April 18, 2024
Hexagonal Boron Nitride Market

The Global Hexagonal Boron Nitride Market Is Expected To Be Flourished By Growing Adoption In Lubrication Applications

Hexagonal boron nitride is an inorganic compound that has wide applications across various industries such as coatings, lubricants, electronics, and metallurgy. It has unique properties like high chemical and thermal stability, high dielectric strength, non-stickiness and lubricity. In the coatings industry, hexagonal boron nitride acts as an effective lubricant coating for various machining processes. The lubricating property of hexagonal boron nitride improves efficiency and reduces downtime by minimizing wear and tear. This increases the productivity of various industrial processes. Hexagonal boron nitride coatings also protect metals against corrosion and wear at high temperatures. In electronics, it is used as an excellent electrical insulator and heat conductor in circuit boards, semiconductors, battery cells and LED lights.

The global hexagonal boron nitride market was valued at US$ 1.35 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

The global hexagonal boron nitride market is expected to be flourished by growing adoption in lubrication applications. One of the major drivers is increasing demand from the automotive industry for high-performance lubricants. Hexagonal boron nitride lubricants offer advantages like high thermal and oxidative stability, low friction, non-stickiness and noise reduction which make them suitable for engines, transmissions and other power transmission components operating at high loads and temperatures. This enhances fuel efficiency and durability of vehicles. The unique lubricating property of hexagonal boron nitride also finds applications in heavy machinery and industrial equipment like pumps, compressors, valves and gears. It helps improve their reliability and lifespan by minimizing wear. Rapid industrialization and rebuilding of infrastructure especially in developing nations drives the demand for such equipment which in turn boost the hexagonal boron nitride lubricants market.

Segment Analysis:

The global hexagonal boron nitride market is segmented into various sub-segments on the basis of grade type as standard grade HBN and custom grade HBN. Among them, the standard grade HBN holds a major share in the market due to its low cost as well as wide applications in coating, lubrication, insulation and composites.

PEST Analysis:

Political: There are no significant political factors affecting the hexagonal boron nitride market.
Economic: The market is witnessing high growth due to increasing demand from various end-use industries such as aerospace, automotive, semiconductor, coating etc. Strong economic growth in emerging countries is further driving the demand.
Social: HBN is an eco-friendly material used as a substitute for harmful materials in several applications. Its usage helps industries operate in an environmentally sustainable way.
Technological: Continuous R&D is helping manufacturers develop innovative HBN grades with enhanced properties and diversify the applications of HBN. New production technologies are also helping reduce costs.

Global Hexagonal Boron Nitride Market Segmentation

By Type

  • Hexagonal Boron Nitride Powder
  • Hexagonal Boron Nitride Granule
  • Hexagonal Boron Nitride Plate
  • Hexagonal Boron Nitride Flakes
  • Hexagonal Boron Nitride Lumps
  • Hexagonal Boron Nitride Blocks
  • Others (Hexagonal Boron Nitride Sheets, Billets)

By Application

  • Coatings & Mold Release
  • Electrical Insulation
  • Lubricants Industrial
  • Composites
  • Personal Care
  • Paints
  • Others (Cosmetics, Heat Shields, Crucibles)

By End-use Industry

  • Aerospace
  • Automotive
  • Semiconductors & Electronics
  • Industrial
  • Healthcare

Key Takeaways:

The Global Hexagonal Boron Nitride Market Size is expected to witness high growth over the forecast period of 2023-2030. The global hexagonal boron nitride market is estimated to be valued at US$ 1.35 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030.

Regional Analysis: Asia Pacific accounts for the largest share currently due to presence of major manufacturers and high economic growth rate in countries like China and India. The market is witnessing fastest growth in Asia Pacific.

Key Players: Key players operating in the hexagonal boron nitride market are Saint-Gobain, Momentive, 3M Company, Denka Company Limited, H.C. Starck, UK Abrasives, Henze Boron Nitride Products AG, Mizushima Ferroalloy, ZYP Coatings Inc., and Showa Denko K.K. among others. Saint-Gobain offers a wide variety of HBN powder and film products for various applications.

FAQ’s

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*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it