

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Segments Covered in the Boron Carbide market report;

By Grade

Abrasive Grade
Nuclear &Defence Grade

By Type

Powder
Paste
Grains

By Application

Industrial
- Grinding
- Lapping
- Polishing
- Others
Nuclear
Defence
- Body Armor
- Vehicle Armor

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On the basis of Geography

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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Maximum number of market tables and figures
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Free 35% or 60 hours of customization.
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This Boron Carbide Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Boron Carbide Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Boron Carbide Market? What Was the Capacity, Production Value, Cost and PROFIT of the Boron Carbide Market?
What Is the Current Market Status of the Boron Carbide Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Boron Carbide Market by Considering Applications and Types?
What Are Projections of the Global Boron Carbide Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Boron Carbide Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Boron Carbide Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Boron Carbide Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Boron Carbide Industry?

Click Here to Access a Free Sample Report of the Global Boron Carbide Market @ https://www.custommarketinsights.com/report/boron-carbide-market/

Reasons to Purchase Boron Carbide Market Report

Boron Carbide Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Boron Carbide Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Boron Carbide Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Boron Carbide Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Boron Carbide market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

Directly Purchase a copy of the report [220+ Pages] @ https://www.custommarketinsights.com/report/boron-carbide-market/

What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Boron Carbide market analysis.

The competitive environment of current and potential participants in the Boron Carbide market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Boron Carbide market should find this report useful. The research will be useful to all market participants in the Boron Carbide industry.

Managers in the Boron Carbide sector are interested in publishing up-to-date and projected data about the worldwide Boron Carbide market.

Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Boron Carbide products' market trends.

Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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