World Boron Carbide Markets Report 2022-2030: Market to Remain Consolidated, R&D and M&A Remain as the Most Preferred Strategies

DUBLIN, March 20, 2023 /PRNewswire/ -- The "Boron Carbide Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.

The global market for boron carbide is expected to grow at a CAGR of 5% during the forecast period of 2022 to 2030

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

It is anticipated that the building of nuclear reactors for the production of sustainable energy, particularly in developing economies, will drive sales.

It is anticipated that numerous advantageous characteristics of organic boron carbide, such as its hardness, chemical inertness, and high absorption of neutrons in cross-section, will also drive the market. Boron carbide is widely regarded as one of the hardest known materials; hence, various manufacturers are likely to work toward perfecting the production process of boron carbide in order to get a high level of boron content and purity.

It is projected that sales will be fuelled in the next years by an increase in consumer demand for abrasives to be used for polishing and lapping, grit blasting, water jet cutting, and slurry pumping nozzles, among other applications.

Armour Sector to Dominate the Application Market

Boron carbide is used in a wide variety of applications, but the armour sector is expected to have the most impact on the market. Boron carbide is becoming more used in protective gear, particularly ballistic vests, which is projected to drive growth in this market segment. The asset purchase agreement between SINTX Technologies, Inc. and B4C, LLC was finalised in July 2021.

The purpose of the transaction was for SINTX Technologies, Inc. to acquire the technological procedures and equipment necessary to manufacture ballistic armour plates. Since pure boron carbide is an effective material for shielding soldiers from high-velocity and abrasive projectiles, the company's goal is to commercialise and further improve the material. As a consequence of this, it is projected that the growing number of mergers and acquisitions involving well-known corporations will promote sales of organic boron carbide.

APAC is the Global Leader

The Asia-Pacific region remained a significant contributor to overall revenue and accounted for more than 50% of the total volume of the boron carbide market.

The substantial product demand can be ascribed to the developing end-use sectors, such as nuclear power plants, increased defence spending, and grading application. In addition, grading application has played a role in driving the need. One of the verticals that contribute significantly to the overall expansion of the region is the nuclear power industry.

Boron carbide manufacturers are employing a comprehensive spectrum of cutting-edge technologies in the production of boron carbide in order to maximise the product's purity and boron content, a factor that is expected to drive market growth over the next few years. In addition, many countries in Asia are beginning to use ultrasonic boring with abrasive-grade boron carbide since this type of boron carbide may be used to bore practically any desired profile into either brittle or hard materials.

It is anticipated that China's well-established metal production industry would continue to propel market growth throughout the duration of the projection period.

Market to Remain Consolidated, R&D and M&A Remain as the Most Preferred Strategies

Boron carbide is a highly consolidated sector, with only the top ten market companies controlling the majority of the market share. The majority of these producers are placing a significant amount of emphasis on research & development operations in order to develop novel boron carbide powder and then commercialise it in target markets in order to increase their sales.

Some of the other major competitors in the market are working hard to expand and improve their distribution networks in order to strengthen their position in the industry. To capture further market share and boost their overall business productivity, manufacturers are turning to a variety of strategic measures, such as increasing production capacities, mergers, and acquisitions.

For example, in 2019, Turkey constructed a new boron carbide production facility with the capacity to produce around 1,000 to 1,500 tonnes of boron carbide on an annual basis. Additionally, the boron carbide that will be produced in this plant has a low density and a high level of resistance to high temperatures, making it ideal for use in defence applications such as armoured vehicles, aircraft, helicopters, tanks, and artillery tubes. This plant will produce boron carbide.

Top Companies in this market include Hoganas AB, Absco Limited, Henan Ruiheng New Material Co., Limited, Mudanjiang Qianjin Boron Carbide Co., Ltd., Kemet International Limited, Saint-Gobain, WASHINGTON MILLS, 3M, Absco Limited, CoorsTek Inc., UK Abrasives, Inc., and Precision Ceramics USA are some of the most important manufacturers in the boron carbide industry.

A number of companies competing in the international market for boron carbide are increasing their expenditures on activities related to research and development. Due to such intense efforts of market players the global market for boron carbide will expand at a rapid pace over the course of the upcoming years.

Company Profiles

• Hoganas AB
• Absco Limited
• Henan Ruiheng New Material Co.
• Limited
• Mudanjiang Qianjin Boron Carbide Co. Ltd.
• Kemet International Limited
• Saint-Gobain
• WASHINGTON MILLS
• 3M
• Absco Limited
• CoorsTek Inc.
• UK Abrasives Inc.
• Precision Ceramics USA

Market Segmentation

Grade

• Abrasive
• Nuclear

Product

• Powder
• Grain
• Paste

Application

• Industrial
• Grinding
• Lapping
• Polishing
• Others
• Nuclear
• Defense
• Body Armor
• Vehicle Armor

For more information about this report visit https://www.researchandmarkets.com/r/bu5946

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