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Hexagonal Boron Nitride Market Growth at 6.10% Manufactures, Types and Regions, Market Dynamics, & Forecast
Hexagonal Boron Nitride Market
Boron Nitride is a non-oxide ceramic with high thermal conductivity. There are four main types of boron nitride available in the market based on their crystal structures namely hexagonal BN (h-BN), cubic BN (c- BN), wurtzitic BN (w-BN) and rhombohedral BN (w-BN). Among the aforementioned structures of boron nitride, cubic and Hexagonal Boron Nitride are most commonly used ones, owing to their superior properties. Hexagonal Boron structure is similar to graphite, due to which it is also known by its alias name; white graphite. Some of the key properties of hexagonal boron nitride include high thermal conductivity, low thermal expansion, thermal shock resistance, high electrical resistance, non-toxicity, easily machinability, lubricity, chemical inertness, and non-wetting by most molten metals among others. The demand for Hexagonal Boron Nitride Market is primarily driven by the superior properties possessed by Hexagonal Boron Nitride. Unlike cubic boron nitride, the Hexagonal Boron Nitride has low density and high thermal conductivity. Various form of Hexagonal Boron Nitride include powders, dispersion of powder in liquid, and hot pressed shapes such as rods, tubes, gaskets, and crucibles among others. Owing to its superior properties of thermal stability, lubricity, and good dielectric properties it is widely used across an array of industries where in the latter properties are mandatory. For instance, Hexagonal Boron Nitride is used as an additive in lubricants due to its excellent lubrication properties.
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As per analysis, some of the market impetus factors and trends identified in the Global Hexagonal Boron Nitride Market includes the increasing demand for Hexagonal Boron Nitride from high temperature paints & coating application followed by increasing demand in electronics & electrical sector. One of the emerging applications of Hexagonal Boron Nitride in the global market is identified as the increasing demand from the personal care sector as an ingredient for various skincare products as well as other products such as make-ups, blushers, and foundation among others. Collectively, the increasing demand for Hexagonal Boron Nitride from the aforementioned industries and the subsequent growth of these industries will pulsate the overall demand for Hexagonal Boron Nitride. Noted trends in the global market include process and product development. As the major restraining factor of the market is identified as the high cost of Hexagonal Boron Nitride. For instance, small particle size and low purity product costs nearly USD 35-40/kg. Therefore, considering the demand manufacturers are actively involved in process and product development. Thus, creating cost-effective products without jeopardizing the quality and performance. According to MRFR analysis, the global Hexagonal Boron Nitride Market was valued at USD 610,056.8 thousand in 2016 and is expected to be valued at USD 916,934.4 thousand by the end of 2023, expanding at a CAGR of 6.10%.
Regional Analysis:
Geographically, Asia Pacific region is the largest market for Hexagonal Boron Nitride Market, which is estimated to grow at highest CAGR of 6.99% during the review period. This is attributed to a strong footprint of Hexagonal Boron Nitride manufacturers along with the emerging industrial sector in the region are some of the market impetus factors fostering growth of Hexagonal Boron Nitride Market in the region. Moreover, the factors such as bolstering growth of personal care industry is expected to boost the demand for Hexagonal Boron Nitride in the region.
Based on revenue, North America market accounts for the second-largest market share for Hexagonal Boron Nitride and is estimated register USD 213,558.1 thousand mark by value till the end of 2023. This is primarily owing to the presence of leading manufacturers in the region with superior product offering. The North America is which is followed by European market, which held 19.30% share of the market in 2016.
Segmentation:
The Global Hexagonal Boron Nitride Market is segmented on the basis of adhesive types, application and region. On the basis of type, Global Hexagonal Boron Nitride Market is segmented into tubes, rods, plates, gaskets, crucibles, and sheets among others. Based on application, the market is segmented into electrical insulation, lubricants industrial, coatings & mold release, cosmetics, composites and thermal spray among others.
Key Players:
Key players of the Global Hexagonal Boron Nitride Market are Saint-Gobain, Denka Company Ltd, Momentive Performance Materials Inc., Kennametal, H.C. Stark GmbH, Showa Denko K.K, Mizushima Ferroalloy Co., Ltd, Henze BNP AG, ZYP Coatings Inc, and 3M among others.
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