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The global market for boron carbide is estimated to be valued at ~US$ 118 Mn in 2018, which is expected to expand at a CAGR of ~4% throughout the forecast period of 2019 – 2029, opines a recent market research report by Future Market Insights.As per the insights of the report, the global boron carbide market is estimated to witness substantial growth over the forecast period owing to numerous factors, which include research and development activities in the defense sector. As boron carbide is commonly used for developing bulletproof vests as well as in military tanks, ongoing advancements in the defense sector will bolster the consumption of boron carbide across geographies, opines the FMI study.
Increasing Growth Opportunities in Asia Pacific excl. Japan Dictate Market Players’ Strategies
Asia Pacific excl. Japan is expected to account for a prominent proportion of the global boron carbide market in terms of value and volume, according to the FMI study. The region is also estimated to witness relatively stronger growth over the forecast period. This can be attributed to the widespread application of boron carbide in developing products for the defense sector. Furthermore, increased defense budgets in countries in this region are expected to further spur growth in the boron carbide market, as boron carbide is largely used in the production of vehicle body and armour.
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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.
Applications in Abrasives Account for a Significant Market Share
The global boron carbide market has been classified on the basis of grade, product type, and application.
On the basis of grade, the market is segmented into abrasive grade and nuclear grade. On the value as well as volume front, the abrasive grade boron carbide represents a sizeable proportion in the market. However, continuous research and development towards developing safe nuclear technologies is anticipated to contribute considerably in the evolution of the nuclear grade boron carbide.
On the basis of product, boron carbide is largely available in three prominent forms: powder, grain, and paste. Of these, boron carbide powder and grain are estimated to remain prominent over the forecast period. This can be attributed to their large-scale applications in processing metals as well as sintering applications, among others.
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Among applications, the boron carbide market is segmented into abrasive, nozzles, armour, and others. The use of boron carbide as an abrasive in the automotive industry is noted to be the prime force behind the evolution of the market throughout the forecast period. The significant demand from the energy sector to develop safe and reliable nuclear technology is expected to mold the boron carbide marketplace for nuclear applications. Additionally, the increased defense budgets and large scale procurement of body and vehicular armour is expected to further add up to the growth of the boron carbide market.
Boron Carbide Market: Vendor Insights
The global boron carbide market report offers key insights about few of the prominent market players that have established their foothold in the global boron carbide market. Some of the key players in the global boron carbide market are The 3M Company, Saint-Gobain S.A., UK Abrasives, Inc., H.C. Starck GmbH, Songshan Specialty Materials, Inc., Washington Mills North Grafton, Inc. and American Elements, among others.
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Several manufacturers are noted to enhance their boron carbide product lines by focusing on investments in research & development activities as well as broadening the scope of applications of boron carbide. End-use sectors such as automotive, aerospace, and defense, among others are compelling the manufacturers to develop products based on boron carbide as these have a longer service life and are noted to operate with a relatively better efficiency. Hence, research & development is expected to generate lucrative growth for manufacturers in the marketplace.
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