Global Hexagonal Boron Nitride Market Grows Steadily at a CAGR of 4.6%

Introduction

Hexagonal boron nitride is one of the market's most commonly used dry lubricants because of its thermal conductivity (heat sink) and resistance to molten metals and salts. It is frequently blended into a paste for high-temperature coating applications such as tooling and stamping machined components, extrusion presses, and mold release. When used at high temperatures, hexagonal boron nitride protects ceramics with exceptional lubricating and releasing abilities. It provides a fantastic coating solution for lead, zinc, magnesium, and aluminum foundries applications.

Market Dynamics

Rising Demand for Hexagonal Boron Nitride in High-Temperature Paints and Coatings Drives the Global Market

The country's ongoing economic reforms and increasing foreign investment in the manufacturing sectors, particularly from international banks and Japanese companies, are primarily responsible for the growth. Due to the rising demand for polymers, specialty chemicals, and agrochemicals, India's chemical industry is expected to grow. The use of two-dimensional (2-D) layered materials to improve the capabilities of electronic devices has recently piqued the interest of the electrical and electronics industry. Despite extensive research on 2-D metallic and semiconducting materials, 2-D insulators still lack in-depth understanding and real-world applications.

Increasing Disposable Income Creates Tremendous Opportunities

New uses for hexagonal boron nitride are expected to emerge in the upcoming years due to the expanding consumer electronics market, rising disposable incomes globally, and the quickly growing personal care sector. Consumer preferences will change in favor of premium goods as disposable income rises. Across all industries, there will be a shift in consumer preference from commoditized to premier products. Currently, imports satisfy a significant portion of domestic demand for specialty and downstream chemicals, leaving ample room for local production to increase.

Regional Analysis

Asia-Pacific is the most significant shareholder in the global hexagonal boron nitride market and is expected to grow at a CAGR of 5.4% during the forecast period. The Asia-Pacific market is the primary regional market, with a market share of over 38%. Asia-Pacific countries with extensive facilities for producing electronics and automobiles, like China and India, are industrial powerhouses. As a result, these components will act as market growth catalysts for hexagonal boron nitride in the Asia-Pacific region. India is anticipated to grow during the prediction period. The region is well-known for being a center for the production of electronics and automobiles.

North America is expected to grow at a CAGR of 3.56% generating USD 239.57 million during the forecast period. Despite its slow growth rate, the substantial market size of personal care products significantly impacted the conventional goods market. The US baby boomer generation's aging has dramatically impacted the growth of the personal care chemicals market. The country is currently experiencing an increase in the adoption of personal care products, particularly in the premium category, due to growing consumer awareness of these benefits. The US is the primary source of revenue in North America because of the sizeable sales of anti-aging creams, face oils, facial serums, and skin-lightening products.

Germany, one of the top manufacturing hubs for the automotive industry, is home to manufacturers from various segments, including equipment manufacturers, suppliers of materials and components, engine manufacturers, and integrators of complete systems. Demand for child sun care products in Germany will increase as consuming extra precautions to protect babies and children's delicate skin from prolonged exposure. The climate significantly influences the demand for sun care products among adults. However, many consumers took a more comprehensive approach to sun protection, paying more attention to UV levels and their potential effects on skin health and aging.

Key Highlights

• The global hexagonal boron nitride market was valued at USD 730 million in 2021. It is projected to reach USD 1,094.23 million by 2030, growing at a CAGR of 4.6% during the forecast period (2022–2030).
• Based on product type, the global hexagonal boron nitride market is bifurcated into tubes, rods, powder, gaskets, plates and sheets, and others. The powder segment is the highest contributor to the market and is expected to grow at a CAGR of 4.75% during the forecast period.
• Based on application, the global hexagonal boron nitride market is bifurcated into coatings/mold release/spray, electrical insulation, composites, industrial lubricants, thermal spray, personal care, and others.The coatings/mold release/spray segment owns the highest market share and is expected to grow at a CAGR of 4.41% during the forecast period.
• Based on end-users, the global hexagonal boron nitride market is bifurcated into aerospace, automotive, semiconductors and electronics, and others. The semiconductors and electronics segment is the highest contributor to the market and is expected to grow at a CAGR of 4.9% during the forecast period.
• Asia-Pacific is the most significant shareholder in the global hexagonal boron nitride market and is expected to grow at a CAGR of 5.4% during the forecast period.

Competitive Players

Competitive Players

The global hexagonal boron nitride market’s major key players are American Elements, A&D Company Ltd., DANDONG CHEMICAL ENGINEERING INSTITUTE CO. LTD., Denka Company Limited, Grolltex Inc, Henze Boron Nitride Products AG, INNOVACERA, Kennametal Inc., MIZUSHIMA FERROALLOY CO. LTD., Momentive, N.B. Enterprises, OC Oerlikon Management AG, Saint-Gobain, Supervac Industries LLP, Shin-Etsu Chemical Co. Ltd., SHOWA DENKO K.K., UK Abrasives Inc., ZIBO SINYO NITRIDE MATERIALS CO. LTD., and ZYP Coatings Inc.

Recent Developments

Market News

• In September 2022, HeBoFill LL-SP 060 is a brand-new boron nitride powder from Henze Boron Nitride Products with high purity and minimal agglomeration. Additionally, it broadens our selection of products by adding a new powder to the HeBoFill LUB LINE.
• In July 2022, the addition of HeBoCoat EL-W 100 now augments the EXPERT LINE of the HeBoCoat family. It was designed for use in hot forming and superplastic forming procedures.

Segmentation

Global Hexagonal Boron Nitride Market: Segmentation

By Product Type

• Tubes
• Rods
• Powder
• Gaskets
• Plates and Sheets
• Others

By Applications

• Coatings/Mold Release/Spray
• Electrical Insulation
• Composites
• Lubricants
• Thermal Spray
• Personal Care
• Others

By End-User

• Aerospace
• Automotive
• Semiconductors and Electronics
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA