Hexagonal Boron Nitride Market Size, Share & Trends Analysis, 2019-2027
Market Research Future (MRFR)’s latest study reveals
that the global hexagonal boron nitride market is projected to thrive at a CAGR
of 6.10% during the forecast period 2017 to 2023. The market is estimated to
reach a valuation of USD 916.93 Mn by 2023 up from USD 610.05 Mn in 2016.
Hexagonal boron nitride has developed applications across different industry
verticals owing to its superior properties such as chemical inertness, thermal
conductivity, high electrical resistance, etc. This is likely to accelerate the
demand creation globally in the forthcoming years.
The strong value maintained by the personal industry
is poised to catalyze the hexagonal boron nitride market expansion over the
next few years. While product demand in North America and Europe has entered a
maturity phase, Asia Pacific and the Middle East & Africa are emerging as
significant growth pockets of the market. Additionally, the increasing demand
from the cosmetics industry is also expected to accelerate revenue creation for
the market participants.
The tremendous boom witnessed in the electrical
& electronics industry has amplified the demand for hexagonal boron nitride
due to its application in the substrate for semiconductor, coolers, fillers,
metal-insulator-semiconductor field-effect transistor (MISFET), etc. Increasing
demand for consumer as well as automotive electronics coupled with the growth
of the electronics and semiconductors industry is projected to propel demand in
the global market. Furthermore, rising disposable income has had a positive
impact on the demand for electronics, and the trend is likely to perpetuate in
the foreseeable future. This, in turn, is expected to augment the market for
hexagonal boron nitride.
The high price of Hexagonal Boron Nitride over
its alternatives remain an impediment to the market proliferation.
Additionally, even the cheaper forms of the product are priced around 20 to 40
USD/Kg without meeting the desired properties. Meanwhile, the industry leaders
are investing in process and product development for cost-effective production
without jeopardizing the essential properties. It is projected to help the
market participants in overcoming the factor restricting the expansion of the
market during the assessment period.
Global Market for Hexagonal
Boron Nitride-Segmental Analysis:
MRFR’s report offers a detailed segmental analysis
of the market based on type and application. By type, the market has been
segmented into tubes, rods, discs, gaskets, crucible, sheets, and others. Among
these, the tubes segment holds the maximum share of the market. It is estimated
to register a relatively higher CAGR and exhibit immense growth during the
assessment period.
By application, the market is segmented into
electrical & insulation, lubrication, coatings & mold release,
cosmetics, composites, thermal spray, and others. The coatings & mold
release captured the most significant share of the market in 2016 which
accounted for 33.25% share. It is projected to retain a substantial share of
the market in the forthcoming years. Meanwhile, the cosmetics segment is
prognosticated to strike a relatively higher CAGR over the projection period.
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Regional Outlook:
By region, the global hexagonal boron nitride market
has been segmented into Asia Pacific, North America, Europe, Latin America, and
the Middle East & Africa. Asia Pacific was the largest market for hexagonal
boron nitride in 2016 and is likely to retain its dominance over the next few
years. It is also projected to register a relatively higher CAGR during the
projection period. China is poised to lead the regional market, while, India is
projected to strike a higher CAGR through the forecast period.
North America is an important growth pocket and is
expected to retain its second largest share of the market towards the end of
the review period. Led by the U.S., the regional market accounted for 24.30%
share of the global market in 2016. Europe is forecasted to remain a highly
lucrative market across the assessment period. The primary revenue generators
in the region include Germany, France, Italy, etc.
Latin America is anticipated to thrive moderately in
the foreseeable future and resonates strong growth opportunities. The Middle
East & Africa region is projected to register a CAGR of 6.09% during the
review period. The growth of the regional market is attributable to the strong
value maintained by the cosmetic industry.
Global Market for Hexagonal
Boron Nitride-Competitive Dashboard:
Some of the key players profiled in the report
include Saint-Gobain, Denka Company Limited, Momentive Performance Materials,
Kennametal, H.C. Stark GmBH, Showa Denko K.K, Mizushima Ferroalloy, Henze BNP
AG, ZYP COATING Inc., and 3M
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