July 21, 2021
According to the research report titled ‘Boron Carbide Market Size, By Grade (Abrasive Grade, Nuclear & Defense Grade ), By Type (Powder, Paste, Grains), By Application (Industrial, [Grinding, Lapping, Polishing], Nuclear, Defense [Body Armor, Vehicle Armor]), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report LLC, global boron carbide market is anticipated to grow substantially between 2021-2027.
Growing number of nuclear projects in developing countries, increasing demand in mechanical engineering field, and rising defense spending in nations across the world are the key factors driving global boron carbide industry expansion.
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Moreover, characteristics of boron such as thermoelectric nature, toughness, and high temperature stability facilitates its usage in machinery, equipment, and vehicles, which will aid market growth. The report also cites that increasing research & development activities to enhance product efficiency and improve its endurance will facilitate industry proliferation over the forecast timeframe.
Citing an example, researchers have been trying to discover ways to decrease the damage caused to boron carbide body amours when they are hit by high speed bullets. In 2019, they found that adding a small amount of silicon to the boron carbide can enhance the strength of body armors and make them more resilient.
Based on grade, worldwide boron carbide market sphere is divided into nuclear & defense grade, and abrasive grade. Speaking of type, the business space is bifurcated into powder, grains, and paste.
Moving on to application scope, the industry is fragmented into industrial (lapping, grinding, polishing), defense (body armor, vehicle armor), nuclear. Among these, the industrial segment is projected to expand at 4.5% CAGR through 2027, owing to product usage in applications like material polishing, sandblasting nozzles, and grinding.
Regionally speaking, rising adoption of boron carbide in lapping applications is slated to drive APAC and Latin America market expansion between 2021-2027. Meanwhile, Middle East & Africa market is estimated to witness considerable growth through 2027. However, higher dependency of MEA on developed countries for raw material supply will act as a challenge for regional businesses.
Key players profiled in global boron carbide industry report are Washington Mills North Grafton Inc., Precision Ceramics USA, UK Abrasives Inc., ABSCO Limited, Panadyne Inc., Compagnie de Saint-Gobain S.A., CoorsTek Inc., Henan RuiHeng New Material Co. Ltd., 3M Company, Kemet International Limited, Mudanjiang Quianjin Boron Carbide Co. Ltd., and Höganäs AB.