Hexagonal Boron Nitride Market Size- Growth Drivers, Opportunities and Forecast Analysis to 2023
Market Overview
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 Market 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.
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.
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