Reliable Data You Can Trust
Reliable Data You Can Trust
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 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.
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.
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.
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.
Please Choose One of them.