The global market for boron carbide is expected to grow at a CAGR of 5% during the forecast period of 2022 to 2030. It is anticipated that the building of nuclear reactors for the production of sustainable energy, particularly in developing economies, will drive sales. It is anticipated that numerous advantageous characteristics of organic boron carbide, such as its hardness, chemical inertness, and high absorption of neutrons in cross-section, will also drive the market. Boron carbide is widely regarded as one of the hardest known materials; hence, various manufacturers are likely to work toward perfecting the production process of boron carbide in order to get a high level of boron content and purity. It is projected that sales will be fuelled in the next years by an increase in consumer demand for abrasives to be used for polishing and lapping, grit blasting, water jet cutting, and slurry pumping nozzles, among other applications.
Increasing Prevalence of Brain Cancer Compelling the Need for Boron Carbide
Boron carbide coating is being used more frequently in the treatment of brain cancer and in a wide variety of biomedical equipment, both of which are expected to be beneficial to the industry. The application of this substance in the treatment of cancer contributes to the shrinking or elimination of tumours. According to the American Society of Clinical Oncology (ASCO), it is anticipated that in the United States alone in the year 2022, approximately 10,880 women and 14,170 men will be diagnosed with primary malignant tumours of the spinal cord and brain. In addition, it is anticipated that around 4,170 children who are younger than 15 years old will be diagnosed with brain tumours this year. As a result, the ever-increasing prevalence of brain cancer in a variety of regions across the globe is expected to stimulate demand for boron carbide coatings for improved therapeutic outcomes.
Increasing Demand from Nuclear Energy Sector
Boron carbide powder sales are predicted to increase over the next years as a result of the rapid growth of the nuclear energy sector around the globe. According to the World Nuclear Association, close to 30 countries across the globe are either in the process of launching nuclear power programmes, intending to do so, or considering doing so. Construction has begun in Turkey, Bangladesh, and Belarus on what will be those countries' very first nuclear power facilities. As a consequence of this, the utilisation of boron carbide that is suitable for use in nuclear reactors is projected to increase in the foreseeable future due to the fact that it may be put to use in a variety of applications both outside and inside the core of the reactor. It also serves the purpose of a protective shell across the core of the nuclear reactor.
Increase Defence Budgets Across Countries to Raise Market for Boron Carbide
The market is anticipated to benefit from an increase in the manufacturing of protective body jackets and vehicle armour systems to meet the growing demand from the defence industry. This is expected to have a positive effect. It is anticipated that countries in both the developing world and the developed world would raise their defence expenditures in order to strengthen their existing armed capabilities. This will likely result in an increase in the demand for organic boron carbide.
Complexities In the Manufacturing Process Contributing to High Manufacturing Costs Limiting the Market Growth
In order to complete the process of manufacturing boron carbide, a temperature of more than 2000 degrees Celsius is required. Boron carbide is made in the form of ingots at the beginning of the production process. This adds another layer of complexity to the production method, which drives up the cost. According to some reports, the cost of boron carbide is roughly ten times higher than the cost of its competitors; as a result, end consumers prefer the inexpensive options that are now available on the market.
Abrasive Grade Segment Leading the Market Revenues
Abrasive grade contributed to the largest revenue share in 2021. The expansion of this market segment may be ascribed to the rising demand for abrasive-grade boron powders, which are used in ultrasonic drilling of glass, the manufacture of semi-precious stones, and the fabrication of ceramic plates. Abrasive boron carbide, in addition to providing contour fidelity, gives sharp angles at all corners and possesses higher dimensional stability than other materials. Additionally, machining with boron carbide results in surfaces of a higher quality without altering the surface's overall shape. The expansion of the abrasive grade is being driven by greater use in applications such as grinding, lapping, and polishing. This, in turn, is stimulating demand for the defence grade, which is further propelling boron carbide's market share. Additionally, it is utilised in a variety of cutting applications, such as water jet cutting, in the loose abrasive form. It is often regarded as an excellent choice for use in the dressing of diamond tools. In addition to this, it is utilised in the production of nozzles for grit blasting, slurry pumping, and water jet cutting.
Powder Form Dominated the Market Revenues
Boron carbide was increasingly used in the manufacturing of wear-resistant and blasting nozzles in the year 2021, which contributed to the powder segment's dominance of the market. It is anticipated that the category will continue to hold the lead over the duration of the forecast. Because of its high thermal stability and melting point, it is also used in refractory applications. Those applications include: Because of both its low density and its great hardness, it has exceptional performance when it comes to ballistics. Before being used in commercial applications, the powder is frequently milled and refined in order to remove any metallic impurities that may be present in it. Boron carbide is utilised in both its solid and powdered forms in nuclear reactors as control and shield rods due to its high neutron-absorbing capacity. Boron carbide can be found in both solid and powdered forms. It is anticipated that this characteristic will hasten the expansion of the boron carbide market in the nuclear sector. Boron carbide is a material that is often utilised in sandblasting nozzle systems due to the fact that it possesses a high level of hardness.
