Cubic Boron Nitrates Market to Expand at an Outstanding CAGR of 7.1% Between 2016 - 2024
The advantages provided by cubic boron nitrates abrasive tools over the tools made of diamond have surfaced as the key factor behind the substantial growth of the global cubic boron nitrates market. Although diamond is the hardest material used for industrial operations, such as turning, cutting, drilling, boring, and grinding, it has several technological limitations. Cubic boron nitrates, on the other hand, can overcome the issues faced by diamond and maintain its hardness at room temperature as well as over a wide range of temperatures, making them sturdy and more dependable.
With the increasing demand for cubic boron nitrates across the world, the opportunity in this market is estimated to rise at a CAGR of 7.10% from 2016 and 2024, increasing from US$531.3 mn in 2015 to US$978.9 mn by the end 2024. Although the market looks promising at present, the expensive production process may create obstacles in the growth trajectory of this market in the years to come.
The information Presented in this Review is Based on Press-Release by TMR
Inserts, wheels, mesh, and powder are the main products available in the global market for cubic boron nitrates. Among these, the demand for inserts is higher than others and is anticipated to remain so over the next few years. The increasing application of inserts in the metal processing industry, owing to the rising requirement of processes, such as cutting, grinding, and finishing for products in the automotive, medical, and the aerospace sectors is expected to boost the demand for inserts across the world in the near future. As a result of the increasing utilization of inserts in cutting and grinding applications, the demand for wheels is likely to decline noticeably over the next few years. Among applications, the demand for cubic boron nitrates products is significantly high in the cutting and grinding segment.