Hexagonal Boron Nitride Market size is set to grow by USD 345.2 million from 2023-2027, Abundance of boron minerals boost the market, Technavio

NEW YORK, July 18, 2024 /PRNewswire/ -- The global hexagonal boron nitride market size is estimated to grow by USD 345.2 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 6.35%  during the forecast period. Abundance of boron minerals is driving market growth, with a trend towards commercialization of boron nitride nanotubes. However, high cost of hexagonal boron nitride  poses a challenge. Key market players include 3M Co., American Elements, BORTEK Boron Technologies and Mechatronic Inc., Compagnie de Saint Gobain, Denka Co. Ltd., Henze Boron Nitride Products AG, Hoganas AB, JFE Holdings Inc., Kennametal Inc., KYOCERA Corp., Liaoning PengDa technology Co. Ltd., Momentive Performance Materials Inc., PJSC Zaporozhsky Abrasivny Combinat, Resonac Holdings Corp., Shin-Etsu Chemical Co. Ltd., Supervac Industries LLP, UK Abrasives Inc., Yingkou Liaobin Fine Chemical Co. Ltd., Zibo Xinfukang Specialty Materials Co. Ltd., and ZYP Coatings Inc..

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Market Driver

Boron nitride nanotubes are cylindrical tubes with superior mechanical properties, including optical and infrared transparency, high tensile strength, electrical conductivity, thermal conductivity, flexibility, and electrical insulation. These advantages make boron nitride nanotubes promising alternatives to carbon nanotubes in various industries, such as pharmaceuticals, healthcare, defense, aerospace, energy, and automotive. The cost-effective nature of boron nanotubes is also expected to increase their adoption, fueling market growth during the forecast period. Boron nitride nanotubes' unique properties make them valuable in applications requiring high performance materials. The expanding use of these nanotubes in diverse industries is expected to drive market expansion. 

The Hexagonal Boron Nitride (hBN) market is experiencing significant growth due to its diverse applications in various industries. With the fluctuation of oil prices, hBN's use in industrial sectors as an alternative to traditional lubricants has increased. In transportation, hBN is finding its place in engine oil segments for automotive activities. Lifting restrictions have led to an increase in demand for hBN in skincare products for the personal care sector. Two-dimensional hBN (2D HBN) is a game-changer in electronics, with applications in radios, cellular phones, and lubricants and greases. Automobile production companies like 3M use hBN for its lubricating properties and corrosion resistance in mechanical systems. Aerospace and electronics industries value hBN for its electrical insulation properties, low dielectric constant, and chemical stability. Coatings, aerospace segment, and spacecrafts benefit from hBN's low thermal expansion. In the dental and skincare industries, hBN is used for its chemical stability and low thermal expansion. Plastic industries use hBN as an alternative to silicon nitride, aluminum nitride, and synthetic graphite. The market for hBN is expanding into cosmetics, with its use in high-end dental and skincare products. The future of hBN looks bright, with potential applications in composite components, spacecrafts, aircrafts, and luxury vehicles. 

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Market Challenges

• The Hexagonal Boron Nitride market faces a significant challenge due to its higher cost compared to alternative materials like graphite, molybdenum disulfide, and tungsten disulfide. The cost of standard-grade hexagonal boron nitride for industrial applications ranges from USD55 to USD130 per kg, while premium-grade (high-purity) hexagonal boron nitride for specialized uses in cosmetics can cost between USD350 and USD800 per kg. This price difference makes hexagonal boron nitride less competitive in various applications, thereby limiting its market growth during the forecast period.
• The Hexagonal Boron Nitride market is experiencing significant growth due to its versatile applications in various industries. Key players like 3M have recognized its potential in electrical insulation and lubrication. In aerospace, its corrosion resistance and high-temperature stability make it an ideal choice for coatings and composite components in spacecrafts and aircrafts. Boron nitride also offers excellent lubricating properties for mechanical systems and metal processing. In the electronics sector, its low dielectric constant and insulation properties are crucial for thermal interface materials. Boron nitride's low thermal expansion and chemical stability find applications in dental and skincare products. The plastic, cosmetics, and automotive industries also benefit from its biocompatibility and use in 3D printed components. Competitors like silicon nitride, aluminum nitride, synthetic graphite, and boron nitride nanotubes and nanosheets are also making strides in the market. The electric vehicle industry is another emerging sector, with boron nitride's thermal management solutions gaining traction. Overall, the market faces challenges in scaling production and maintaining consistency in quality while catering to diverse applications.

