Neutron Absorber Material Market Revenue, Insights, Overview, Outlook, Analysis | Valuates Reports

Neutron Absorber Material Market

Neutron Absorber Material market is projected to reach US$ 166.4 million in 2029, increasing from US$ 98 million in 2022, with the CAGR of 8.5% during the period of 2023 to 2029.

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Neutron Absorber Material Market Trends

The global proliferation of nuclear power facilities is driving significant development in the market for neutron absorber materials. Nuclear power continues to be an essential part of many nations' energy mixes as they look for greener and more sustainable energy sources. Materials known as neutron absorbers are essential for regulating nuclear reactions in reactors and guaranteeing stability and safety. Neutron absorber materials are in high demand due to the growing number of nuclear power plants being built or upgraded, which is driving the market. The market is driven by increased attention to nuclear safety protocols. To keep nuclear reactors at the proper degree of reactivity and avoid overheating and any accidents, neutron absorber materials are crucial.

The market for neutron absorber materials is expanding thanks in large part to developments in material science. Neutron absorber materials with better characteristics, such as increased thermal stability, radiation resistance, and neutron absorption efficiency, are being created as a result of ongoing research and development activities. Material science innovations enable the market to respond to the changing demands of the industry by offering more dependable and efficient solutions for nuclear reactor applications. The global emphasis on nuclear research activities is driving the market. To improve nuclear technology, a lot of research is being done at labs, research institutes, and nuclear facilities. Neutron absorber materials are essential to these research projects and have an impact on market expansion.

The increasing demand in nuclear medical applications is driving growth in the market for neutron absorber materials. In order to produce medical radioisotopes and radiopharmaceuticals, neutron absorbers are essential. There is a rising need for neutron absorber materials as nuclear medicine is used more often for diagnostic and therapeutic purposes. The market's general expansion is aided by this application area diversity. The introduction of more stringent environmental standards and regulations has an impact on the market. Materials for neutron absorbers are essential for controlling radioactive waste and avoiding environmental contamination. Neutron absorber materials that guarantee the safe storage and disposal of nuclear waste are in greater demand as environmental protection and nuclear waste management get more attention.

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Neutron Absorber Material Market Share

Nuclear technologies are constantly advancing, and the existence of a well-established nuclear power sector in North America drives the market for neutron absorber materials. Neutron absorber materials are in high demand due to the large number of nuclear power plants in the United States in particular, as well as the emphasis on modernising and guaranteeing the safety of already-existing facilities. The region's dedication to nuclear research and development initiatives also promotes market expansion.

By Type
• Boron-stainless Steel Alloy
• Boron-aluminum Alloy
• Boron Carbide-aluminum Composites

By Application
• Spent-fuel Storage Racks
• Storage and Transportation Casks

Key Players

3M, Holtec International, Nikkeikin Aluminium Core Technology Company, Nippon Yakin Kogyo, MillenniTEK, Lemer Pax, Jiangsu Hailong Nuclear Technology

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