Boron carbide powder finds application in the polishing and sintering industries respectively.
The powder form is anticipated to maintain its position at the forefront of the product type hierarchy in the boron carbide market across the world over the course of the next few years. Boron carbide powder is utilised routinely in companies all over the world that are responsible for polishing, gridding of hard metals, and sintering.
Because of its high thermal stability and melting point, it is also used in refractory applications. Those applications include: Because of both its low density and its great hardness, it has exceptional performance when it comes to ballistics. Before being used in commercial applications, the powder is frequently milled and refined in order to remove any metallic impurities that may be present in it.
Armour Sector to Dominate the Application Market
Boron carbide is used in a wide variety of applications, but the armour sector is expected to have the most impact on the market. Boron carbide is becoming more used in protective gear, particularly ballistic vests, which is projected to drive growth in this market segment. The asset purchase agreement between SINTX Technologies, Inc. and B4C, LLC was finalised in July 2021. The purpose of the transaction was for SINTX Technologies, Inc. to acquire the technological procedures and equipment necessary to manufacture ballistic armour plates. Since pure boron carbide is an effective material for shielding soldiers from high-velocity and abrasive projectiles, the company's goal is to commercialise and further improve the material. As a consequence of this, it is projected that the growing number of mergers and acquisitions involving well-known corporations will promote sales of organic boron carbide.
APAC is the Global Leader
The Asia-Pacific region remained a significant contributor to overall revenue and accounted for more than 50% of the total volume of the boron carbide market. The substantial product demand can be ascribed to the developing end-use sectors, such as nuclear power plants, increased defence spending, and grading application. In addition, grading application has played a role in driving the need. One of the verticals that contribute significantly to the overall expansion of the region is the nuclear power industry. Boron carbide manufacturers are employing a comprehensive spectrum of cutting-edge technologies in the production of boron carbide in order to maximise the product's purity and boron content, a factor that is expected to drive market growth over the next few years. In addition, many countries in Asia are beginning to use ultrasonic boring with abrasive-grade boron carbide since this type of boron carbide may be used to bore practically any desired profile into either brittle or hard materials. It is anticipated that China's well-established metal production industry would continue to propel market growth throughout the duration of the projection period.
According to the Reserve Bank of Australia (RBA), in 2009, the top 10 steel makers in China were responsible for producing less than half of the country's crude steel output, while the remaining 75 enterprises were responsible for an extra 30% of the output. Boron carbide fibre is likely to see increased demand as a result of the increasing number of private metal manufacturing companies that are entering the Chinese market. The majority of the main Chinese producers are owned by the state.
Market revenues in the German market are being driven in large part by leading organic boron carbide producers' adoption of a comprehensive spectrum of cutting-edge technologies for the production of high-quality materials, which is a key factor driving sales in the country. German manufacturers are actively working to improve the boron percentage of the products they produce. They are also using abrasive-grade materials for ultrasonic boring as it can be used for boring any required profile of hard and brittle materials. This is one of the reasons why they are adopting it.
A significant element that is predicted to drive growth in the market in the United States is the ongoing expansion of the nuclear power sector. The World Nuclear Association estimates that nuclear reactors in the United States produced 843 billion kWh in 2019, which is equivalent to 19% of the country's total electrical output. This nation is responsible for more than 30% of the nuclear power plants that generate electricity all over the world, making it the most important nuclear power generator on the planet. This pattern is anticipated to remain prevalent in the years ahead, which will contribute to an increase in the demand for boron carbide fibre.
Market to Remain Consolidated, R&D and M&A Remain as the Most Preferred Strategies
Boron carbide is a highly consolidated sector, with only the top ten market companies controlling the majority of the market share. The majority of these producers are placing a significant amount of emphasis on research & development operations in order to develop novel boron carbide powder and then commercialise it in target markets in order to increase their sales. Some of the other major competitors in the market are working hard to expand and improve their distribution networks in order to strengthen their position in the industry. To capture further market share and boost their overall business productivity, manufacturers are turning to a variety of strategic measures, such as increasing production capacities, mergers, and acquisitions. For example, in 2019, Turkey constructed a new boron carbide production facility with the capacity to produce around 1,000 to 1,500 tonnes of boron carbide on an annual basis. Additionally, the boron carbide that will be produced in this plant has a low density and a high level of resistance to high temperatures, making it ideal for use in defence applications such as armoured vehicles, aircraft, helicopters, tanks, and artillery tubes. This plant will produce boron carbide. Top Companies in this market include Hoganas AB, Absco Limited, Henan Ruiheng New Material Co., Limited, 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 are some of the most important manufacturers in the boron carbide industry. A number of companies competing in the international market for boron carbide are increasing their expenditures on activities related to research and development. Due to such intense efforts of market players the global market for boron carbide will expand at a rapid pace over the course of the upcoming years.
Historical & Forecast Period
This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Boron Carbide market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Region Segment (2020–2030; US$ Million)
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Key questions answered in this report