Global boron carbide market is expected to display significant growth in the forecast period owing to the high demand for boron carbide for manufacturing nozzles and applications like lapping and polishing. Boron carbide is a ceramic material that is extensively used as an abrasive for numerous commercial and industrial applications. It offers excellent hardness characteristic and is highly wear resistant, industrial shock resistant, and has moderate to low thermal conductivity. Boron carbide is extensively used in machine components and tools manufacturing sectors.
The major drivers of boron carbide market include rise in demand for superior high strength mechanical and high-quality grade materials by metal working industries, increase in demand for protective ceramic materials by nuclear industries for manufacturing quality equipment and components. Moreover, growing demand for boron carbide from aerospace and automotive industries for polishing and wood-related applications is also propelling the market.
However, easy availability of substitutes and high prices of boron carbide is hindering the market growth.
Increase in applications of boron carbide in several biomedical instruments and treating brain cancer is an emerging trend in the market. This trend is predicted to influence the market growth significantly in the near future.
Boron carbide market is categorized on the basis of form, grade, application, end user, and geography. On the basis of form, market is divided into powder, grains, and paste. Grain and powder segment are expected to hold maximum share of the market due to increased applications. They are widely used in different industries like aerospace and automotive for gridding hard metals, polishing, sintering, etc.
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Based on grade, the market is divided into abrasive grade and nuclear grade. Nuclear grade segment is expected to grow significantly in the future due to high demand for enhanced energy sources and the need for clear energy sources.
In terms of application, boron carbide market is divided into nozzles, nuclear applications, ceramic tooling dies, precision toll parts, abrasives, ballistic armor, pestles, mortars, etc. nuclear applications segment is estimated to grow considerably in the forecast period due to increasing application of nuclear products on the global scale. Moreover, rise in demand for energy is also expected to drive the growth of nuclear power plants in future.
Based on end user, market is split into refractory, ceramic, abrasive industries, and defense. Owing to high adoption of chemicals in defense industry for the manufacturing of anti-ballistics weapons, defense sector leads the market growth.
Geographically, boron carbide industry is segmented as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America and Asia Pacific are predicted to dominate the market in the forecast period owing to the increased demand for boron carbide in defense applications. Moreover, increase in spending on the establishment of nuclear plants in Europe is contributing significantly to the market.
The leading players in boron carbide market comprise ABSCO Limited, Saint-Gobain S.A, Advanced Abrasives Corporation, 3M Company, American Elements, Bhukhanvala Industries Pvt. Ltd., Dalian Jinma Boron Technology Group Co. Ltd (Dalian Jinma Group), China Mudanjiang Chenxi Boron Carbide Co. Ltd, Dunhua Zhengxing Abrasive Co. Ltd., Washington Mills North Grafton, Inc., Dynamic-Ceramic Limited (CoorsTek), Songshan Specialty Materials Incorporated, Dalian Zhengxing Abrasive Co. Ltd., Electro Abrasives LLC, H.C. Starck GmbH, Feldco International, Sigma-Aldrich Co. LLC. (Merck Group), and UK Abrasives, Inc.
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