MARKET ANALYSIS
Boron carbide is an extremely hard covalent material used in tank armor, engine sabotage powders, bulletproof vests, and numerous industrial applications. It is one of the hardest known materials, after cubic boron nitride and diamond. Boron carbide is manufactured in the furnace by reducing boron oxide with carbon at high temperatures. After grinding, the black powder is solidified by pressing at temperatures exceeding 2,000° C. Its melting point is approximately 2,350° C.
GROWTH DRIVERS AND CHALLENGES
As boron carbide is one of the hardest materials known, it is expected to be produced by a number of manufacturers who refine their processes to achieve high purity and boron concentration. Sales are expected to be boosted in the upcoming years by rising consumer demand for abrasives for polishing and lapping, grit blasting, and water jet cutting. Moreover, high demand for more active composite materials for defense applications is expected to boost the demand for boron carbide. It is also used for the treatment of brain cancer as it helps in the destruction of tumors. in various biomedical devices. As per the data from the American Society of Clinical Oncology (ASCO) in 2022, nearly 10,880 women and 14,110 men were diagnosed with primary cancerous tumors of the spinal cord and brain in the US. This factor can spur the demand for boron carbide among biomedical applications. Despite significant growth, there are few obstacles in the market such as logistic issues, government regulations and obligations, and interference in the supply chain can hamper the market growth.
REPORT SEGMENTATION AND SCOPE
The "Global Boron Carbide Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global boron carbide market trends and growth opportunities. The report aims to provide an overview of the global boron carbide market with detailed market segmentation by form, application, and geography. The global boron carbide market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of boron carbide worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the boron carbide market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the boron carbide market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative boron carbide market opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global boron carbide market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global boron carbide market is segmented on the basis of form, and application. Based on form, the boron carbide market is segmented as powder, paste, and grain. On the basis of application, the market is classified as, Industrial, Defense, Aerospace, Energy and Power, Building and Construction, Ceramics, and Others.
Based on form, the powdered form accounted for a significant boron carbide market share due to its neutron-absorbing nature. Powdered boron carbide is used in the production of wear-resistant and blasting nozzle.
The demand for boron carbide in energy & power application is expected to grow significantly over the coming years owing to the rapid expansion of the nuclear energy sector across the globe.
REGIONAL ANALYSIS
The report provides a detailed overview of the global boron carbide market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific is estimated to account for a significant boron carbide market share globally. The high product demand can be attributed to the growing end-use industries such as nuclear power plants, increasing defence spending, and grading applications. Moreover, many Asian countries are adopting abrasive-grade boron carbide for ultrasonic boring as it can be used for boring almost any desired profile of hard & brittle materials. These are the factors expected to drive the market growth in the region.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global boron carbide market.
In 2019, Turkey built a new boron carbide production facility with a production capacity of around 1,000-1,500 tons of boron carbide annually.
In February 2022, Samsung, a South Korean electronics company, stated that it is focusing on using boron carbide to replace silicon carbide in its focus rings. The newly developed focus rings will be utilized in vapor fabrication during the etching process.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The COVID-19 pandemic led to a decline in the progress of many industries across the globe. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for the manufacturers across the globe. Boron carbide market experienced a slump during the pandemic owing to the limited trade of raw materials across the globe. Thus, the significant disruption in manufacturing facilities and raw material sourcing negatively impacted the growth of the boron carbide market. Further, in 2021, various economies resumed their operations as the governments announced relaxation in the previously imposed restrictions, which bolstered the boron carbide market. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the boron carbide market include, Absco Limited; Saint-Gobain; Precision Ceramics UK Limited; UK Abrasives, Inc; INSACO Inc; 3M; Mudanjiang Jingangzuan Boron Carbide Co., Ltd; Schunk Ingenieurkeramik GmbH; Feldco International; Bhukhanvala Industries Pvt. Ltd; Henan RuiHeng New Material Co.,Ltd; Kemet International Limited; Dalian Zhengxing Abrasive Co., Ltd.; Merck KGaA; Fiven ASA among others.