15-Sep-2022 | Facts and Factors
According to Facts and Factors, the global boron carbide market size was worth around USD 215.1 million in 2021 and is predicted to grow to over USD 260 million by 2028 with a compound annual growth rate (CAGR) of roughly 4.1% between 2022 and 2028.
Boron carbide is one of the solid ceramic materials, and it is third in rank after diamond and boron nitride in the lineup of hardest materials. B4C or boron carbide can be produced by performing oxidation-reduction method using B2O3 with C. Boron carbide is represented by a unique combination of features, which makes it suitable for various engineering end uses. Major determinant driving global boron carbide market growth includes increasing demand for powdered boron carbide in abrasives for lapping and polishing applications. 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. Boron carbide, owing to its properties like high melting point and thermal stability, is used majorly in refractory applications, and it is also a determinant driving market across the globe.
Browse the full “Boron Carbide Market Size, Share, Growth Analysis Report By Application (Abrasive, Nozzles, Armor), By Grade (Abrasive, Nuclear), By Type (Powder, Grain, Paste), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/boron-carbide-market
The global boron carbide market was impacted negatively owing to the COVID-19 pandemic with the shutdown of refining/ manufacturing facilities as well as logistic bans in several nations. COVID-19 has created various disruptions in the raw material supply across nations, causing an increase in the raw materials’ prices especially owing to the opportunistic pricing and short supply. However, it is expected to restore economic conditions after the lifting of the lockdowns, and the demand for numerous services and products, such as cutting tools, is likely to boost the demand for market during the forecast period. The cutting tools industry is likely to grow substantially owing to the increasing demand from the industrial market in the coming years and the rising usage of cutting tools in activities related to manufacturing. The development in the industrial sector is likely to drive the cutting tools industry. The need for cutting tools is expected to rise with the increasing demand from the metal market. The prime factor responsible for driving the market growth is the rising demand for these tools in the construction, aerospace & defense, and automotive industries.
As one of the hardest known materials, boron carbide is likely to be produced by a range of manufacturers refining their processes in order to achieve high boron concentration and purity. Sales are likely to grow in the upcoming years by increasing demand for abrasives for lapping & polishing, water jet cutting, grit blasting, and slurry pumping nozzles. However, there are some obstacles being witnessed in the industry, such as interference in the supply chain, logistical issues, government obligations & regulations, border problems, export restrictions, that have a direct impact on commodity supply and prices, and others.
The global boron carbide market is segmented based on type, application, grade, and region.
Based on type, the global market segments are powder, grain, and paste. The powder segment is likely to hold a significant market share, owing to the rising use of boron carbide in wear-resistant and blasting nozzles production. Furthermore, owing to its large neutron-absorbing characteristic, boron carbide is used in both powdered and solid forms as shield & control rods in nuclear reactors. This factor is likely to augment the growth of the boron carbide market in the nuclear segment. Additionally, boron carbide also has high hardness owing to which it is an extensively used material in making sandblasting nozzle systems.
Based on application, the global market segments are abrasive, nozzles, and armor. Abrasive held a significant share of revenue, owing to the rising abrasive-grade boron powder usage in ultrasonic drilling of semi-precious stones, glass, and ceramics plate production. It provides sharp angles at all corners, which offers contour fidelity, with higher dimensional stability. The growth of abrasive grade is also supported by rising use in lapping, polishing, and grinding applications combined with huge demand from the defense, which will drive further the share of the boron carbide market.
Asia Pacific is likely to dominate the global boron carbide market globally during the coming years. The robust demand can be attributed to the rising end-use sectors, such as increasing defense spending; nuclear power plants; and grading applications. Nuclear segment is one of the verticals contributing considerably to the regional growth. Producers of boron carbide are implementing an inclusive variety of advanced technologies in boron carbide production to optimize the boron content and purity, driving the market in the coming years.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 215.1 Million |
Projected Market Size in 2028 |
USD 260 Million |
CAGR Growth Rate |
4.1% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
3M Company, ABSCO Limited, American Elements, Advanced Abrasives Corporation, Bhukhanvala Industries Pvt. Ltd., China Mudanjiang Chenxi Boron Carbide Co. Ltd., UK Abrasives Inc., Dunhua Zhengxing Abrasive Co. Ltd., Dynamic-Ceramic Limited (CoorsTek), Feldco International, Electro Abrasives LLC, and Others |
Key Segment |
By Application, Grade, Type, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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The global boron carbide market is dominated by players like 3M Company, ABSCO Limited, American Elements, Advanced Abrasives Corporation, Bhukhanvala Industries Pvt. Ltd., China Mudanjiang Chenxi Boron Carbide Co., Ltd., UK Abrasives, Inc., Dunhua Zhengxing Abrasive Co., Ltd., Dynamic-Ceramic Limited (CoorsTek), Feldco International, Electro Abrasives LLC.
Recent Developments:
- In July 2021, SINTX Technologies, Inc. entered into an asset purchase agreement with B4C, LLC to acquire the technical processes and equipment needed to manufacture ballistic armor plates.
The global Boron Carbide market is segmented as follows:
By Application
By Grade
By Type
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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