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Boron Carbide Market (Grade - Abrasive Grade, and Nuclear Grade; Type - Powder, Grains, and Paste; Application - Abrasives, Nozzles, Armor/nuclear, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2027

  • Published : August, 2021

  • Rep Id : CM00869

  • Category : Chemicals & Materials

  • Status : Published

A recent report published by Infinium Global Research on the boron carbide market provides in-depth analysis of segments and sub-segments in the global as well as regional boron carbide market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional boron carbide market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global boron carbide market. According to the report, the global boron carbide market is projected to grow at a CAGR of 3.7% during the forecast period of 2021-2027, growing from nearly USD 218.6 million in 2021 to more than USD 272 million in 2027.


Boron Carbide Market

 

Market Insight

Boron carbide is considered one of the hardest materials in the world. It stands third in ranking for the hardest materials following cubic boron nitride, and diamond. The boron carbide powder is typically made by the reaction of boron oxide with carbon reaction inside an electric arc furnace, by gas-phase reactions, or by carbothermal reduction. Boron carbide exhibit some enhanced features such as high absorption of neutrons in cross-section, chemical inertness, and high hardness. Such features of boron carbide have increased its popularity in the industries such as nuclear, and defense. Moreover, several suppliers are optimizing the production process of boron carbide to obtain better features at lower production costs.

 

The boron carbide market was severely affected during the period of the pandemic. The supply chains were disrupted by outbreaks in key regions and the demand fell due to uncertainty in the global economy and capital markets. Furthermore, the workforces faced the risk of infection, and governments implemented restrictions on movement that added an unpredictable dimension to the crisis. This, in turn, decreased the production of boron carbide. Moreover, the nuclear power sector was affected since the beginning, primarily in Asia which is the largest producer of nuclear power. The defense industry also witnessed a major change in operations amid the COVID-19 pandemic. The influential effects of the global coronavirus pandemic impacted the major end-use markets. This, in turn, declined the demand for boron carbide from these end-use industries.

 

The increasing number of nuclear reactors built across the world is majorly driving the boron carbide market. Several countries around the world, particularly in the developing regions, are building nuclear reactors for sustainable energy. These reactors use boron carbide in their cores as a protective shield. Boron carbide is also used for special in-core and non-core applications in the nuclear reactor. Moreover, the unique physical properties of boron carbide are anticipated to boost the growth boron carbide market. Boron carbide has unique features such as excellent hardness, high abrasion resistance, and high wear resistance, industrial shock resistance, impact resistance, and low thermal conductivity. Due to these properties, the demand for boron carbide is high among several industry verticals. However, the high manufacturing cost of boron carbide is majorly hampering the market growth. Nevertheless, the growing demand for boron carbide from the refractory industry is anticipated to boost the market growth over the forecast period.

 

In terms of region, the Asia Pacific region accounted for the largest share in the global boron carbide market. The rise in the number of nuclear plants built in the region is majorly driving the Asia Pacific boron carbide market. As of 2020, there are about 135 operable nuclear power reactors in the Asia Pacific, while about 30-35 are under construction, and the firm plans to build an additional 50-60. Moreover, increasing spending on defense and military R&D is anticipated to boost the market growth in the Asia Pacific. Countries such as China, India, South Korea spend heavily on the R&D of armored products. Several armored products use boron carbide. On the other, North America held the second-largest share in the global boron carbide market. This is majorly attributed to the higher spending on defense and military equipment in the region.

 

Segment Covered

The report on the global boron carbide market covers segments such as grade, type, and application. On the basis of grade, the sub-markets include abrasive grade and nuclear grade. On the basis of type, the sub-markets include powder, grains, and paste. On the basis of application, the sub-markets include abrasives, nozzles, armor/nuclear, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Absco Limited, CoorsTek, Inc., Electro Abrasives LLC, Feldco International, Höganäs AB, Kyocera Corporation, Mudanjiang Jingangzuan Boron Carbide Co., Ltd, Precision Ceramics UsaInc, UK Abrasives, Inc., and Washington Mills Electro Minerals Limited.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the boron carbide market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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