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Hexagonal Boron Nitride Market Size, Growth Opportunities, Size Estimation, Industry Share, Geographic Segmentation and Competitive Landscape Report to 2023
Feb 26, 2019 (MarketersMedia via COMTEX) —
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
The Global Hexagonal Boron Nitride Market is anticipated to expand at a CAGR of 6.10% and surpass a valuation of USD 900 Mn by the end of the forecast period of 2017-2023, predicts Market Research Future (MRFR) in an in-depth study. The Global Hexagonal Boron Nitride Market was valued at USD 610.05 Mn in 2016.
The cosmetic and personal care industry continues to be the primary end user of the Global Hexagonal Boron Nitride Market and prolific growth of the industry resonates strong growth within the Global Hexagonal Boron Nitride Market. Being non-toxic and eco-friendly, it is used as a key ingredient in more than 643 cosmetic formulas as a diffuser and lubricant. High demand for cosmetics and personal care products across the globe, especially in the developing countries has driven the growth of the Global Hexagonal Boron Nitride Market.
Owing to its superior properties such as high thermal conductivity, chemical inertness, lubricity, and high electrical resistance, they also find application in other industries. They are highly popular in coatings and mold release. The semiconductor industry also generates substantial demand for Hexagonal Boron Nitride due to its high thermal conductivity. Increasing demand for consumer electronics and automotive electronics along with the growth of the semiconductor and electronics industry is fostering the growth of the Global Hexagonal Boron Nitride Market.
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In contrast, the Global Hexagonal Boron Nitride Market might be met by some hurdles on its growth trajectory. The high price point is one such factor which might restrain the growth of the market. Although higher priced Hexagonal Boron Nitride has more superior desirable properties than its lower price alternatives. Meanwhile, substantial investment is being made on processing and development of cost-effective Hexagonal Boron Nitride without jeopardizing essential properties which are likely to reflect positively on the growth of the market.
The Global Hexagonal Boron Nitride Market has been segmented based on Type and Application.
By Type, the Global Hexagonal Boron Nitride Market has been segmented into tubes, rods, discs, gaskets, crucible, sheets, and others. The tubes segment is expected to be the largest as well as the fastest growing segment over the forecast period.
By Application, the Global Hexagonal Boron Nitride Market has been segmented into electrical & insulation, lubrication, coatings & mold release, cosmetics, composites, thermal spray, and others. The coatings & mold segment held the largest share of around 33.25% of the global market in 2016. The cosmetics segment is expected to capture a relatively higher CAGR over the forecast period.
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North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are the key markets for Hexagonal Boron Nitride.
APAC dominated the market in 2016 and is expected to retain its dominance over the forecast period. China is the largest market while India is expected to be the fastest-growing country-specific market within the APAC market. APAC is a major manufacturing hub for electronics and automotive sector which can be credited for the growth of the market. In addition, booming personal care and cosmetic industry where Hexagonal Boron Nitride is used as an integral ingredient in skin lightening products and variants. APAC market is estimated to expand at a CAGR of 6.99% over the forecast period.
North America is a significant revenue pocket and accounts for the second largest share of the global market. The US is the key contributor to the North America market and accounted for 24.30% of the global market in 2016.
The MEA market with greater emphasis on Middle Eastern countries presents significant opportunities for the growth of the Hexagonal Boron Nitride Market. High demand for personal care products in the region and the growing popularity of skin lightening products in the region boost market growth.
The notable players in the Global Hexagonal Boron Nitride Market include Momentive Performance Materials, 3M, Henze BNP AG, Mizushima Ferroalloy, H.C. Stark GmBH, Kennametal, Saint-Gobain, Denka Company Limited, ZYP COATING Inc., and Showa Denko K.K.
September 2018- researchers at the University of Illinois at Chicago discovered a route to change boron nitride in a way that they can bind to other materials like those found in electronics, biosensors, and airplanes. This would help to incorporate boron nitride more properly in such components which would improve their performance.
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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