Home / Press Release / Boron Carbide Market to grow at an Estimated CAGR of 5% During the Forecast Period 2022-2030

Boron Carbide Market to grow at an Estimated CAGR of 5% During the Forecast Period 2022-2030

The boron carbide market is expected to rise at a CAGR of 5% during the forecast period of 2022 to 2030. Building nuclear reactors for sustainable energy is expected to boost sales, especially in developing economies. Organic boron carbide's hardness, chemical inertness, and high neutron cross-section absorption should propel the market. Boron carbide is one of the hardest known materials, thus manufacturers may try to improve its production method to increase its boron concentration and purity. In the next few years, consumer demand for abrasives used for polishing, lapping, grit blasting, water jet cutting, and slurry pumping nozzles is expected to expand. More than 2000 degrees Celsius are needed to make boron carbide. Boron carbide begins as ingots. This increases production costs by adding complexity. Boron carbide is ten times more expensive than its competitors, hence end consumers prefer cheaper solutions.

Boron carbide coating is increasingly employed in brain cancer therapy and biomedical equipment, which should benefit the industry. This chemical reduces or eliminates cancer tumours. According to ASCO, 10,880 women and 14,170 men will be diagnosed with primary malignant spinal cord and brain tumours in the U.S. in 2022. This year, 4,170 children under 15 will be diagnosed with brain tumours. The increasing frequency of brain cancer globally is predicted to boost demand for boron carbide coatings for enhanced therapeutic outcomes.

Boron carbide powder sales are expected to rise as the global nuclear energy sector grows. According to the World Nuclear Association, 30 countries are establishing, planning, or exploring nuclear power schemes. Turkey, Bangladesh, and Belarus are building their first nuclear power plants. Boron carbide which is suited for nuclear reactors is expected to increase in the near future since it can be used outside and inside the reactor core. It protects the reactor's core. The defence industry's increased demand for protective body jackets and vehicle armour systems should boost the market. This should help. Both developing and developed countries are expected to increase defence spending to bolster their military forces. This will boost organic boron carbide demand.

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Abrasive grade led the market revenues in 2021. This market sector is growing due to rising demand for abrasive-grade boron powders, which are utilised in ultrasonic drilling of glass, semi-precious stone manufacturing, and ceramic plate fabrication. Abrasive boron carbide has great dimensional stability, sharp corners, and contour faithfulness. Boron carbide machining produces higher-quality surfaces without changing their shape. Grinding, lapping, and polishing are driving the abrasive grade's growth. This boosts demand for the defence grade and boron carbide's market share. In loose abrasive form, it is also used in water jet cutting. It's used to polish diamond tools. It's also used to make grit blasting, slurry pumping, and water jet cutting nozzles.

In 2021, more wear-resistant and blasting nozzles were made with boron carbide, contributing to the powder segment's market domination. The category should maintain its lead throughout the prediction. It's employed in refractories because of its strong heat stability and melting point. Included are: It possesses superb ballistics because of its low density and toughness. The powder is processed and purified before industrial usage to remove metallic contaminants. Boron carbide is used as control and shield rods in nuclear reactors due to its strong neutron-absorbing capacity. Boron carbide is solid and powdered. This property should boost the nuclear boron carbide business. Boron carbide is a hard substance used in sandblasting nozzles.

The powder form is expected to lead the boron carbide industry worldwide in the next years. Boron carbide powder is used in polishing, gridding, and sintering worldwide. It's employed in refractories because of its strong heat stability and melting point. Its low density and high hardness make it ideal for ballistics. The powder is processed and purified before industrial usage to remove metallic contaminants.

Boron carbide has many uses, but the armour industry is projected to have the biggest commercial influence. Boron carbide application in protective gear, especially ballistic vests, will fuel market expansion. SINTX Technologies, Inc. and B4C, LLC finalised their asset purchase agreement in 2021. SINTX Technologies, Inc. needed the technology and equipment to make ballistic armour plates. Pure boron carbide shields soldiers from high-velocity and abrasive projectiles, thus the company wants to commercialise and develop it. Growing mergers and acquisitions among well-known companies are expected to boost sales of organic boron carbide.

Asia-Pacific accounted for more than 50% of the boron carbide market's volume. Nuclear power facilities, rising defence spending, and grading applications drive product demand. Grading applications also drove the requirement. The nuclear power industry contributes to the region's growth. Boron carbide manufacturers use cutting-edge technology to maximise the product's purity and boron concentration, which will fuel market expansion in the next years. Many Asian countries are using ultrasonic drilling with abrasive-grade boron carbide to bore through brittle or hard materials. China's metal production industry is expected to drive market expansion over the projection period. The top 10 steel producers in China produced less than half of the country's crude steel output in 2009, while the remaining 75 businesses produced an additional 30%. Boron carbide fibre demand may rise as more private metal manufacturers enter the Chinese market. Most Chinese producers are state-owned.

Organic boron carbide makers' adoption of cutting-edge technologies for producing high-quality products drives sales in Germany. German businesses are improving their products' boron content. Ultrasonic boring uses abrasive-grade materials for hard and brittle materials. That's why they're adopting it. The expansion of the nuclear power sector is expected to fuel U.S. market growth. Nuclear reactors in the U.S. produced 843 billion kWh in 2019 or 19% of the country's total electricity output. This country has more than 30% of the world's nuclear power plants, making it the largest nuclear power generator. This trend is expected to continue, increasing demand for boron carbide fibre.

Only the top ten companies control most of the boron carbide market. Most of these producers focus on R&D to develop unique boron carbide powder and commercialise it in specific areas to improve sales. Other big competitors are expanding and improving their distribution networks to bolster their industry position. Manufacturers are boosting production capabilities, merging, and acquiring to increase market share and company productivity. In 2019, Turkey built a new boron carbide production facility with a yearly capacity of 1,000 to 1,500 tonnes. Boron carbide manufactured in this plant has a low density and high-temperature resistance, making it perfect for use in armoured vehicles, aircraft, helicopters, tanks, and artillery tubes. The factory makes boron carbide. Top boron carbide manufacturers include Hoganas AB, Absco Limited, Henan Ruiheng New Material Co., Ltd., Mudanjiang Qianjin Boron Carbide Co., Ltd., Kemet International Limited, Saint-Gobain, WASHINGTON MILLS, 3M, Absco Limited, CoorsTek Inc., UK Abrasives, Inc., and Precision Ceramics USA. Several international boron carbide companies are expanding R&D spending. Due to market participants' efforts, the boron carbide market will grow rapidly in the approaching years.

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