Hexagonal Boron Nitride Market Size, Share & Trends Analysis Report 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) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Market Overview

The global hexagonal boron nitride market size 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). 

Due to its thermal conductivity (heat sink) and resistance to molten metals and salts, hexagonal boron nitride is one of the market’s most widely used dry lubricants. It is frequently mixed into a paste for high-temperature coating applications, including tooling and stamping machined components, extrusion presses, and mold release. When utilized at high temperatures, hexagonal boron nitride shields ceramics with exceptional lubricating and releasing capabilities. It offers a great coating solution for lead, zinc, magnesium, and aluminum foundries applications.

The demand for modern footings, typically applied as multi-layered systems made up of primer and topcoat, is expanding in European countries, which is supported by increased affluence and the availability of these materials. The demand for high-temperature structural materials, which are not likely to provide the best corrosion or oxidation resistance, was brought on by the development of jet aero engines and the quick improvements in the aeronautical, aerospace, automotive, and advanced power generation industries. The sole solution in these circumstances is to rely on efficient hexagonal boron nitride-based surface coatings to stop or reduce the sulfidation and corrosion issues of such materials.

Market Dynamics

Global hexagonal boron nitride market drivers

Rising demand for hexagonal boron nitride in high-temperature paints and coatings

The growth is primarily attributable to the various nation's ongoing economic reforms and the rising foreign investment in the manufacturing sectors, particularly from international banks and Japanese businesses. For instance, India's chemical industry is predicted to increase due to the rising demand for polymers, specialty chemicals, and agrochemicals. The electrical and electronics industry has recently become very interested in using two-dimensional (2-D) layered materials to enhance the capabilities of electronic devices. Although research on 2-D metallic and semiconducting materials is well established, 2-D insulators still lack detailed knowledge and practical applications.

Significant industry growth in personal care

The cosmetics and personal care industries have extensively used hexagonal boron nitride. Personal care and cosmetics products are a high-value industry primarily growing in emerging economies and driving up the market share for hexagonal boron nitride. It is used as a diffuser and lubricant in skincare and makeup products and is recognized as a non-toxic and environmentally friendly ingredient in over 643 cosmetic formulations. Foundation, liquid makeup, eyeshadow, blush, kajal, lipsticks, lip liners, anti-aging products, sunscreens, and a variety of other skincare products all use hexagonal boron nitride. These factors are anticipated to drive market growth over the forecast period.

Global hexagonal boron nitride market opportunities       

Increasing disposable income

It is forecasted that the growing consumer electronics market, rising disposable incomes worldwide, and the rapidly expanding personal care industry will reveal new applications for hexagonal boron nitride over the forecast period. The amount of money a person or household is available for spending or saving after income taxes have been deducted is called disposable income (also known as disposable personal income or DPI). Consumer preferences will shift toward high-end products as disposable income rises. In all industries, there will be a shift in consumer preferences away from commoditized goods and toward premium goods. Currently, imports satisfy domestic demand for specialty and downstream chemicals, leaving substantial room for local production to increase.

Regional Analysis

The global hexagonal boron nitride market is bifurcated into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.

Asia-Pacific Dominates the Global Market

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 analysis includes China, India, Japan, Australia, and the rest of Asia-Pacific. China dominates the Asia-Pacific hexagonal boron nitride market, which controls the region. With a market share of over 38%, the Asia Pacific market represents the key regional market. Asia Pacific nations like China and India are industrial powerhouses with sizable facilities for producing electronics and automobiles. Therefore, these elements will serve as growth catalysts for the Asia-Pacific market. India is expected to increase during the forecast period. The area is well-known for being a hub for electronics and automotive manufacturing. Skin-lightening products and their alternatives are among the most popular skin care products in Asia, and the personal care and cosmetics industry is expanding quickly.

North America is expected to grow at a CAGR of 3.56% generating USD 239.57 million during the forecast period. The U.S. and Canada are included in North America's hexagonal boron nitride market analysis. The enormous market size of personal care products significantly impacts traditional goods, notwithstanding its slow growth rate. The baby boomer generation's aging in the U.S. has significantly affected the expansion of personal care chemicals. Due to growing consumer awareness of the advantages of these products, the country is currently seeing increased adoption of personal care products, particularly in the premium category. Due to the significant sales of anti-aging creams, face oils, facial serums, and skin-lightening products, the U.S. is the primary source of revenue in North America.

