Global Boron Carbide Market Size, Share, Growth Analysis, By Product(Boron minerals and Boron chemicals), By Application(Glass and Ceramics, Alloys and Metals) - Industry Forecast 2023-2030

PUBLISHED: September 7, 2023

PAGES: 157 Pages

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Description

Market Insights

Global Boron Carbide Market size was valued at USD 135.51 million in 2021 and is poised to grow from USD 141.2 million in 2022 to USD 196.23 million by 2030, at a CAGR of 4.2% during the forecast period (2023-2030).

The global boron carbide market is a steadily growing industry driven by its versatile applications. Used as an abrasive material in industries such as automotive and aerospace, boron carbide offers exceptional hardness and high heat resistance. It finds utilization in neutron shielding due to its ability to absorb neutrons, making it vital in nuclear power plants and radiation-based applications. Additionally, boron carbide's lightweight properties make it valuable in body armor production. With increasing demand across various sectors, the market is expected to continue expanding.

Top-down and bottom-up approaches were used to estimate and validate the size of boron carbide and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segmental Analysis

The global boron carbide market is segmented on the basis of product, application, and region. Based on product, the market is categorized into boron minerals and boron chemicals. Based on the application, it is Segmented into glass and ceramics, alloys and metals, detergents and bleaches, agrochemicals, adhesives and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers

The utilization of boron carbide is on the rise within industrial sectors like manufacturing, automotive, and more. This is primarily attributed to its application in cutting tools, abrasives, and coatings known for their durability and high performance. The escalating requirement for robust materials that excel in various industrial processes is a key driver behind the increasing demand for boron carbide.

Restraints

Challenges arise for boron carbide's market expansion in specific industries due to the presence of alternative advanced materials offering similar characteristics. The competitive environment from these substitutes can potentially limit the growth of boron carbide in various applications.

Market Trends

Increasingly sought after by the defense and aerospace domains, boron carbide's remarkable hardness and lightweight characteristics remain pivotal. With both sectors placing significant emphasis on cutting-edge materials to enhance armor and ballistic functionalities, the trajectory of boron carbide's demand is projected to ascend consistently.

Product Code: SQMIG15A2224