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Segment Overview 

This hexagonal boron nitride market report extensively covers market segmentation by  

1. Application 
• 1.1 Coatings and mold release agents
• 1.2 Electrical insulation
• 1.3 Lubricants
• 1.4 Refractory
• 1.5 Others
2. End-user 
• 2.1 Automotive
• 2.2 Electronics
• 2.3 Aerospace
• 2.4 Metallurgy
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Coatings and mold release agents-  Hexagonal boron nitride coatings are widely used in various industries due to their high-temperature resistance and ability to enhance the durability and toughness of materials. These coatings are commonly applied to metals, graphite, ceramics, and organic materials, and can withstand temperatures up to 2,750 degree F. The automotive, aerospace, defense, foundry die-casting, and glass manufacturing industries are significant consumers of hexagonal boron nitride coatings and mold release agents. Boron nitride coating powders can be easily diluted with water for application. The coatings and mold release agents segment accounts for the largest share of the hexagonal boron nitride market. The increasing demand for aluminum extrusion, glass manufacturing, and coatings in automotive, defense, and ceramic industries is expected to boost the market growth during the forecast period. Boron nitride's superior thermal stability and resistance to abrasion make it an ideal choice for various applications.

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GaN semiconductor devices are gaining traction due to their high efficiency and compact size, driving growth in power electronics, RF amplifiers, and LED lighting applications worldwide.

Aluminum nitride powder is crucial for its high thermal conductivity, making it essential in industries like electronics, aerospace, and automotive for heat dissipation and insulating properties.

The semiconductor market in military and aerospace sectors is expanding, fueled by advancements in radar systems, communications, and UAV technology, demanding robust and reliable semiconductor solutions.

Research Analysis

Hexagonal Boron Nitride (hBN), a layered mineral with unique properties, is gaining significant attention in various industries due to its exceptional thermal and electrical conductivity, high chemical resistance, and lubricating capabilities. The market for hBN is driven by its applications in industrial sectors, particularly in the areas of oil prices and transportation. In industrial lubricants, hBN is used as an additive to enhance the performance of engine oils in the automotive and aviation industries. The engine oil segment, a key application area, benefits from hBN's ability to reduce friction, improve wear resistance, and enhance fuel efficiency. The lifting of restrictions in the aerospace industry is expected to boost hBN demand for electrical insulation and coatings applications. Additionally, hBN's excellent corrosion resistance and electrical insulation properties make it a popular choice in the electronics industry.

Market Research Overview

The Hexagonal Boron Nitride (hBN) market is experiencing significant growth due to its versatile properties in various industries. With the fluctuation of oil prices, hBN's use in industrial sectors as an alternative to traditional lubricants is gaining traction. HBN's unique lubricating properties make it ideal for industrial lubricants, particularly in transportation and automotive activities. In the engine oil segment, hBN's ability to reduce friction and wear in mechanical systems is driving demand. HBN's applications extend beyond industrial uses. In the personal care sector, its high chemical stability and low thermal expansion make it suitable for skincare product requirements. HBN's 2D structure, known as hBN or graphenel, is also used in electronic applications such as radios, cellular phones, and thermal interface materials. The aerospace and electronics industries utilize hBN for its excellent electrical insulation properties and corrosion resistance. HBN is also used in coatings for aerospace segment, automobile production, and composite components for spacecrafts and aircrafts. HBN's low dielectric constant and biocompatibility make it an attractive option for dental and skincare applications. The plastic industries use hBN in the production of silicon nitride, aluminum nitride, synthetic graphite, and cosmetics. HBN's properties are also valuable in the electric vehicle market, where it is used as thermal management solutions. Boron nitride nanotubes and nanosheets are also gaining popularity in 3D printed components and boron nitride nanomaterials. In summary, the Hexagonal Boron Nitride market is expanding in various industries due to its unique properties, including lubrication, friction reduction, electrical insulation, corrosion resistance, thermal management, and biocompatibility.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Coatings And Mold Release Agents
• Electrical Insulation
• Lubricants
• Refractory
• Others
• End-user
• Automotive
• Electronics
• Aerospace
• Metallurgy
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio