Boron Nitride & Hot Pressed Shapes Market - Forecast(2023 - 2028)

Boron Nitride & Hot Pressed Shapes Market Overview

The Boron Nitride & Hot Pressed Shapes Market size is forecast to reach US$1.4 billion by 2027, after growing at a CAGR of 5.2% during the forecast period 2022-2027. Boron Nitride is an advanced synthetic ceramic material that is available in solid and powder form. In its solid form, boron nitride is also called white graphite, owing to its structural similarity to graphite. Due to its excellent chemical and thermal stability, boron nitride oxide ceramics are primarily used as components of high-temperature equipment. Its high impermeability to liquid and gas makes them an ideal coating material for the prevention of surface oxidation and corrosion of metals and other materials, which include black phosphorus. They are used in a wide range of applications which include coating and mold, electrical insulation, lubrication, semiconductor, cosmetics, metals and alloys, and other applications. According to recent insights from the Semiconductor Industry Association, China imported around US$378 billion in semiconductors, accumulated 35% of the world’s electronic devices, and was responsible for 30% to 70% of the global PC, TV, and mobile phone exports in 2020. An increase in demand from the electronics & semiconductors along with metallurgy industries acts as the major driver for the market. On the other hand, health risks associated with the use of boron nitride may act as a major constraint for the market.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has significantly reduced production activities as a result of the country-wise shutdown of production sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. However, a slow recovery in the electronic industry has been witnessed across many countries around the world since 2021. An increase in work from home and e-learning practices during COVID-19 has significantly led to high demand for laptops, tablets, and smartphones which have resulted in the higher production of these electronics. For instance, according to the Retailers Association of India (RAI), consumer electronics net sales increased by 2% in September and 8% in October 2020, in comparison to 2019, owing to the increase for electronic devices for remote practices during COVID-19.

In this way, a steady increase in electronics production activities is expected to increase the demand for hot-pressed boron nitride since they are primarily used in electronic parts such as substrates, coil forms, transistor circuits, and more, along with insulation of electric wires, batteries and other electrical components in electronic gadgets. This indicates a steady recovery of the market in the upcoming years.

Report Coverage

The “Boron Nitride & Hot Pressed Shapes Market Report– Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Boron Nitride & Hot Pressed Shapes Industry.

By Type: Hexagonal Boron Nitride (HBN), Rhomboidal Boron Nitride (RBN), Cubic Boron Nitride (CBN), Wurtzite Boron Nitride (WBN).
By Form: Solid, Powder, Others.
By Material Grade: PCBN2000, PCBN3000, PCBN4000, PCBN5000, Grade A, Grade AX05, Grade HP, Grade HPL, Grade M26/M, Grade ZSBN.
By Application: Coating and Mold, Electrical Insulation, Lubrication, Automotive, Semiconductor, Composites, Cosmetics, Metals and Alloys, Tubes and Sheaths, Others.
By End-Use Industry: Paints & Coating, Electronics & Semiconductor, Automotive, Metallurgy, Cosmetics & Personal Care, Aerospace, Others.
By Geography: North America (USA, Canada, and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, and the Rest of Asia-Pacific), South America (Brazil, Argentina, Colombia, Chile and the Rest of South America), the Rest of the World (the Middle East, and Africa).

Key Takeaways

• Hexagonal Boron Nitride (HBN) held the largest share in the Boron Nitride & Hot Pressed Shapes Market in 2021. Its wide range of characteristics, along with its high thermal conductivity, and good thermal shock resistance made it stand out in comparison to other types of boron nitride in the market.
• Coatings industry held the largest share in the Boron Nitride & Hot Pressed Shapes Market in 2021, owing to the increasing demand for boron nitride from the coating sectors across multiple regions. According to Japan Paint Manufacturers Association (JPMA), the total paints and coatings production in Japan reached up to 1,645,960 tons during the year 2019.
• Asia-Pacific dominated the Boron Nitride & Hot Pressed Shapes Market in 2021, owing to the increasing demand for boron nitride from the coating sectors of the region. For instance, in July 2019, Asian Paints commenced the commercial production of coatings and intermediaries in the Mysore plant in India. The coatings manufacturing plant in Mysore has a total capacity of 211,888 tons per annum.

Boron Nitride & Hot Pressed Shapes Market Segment Analysis – By Type

Hexagonal Boron Nitride (HBN) held the largest share in the Boron Nitride & Hot Pressed Shapes Market in 2021 and is expected to grow at a CAGR of 5.3% between 2022 and 2027, owing to its increasing demand due to the characteristics and benefits it offers over other types of boron nitride. Hexagonal Boron Nitride, also known as white graphite, has higher thermal conductivity, better thermal shock resistance, and lower thermal expansion in comparison to Rhomboidal Boron Nitride (RBN), and other types of boron nitride. White graphite offers higher electrical resistance, ease of machinability, and is non-toxic in nature as compared to other types of boron nitride. Moreover, hexagonal boron nitride or white graphite is being used increasingly, owing to its unique combination of properties such as low density, high-temperature stability, chemical inertness, easy workability of hot-pressed shapes, along with excellent electrical insulating and lubricating properties. Thus, all of these properties of hexagonal boron nitride (white graphite) are driving its demand over other types of boron nitride, which in turn, is expected to boost the growth of the market during the forecast period.

Boron Nitride & Hot Pressed Shapes Market Segment Analysis – By End-Use Industry

The Coatings Industry held the largest share in the Boron Nitride & Hot Pressed Shapes Market in 2021 and is expected to grow at a CAGR of 5.5% between 2022 and 2027, owing to the increase in demand for paints and coatings across the globe. For instance, according to the British Coatings Federation (BCF), the first 5 months of 2021 achieved significant sales results in both industrial and decorative coatings in the United Kingdom, owing to strong consumer demand for DIY commodities such as paints and coatings in the country. Furthermore, Nippon Paints Group made medium to long-term investments in 2021 for upgrading and streamlining industrial facilities in Japan from 2021 to 2023 to boost the production of paints and coatings to secure its position in the market.

