Boron Carbide Market Value to Reach US$ 431.4 Mn by 2031: TMR Study

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Dec 09, 2022, 09:30 ET

Increased usage of bulletproof armor and vests in the defense sector is projected to fuel the expansion of the Boron Carbide Market
Rise in usage of boron carbide plates in aerospace and defense industries in Asia Pacific is expected to drive the regional market

WILMINGTOM, Del., Dec. 9, 2022 /PRNewswire/ -- The Global Boron Carbide Market is estimated to expand at a CAGR of 4.9% during the forecast period of 2022 to 2031, notes a report by Transparency Market Research.

The latest armor systems use next-generation ceramics owing to their different advantages, including low weight and superior performance during ballistic-scale impacts. Ceramics are used in the production of personal armor and armored vehicles. Demand for ceramics manufactured using boron carbide is increasing owing to advantages, such as hardness, high melting point, improved thermal stability, low density, neutron absorption ability, and strong chemical resistance. Lightweightness of these products maximize the mobility of ballistic armor. On the other hand, their hardness offers outstanding protection. Boron carbide ceramics are used in armed helicopters and other aircraft as they support in improving the designs. Hence, increased usage of ceramics developed using boron carbide is leading to revenue-generation opportunities in the market.

Nature of the market is highly consolidated, with presence of a few prominent players. Companies in the Boron Carbide Market are focusing on R&D activities in order to expand their product portfolios. Furthermore, several players are using the strategies of partnership, merger & acquisition, and collaboration to maintain their prominent market positions.

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Key Findings -

Boron carbide abrasive powders offer high surface quality. They also provide high removal rates in wire sawing, lapping, and ultrasonic drilling operations. This is due to the extreme hardness of boron carbide as opposed to tungsten carbide, titanium carbide, or silicon carbide. Boron carbide is gaining impetus as an alternative to machining wear-resistant materials, including tungsten carbide and technical ceramics, such as zirconia, alumina, and silicon carbide. The abrasive grade segment is projected to expand at a CAGR of 5.2% and account for high share of the market during the forecast period.
Demand for boron carbide is increasing in the nuclear industry owing to its varied advantages, including outstanding thermal stability and cost-effectiveness. Moreover, it offers low secondary ray energy, corrosion resistance, and no radioisotope production. Boron carbide can absorb neutrons released by the fission reaction of uranium. Demand for neutron-absorbing materials is also increasing in the nuclear industry. The need for reactor shielding materials and other shielding systems is likely to increase in the near future as investments in nuclear energy are growing. This factor is expected to boost the market growth during the forecast period.

Boron Carbide Market: Growth Drivers -

Expansion of the defense sector is anticipated to create business opportunities in the Boron Carbide Market during the forecast period
Increase in adoption of boron carbide in the nuclear industry is fueling the market development

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Regional Analysis -

The TMR research report notes that Asia Pacific accounted for 47.3% of market share in 2021. It is projected to maintain a leading position during the forecast period. The market growth in Asia Pacific is ascribed to rise in applications of boron carbide plates in aerospace and defense industries.
North America held 19.1% share of the global market in 2021. It is expected to gain sizable growth prospects owing to increase in investments in the defense sector in the U.S.

Boron Carbide Market: Key Players -

Some of the key players profiled in the report are:

Advanced Abrasives Corporation
3M
Dalian Zhengxing Abrasive Co., Ltd.
Mudanjiang Jingangzuan Boron Carbide Co., Ltd
U.S. Electrofused Minerals, Inc.
CoorsTek Inc.
UK Abrasives, Inc.
Saint-Gobain S.A
Shanghai Greenearth Chemicals Co., Ltd.
Washington Mills
Songshan Speciality Materials Inc.
Bhukhanvala Industries Pvt. Ltd.

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Boron Carbide Market Segmentation -

Form

Powder
Grain
Paste

Grade

Abrasive
Ceramic
Refractory
Nuclear
Others

Application

Lapping of Gauges and Holes
Grinding
Mold Polishing
Cutting Tools
Nuclear Radiation Shielding
Military Armor
Concrete Additive
Rocket Propellant
Reaction Bonded Parts
Technical Ceramics
Others

End-use

Industrial
Defense
Aerospace
Building & Construction
Ceramics
Energy
Others

Regions Covered

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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About Transparency Market Research

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