Boron Carbide Market Forecast By End-use Industry (2017–2027)
Boron carbide powder is used in many end-use applications, from the resistance furnace test to electric arc furnace production. It is high in quality and superior in composition with chemical and physical properties such as those of diamond. A major share in the overall global boron carbide market is occupied by powder and grain product types. The powder and grain product types are widely used in industries for gridding, sintering of hard metals and polishing. Powder and grain are the pure forms of boron carbide. Allied industries of powder and grain form of boron carbide are concentrated in regions, such as Asia Pacific, Eastern Europe and North America. By product type, powder and grain segments together is likely to grab more than 80% market value share in 2017. The paste form is used in the automotive sector for lapping and gridding.
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Use of composite materials for defence application is trending the global boron carbide market
Nanoparticles of boron carbide have robust applications in hard metal industry tools. Researchers are striving to develop new composite materials for defence applications, especially for tanks and bulletproof jackets. Scientific research is underway to develop better composition of boron carbide in order to stop the swelling phenomenon in nuclear reactors.
Further, various researchers and market players are also involved in technological developments for utilizing boron carbide in nozzles for slurry pumping, grit blasting and water jet cutters.
New research and innovations in the biomedical industry are demanding precise solutions, which is leading to new discoveries. The use of boron carbide in various biomedical instruments and brain cancer treatment is trending these days. This trend is expected to gain traction across the global market and will create tremendous opportunities for boron carbide in the market.
Increased demand for new advanced energy sources and the requirement for cleaner sources of energy in future are expected to contribute towards tremendous growth in the nuclear industry. Furthermore, the industry is anticipated to grow at a rapid rate on account of rising energy demand, which could accomplish the need generated by growing infrastructure without having an adverse impact on the environment. This will lead to the establishment of new nuclear plants in Western Europe in the upcoming years.
Prominent market participants are investing heavily in R&D, which is intended to create new fields of applications of boron carbide. The introduction of new technologies to their products is further fuelling the use of boron carbide goods among consumers in the global market. Advancement in automobile, chemical, constructions & aerospace divisions has impelled the manufacturers to produce boron carbide products, which have a longer life and can be used in many applications on different materials. Original Equipment Manufacturers (OEMs) also intend to stay updated with new technologies and inventions so that they can upgrade their product portfolios with it. Investment in research and development is expected to increase the efficiency and operation life of boron carbide products.
Global Boron Carbide Market: Forecast and Analysis
The global boron carbide market is expected to expand at a CAGR of 4.4% over the forecast period, i.e. 2017–2027 to reach a value of more than US$ 170 Mn by 2027 end. The market is likely to grow close to CAGR of 4% in terms of volume over the forecast period. The global boron carbide market is estimated to be valued more than US$ 100 Mn in terms of value and 8,394 Tons in terms of volume by 2017 end.
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