In this way, an increase in demand and production of coatings is expected to increase the demand for boron nitride as it is used in the production of coatings, owing to its unique combination of properties such as low density, high-temperature stability, chemical inertness, along with excellent electrical insulating and lubricating properties. This is expected to accelerate the growth of the market during the forecast period.

Boron Nitride & Hot Pressed Shapes Market Segment Analysis – By Geography

The Asia Pacific held the largest share in the Boron Nitride & Hot Pressed Shapes Market in 2021 up to 30%. The consumption of boron nitride is particularly high in this region due to its increasing demand from the coating sector. For instance, according to Japan Paint Manufacturers Association (JPMA), the total paints and coatings production in Japan was reached up to 1487.7 million tons in 2020. Furthermore, in 2020, the government of Vietnam announced its plan to develop the paint and coating industry with a vision to 2030. The average growth rate in the production value of the paint and coating industry is expected to reach up to 14% during the period from 2021 to 2030.

The properties of boron nitride such as high-temperature stability, chemical inertness, along with excellent electrical insulating and lubricating properties make it ideal for use in the production of coatings. Hence, an increase in the production of coatings in the region is expected to increase the demand for boron nitride, leading to the growth of the market in the upcoming years.

Boron Nitride & Hot Pressed Shapes Market – Drivers

An increase in demand from the electronics & semiconductor industry is most likely to increase demand for the product

Hot pressed boron nitride is primarily used in electronic parts such as substrates, coil forms, transistor circuits, semiconductor chips, and more, along with insulation of electric wires, batteries, and other electrical components in electronic gadgets. According to the Statistical Handbook of Japan 2021, the production and shipments of electronic equipment reached up to US$ 52.6 billion during the fourth quarter of 2020. According to the annual reports published by Samsung during the fourth quarter of 2020, the semiconductors division obtained a total revenue of US$ 15.1 billion. Furthermore, Lenovo Group, a leading brand in consumer electronics and media, published the annual report for the fiscal year that ended in March 2021, which stated that the total revenue of the company reached up to US$ 60,742 million in the fiscal year 2020/21, an increase of 20% in comparison to the fiscal year 2019/20. Furthermore, recent insights from the Semiconductor Industry Association (SIA) state that the U.S invested around US$ 142.2 billion on the computer, and US$ 53 billion on consumer electronics such as cell phones, TV, and other similar applications. It also states that China’s National IC Fund had invested US$ 39 billion until July 2021, among which 69.7% had been allotted for front-end manufacturing with the aim of increasing China’s share of global semiconductor production. In this way, an increase in electronics and semiconductor production is expected to increase the demand for hot-pressed boron nitride, thus, leading to the growth of the market in the upcoming years.

An increase in demand from the metallurgy industry is most likely to increase demand for the product

Hot pressed boron nitride is primarily used in a wide range of metallurgy applications which include amorphous iron flow notch, continuous casting steel separation ring, and continuous casting aluminum release agent along with all types of capacitor film aluminum plating, picture tube aluminum plating, and more. According to World Steel Organization, the total crude steel production in North America reached up to 108.3 million tons in 2021, an increase of 17.8% as compared to 2020. Likewise, crude steel production in South America reached up to 42.1 million tons in 2021, representing a growth of 20.7% in comparison to 2020. Furthermore, the total steel production in Europe, the Middle East, and Africa reached up to 141.4 million tons, 37.4 million tons, and 14.7 million tons respectively in 2021. Furthermore, in 2020, the total production of manganese in Australia reached up to 3,180 thousand metric tons, an increase of 3.8% in comparison to 2019. Thus, such an increase in the production of metals across the globe is expected to increase the demand for hot-pressed boron nitride, owing to its wide range of metallurgy applications as mentioned above. This is expected to drive the boron nitride and hot-pressed shapes market in the upcoming years.

Boron Nitride & Hot Pressed Shapes Market – Challenges

Health risks associated with the use of boron nitride may cause an obstruction to the market growth

Prolonged exposure to boron nitride powder is known to cause irritation to the eyes as well as the respiration system. In case of skin contact, it may cause mild to severe skin irritation. In case of inhalation of boron nitride powder or dust, irritation of the nose, throat, and respiratory tract may occur. Ingestion of the boron nitride may cause nausea, vomiting, diarrhea along with gastrointestinal infections. Furthermore, boron nitride is reported to cause pneumoconiosis when inhaled in particulate form. The maximum recommended concentration for boron nitride is 10 mg/m3. Thus, such health risks associated with the use of boron nitride may confine the growth of the market.

Boron Nitride & Hot Pressed Shapes Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Boron Nitride & Hot Pressed Shapes Market. Boron Nitride & Hot Pressed Shapes top 10 companies are:

1. 3M Technical Ceramics
2. Accuratus Corporation
3. American Elements
4. Aremco Products
5. Atlantic Equipment Engineers
6. Bayville Chemical
7. Bent Tree Industries
8. Boron Compounds
9. BORTEK
10. Ceramic Substrates and Components Limited

Recent Developments

• In December 2021, Saint-Gobain Ceramic launched its new line of boron nitride powders. Saint-Gobain Boron Nitride Powder Solutions are available in various particle shapes and sizes enabling its customers to maximize the benefits of boron nitride in a wide range of markets and applications. Commonly referred to as white graphite, hexagonal boron nitride powders offered by the company can add value to many different industries.

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