The UK, Germany, France, Italy, Spain, and the rest of Europe are all included in Europe's hexagonal boron nitride market analysis. With 41 assembly and engine production facilities, Germany dominates the European automotive market and produces one-third of all the cars sold on the continent. Manufacturers from various segments, including equipment manufacturers, materials and components suppliers, engines, and integrators of complete systems, are located in Germany, one of the top manufacturing hubs for the automotive industry. Germany's demand for child sun care products is anticipated to rise as consumers take extra precautions to shield babies and children's sensitive skin from prolonged sun exposure. The climate highly influences the demand for sun care products among adults. But many consumers approached sun protection more holistically, paying closer attention to U.V. levels and their potential effects on skin health and aging.

Brazil is known for paving the way for innovation, supply, and trends in the beauty market throughout the region. It is regarded as the fourth-largest market in the world for cosmetics. The nation also ranks second for men's cosmetics, hair, bath, and hygiene products. Brazil's aging population is growing along with the general population, which is likely to positively impact the country's cosmeceuticals market. By 2050, there may be a noticeable increase in the number of Brazilians over the age of 60, which would represent 66 million people or roughly three times the current number.

Segmental Analysis

The global hexagonal boron nitride market is segmented by product type, application, and end-user.

Based on product type, the global 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. By reacting naturally occurring mineral boric acid, H3BO3, with N (typically from NH3) at various temperatures and pressures to produce powders with varying degrees of purity, size, and crystallinity, hexagonal boron nitride powder has been created. It can be dissolved in lubricating oil, grease, water, and solvents and is used as a lubricant additive. It can also be used as paint with water and binders and as an additive for high-temperature lubrication thanks to its solid thermal resistance. Hexagonal boron nitride is used as a mold release agent for metal and plastic injection molds because of its high lubricity. Glass and titanium are both formed in refractory molds with hexagonal boron nitride coating.

In the form of rods, hexagonal boron nitride exhibits various characteristics, including electrical and corrosion resistance, and can withstand temperatures of about 20,000 degrees Celsius. Most molten metals, including copper, germanium, silicon, tin, iron, and steel, are commonly stored. Hexagonal boron nitride rods are frequently used in the metal industry, which includes aluminum, iron, and steel. Their growth may directly correlate with the development of the metal industry. Hexagonal Boron Nitride rods can be used in a variety of applications, such as boat evaporators, nozzles for the industry of nonferrous metals metallurgy, electric insulators operating in a vacuum, high-temperature furnace insulators, spacers for melting glass.

Based on application, the global 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. On various materials, including metal, plastic, ceramic, and wood, hexagonal boron nitride coating forms a layer of boron nitride powder. This coating is available as a thick liquid that can be brushed or thinned with water to create a consistency better suited for spraying or dipping. Combining the unique properties of high thermal conductivity, excellent lubricity, and low electrical conductivity of hexagonal boron nitrides with the operation of paint, the coating, which comes in a convenient form, provides unmatched performance as a lubricant and anti-stick release agent. Currently, hexagonal boron nitride coating, which has the highest temperature resistance, is one of the best dry film lubricants available. The co-efficiency of boron nitride remains essentially constant over a wide temperature range.

Depending on their use, industrial lubricants are a diverse range of products with a wide range of chemical and physical characteristics. Numerous additives are used in industrial lubricants, including almost all recognizable additive groups found in other types of lubricants and several additives explicitly created for industrial lubricants. The industry utilizes hexagonal boron nitride, a well-known solid lubricant for various applications. Strongly (covalently) bound boron and nitrogen atoms are arranged in two-dimensional arrays to form the atomic layers of the substance. Therefore, hexagonal boron nitride is used as an additive for high-temperature lubrication because of its solid thermal resistance.

Based on end-users, the global 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. Due to the consistently rising demand for mobile phones, portable computers, gaming consoles, and other personal devices, the global consumer electronics industry has been expanding quickly. The need for electrical equipment like capacitors, wires, and other conducting materials is fueled by the expanding power supply industry worldwide, which boosts demand for hexagonal boron nitride from the electrical sector. The adoption of electronic products is also influenced by technological advancements in India, such as the introduction of 4G/LTE networks and the IoT (Internet of Things).

Recent Developments

• 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.
• 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.