Global Hexagonal Boron Nitride Market by Type (Tubes, Rods, Plates, Gaskets, Crucibles, Sheets and Others), by Application (Electrical Insulation, Lubrication Industrial, Coatings & Mold Release, Cosmetics, Composites, Thermal Spray and Others) and by Region- Forecast till 2023
Pune, India - April 24, 2018 /MarketersMedia/ —
Global Hexagonal Boron Nitride Market - Overview
Hexagonal Boron Nitride, a non-oxide ceramic with high thermal conductivity has gained quite a traction & prominence in the market over the past decade, due to its increasing areas of applications in some of the critical industries such as manufacturing of industrial lubrication, electrical insulation, coatings & mould release, composites, cosmetics, and thermal spray among others.
Hexagonal Boron Nitride demonstrates some of the superior properties such as high thermal conductivity, low density (thermal expansion), and resistance to the thermal shock, electricity, toxicity & Chemicals along with the easy machinability & lubricity. Persuaded by these it is widely used across an array of industries.
Accrediting the potential of the Hexagonal Boron Nitride Market to grow & expand further in the years to come; Market Research Future (MRFR) recently published a brilliant study report giving out the complete market insights up till 2023. MRFR, in its analysis, asserts that the Global Hexagonal Boron Nitride Market will accrue approx. USD 916.93 Million by 2023, registering a staggering CAGR of 6.10% during 2017 to 2023.
The Global Hexagonal Boron Nitride Market is predominantly driven by some of the burgeoning industries like electronics, electrical, paints & coating backed by the improving economy that is increasing consumers’ affordability worldwide. Evidently, personal care sector too is providing impetus to the market growth. In addition, factors that drive the market growth include growing population, urbanization & industrialization worldwide.
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On the other hand, factors volatility in the prices and supply of raw materials is expected to restrict the market growth during the assessment period. Nevertheless, technological advancements are likely to present some cost-effective solutions soon. This, in turn, will foster the market growth to an extent.
Hexagonal Boron Nitride Market - Competitive Analysis
The Global Hexagonal Boron Nitride Market appears to be fiercely competitive and fragmented with many well-established players having the global presence. Brand reinforcement, mergers & acquisitions, and innovation remain the popular trends for the key players in the market.
Industry/ Innovation/ Related News:
April 19, 2018 – A research team at the Institute of Industrial Science, The University of Tokyo (Japan) published their study of a Robot they developed for the automated assembly of designer nanomaterial. Van der Waals hetero-structures are assemblies of atomically thin 2-D (two-dimensional) crystalline materials that display attractive conduction properties for use in advanced electronic devices. The robot was used to produce a van der Waals hetero-structure consisting of 29 alternating layers of hexagonal boron nitride and graphene.
Global Hexagonal Boron Nitride Market - Segments
Global Hexagonal Boron Nitride Market is segmented into 3 Key dynamics for an easy grasp and enhanced understanding.
By Types: Comprises - Tubes, Rods, Plates, Gaskets, Crucibles, and Sheets among others.
By Applications: Lubrication Industrial, Electrical Insulation, Coatings & Mould Release, Composites, Cosmetics, and Thermal Spray among others.
By Regions: North America, Europe, APAC and Rest of the World.
Global Hexagonal Boron Nitride Market - Regional Analysis
Globally, Asia Pacific is the largest market for Hexagonal Boron Nitride followed by the North America and Europe markets respectively. The APAC market is growing constantly owing to the presence of several notable manufacturers of Hexagonal BN coupled with the growing industrialization in the region. Moreover, the factors such as burgeoning personal care industry help bolstering the regional market growth. The largest producer and consumer of Hexagonal BN Asia Pacific region is estimated to register the highest CAGR of 6.99% during the review period. Continuing with the same growth trends such as emphasis on process and product development coupled with the growing application industries in this region, APAC is likely to retain its dominance in the Global Hexagonal BN Market.
While the North America market stands as the second largest market for Hexagonal Boron Nitride owing to the presence of leading manufacturers in the region with superior product offering. Owing to the high consumption of Hexagonal BN mainly in the US, Canada, and Mexico among the other North American countries, the region is expected to register a value of USD 213.6 million by 2023.
The Europe market of Hexagonal Boron Nitride is rapidly expanding in the global market. Augmented demand for the product, backed by the increased expenditure in innovation in some of the European countries like Germany, Italy, France and the UK drives growth of the regional market.
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