Hexagonal Boron Nitride Market - Forecast(2023 - 2028)

Hexagonal Boron Nitride Market Overview

Hexagonal Boron Nitride Market size is expected to reach a value of US$1.1 billion by the end of the year 2027 and is set to grow at a CAGR of 5.2% during the forecast period from 2022-2027. Hexagonal boron nitride is isoelectronic with graphite, that has similar structures as that of hexagonal boron nitride and can be used to form graphene like sheets that can be fitted in nanotubes that is majorly used in nanotechnology. Lonsdaleite, also known as hexagonal diamond, has mechanical properties tougher than diamond and is used in abrasion equipment and other purposes in various industries. Hexagonal boron nitride is also a proton conductor as it is widely used in the electrical and electronics industry. This is majorly driving the hexagonal boron nitride market.

COVID-19 impact

Amid the Covid-19 pandemic, the hexagonal boron nitride market was affected in various ways. There were various legal restrictions across the globe which majorly affected the demand and growth of the hexagonal boron nitride market. The production and sales activities were majorly disturbed which slowed down the growth of the hexagonal boron nitride market. However, the hexagonal boron nitride market witnessed a steady growth by the end of the year 2020 and is estimated to grow further and cover the industry’s loss towards the end of the year 2022.

Report Coverage

The report: “Hexagonal Boron Nitride Market – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Hexagonal Boron Nitride Industry.

By Product Type: Substrates, Coil, Tubes, Break Rings, Gaskets, Rods, Plates, Sheets, Crucibles and Others.
By Application: Refractory Applications, Insulators, Microwaves, Furnace, Thermal Spray and Others.
By End-Use Industry: Aerospace, Automotive, Electrical and Electronics (Optoelectronics, Semiconductors and Power Transistor), Cosmetics, Metallurgy, Paint and Coatings and Others.
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, France, Netherlands, Belgium Spain, Russia and Rest of Europe), APAC (China, Japan India, South Korea, Australia, New Zealand, Indonesia, Taiwan, Malaysia), South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and RoW (Middle East and Africa).

Key Takeaways

• Asia-Pacific market held the largest share in the hexagonal boron nitride market owing to the increase in the production of electronic devices and innovation in the electronics field.
• The increase in demand for electronic devices across the young and middle-class population across the globe is one of the major factors driving the hexagonal boron nitride market, as it is used for thermal management in electronics devices.
• Increasing application in the iron and steel products is also driving the demand for hexagonal boron nitride market.
• Amid the Covid-19 pandemic, the hexagonal boron nitride market went through a lot of setbacks which lead to huge losses. It is however set to improve in the coming months of 2021.
  
  

  FIGURE: APAC Hexagonal Boron Nitride Market Revenue, 2021-2027 (US$ Billion)

  

Hexagonal Boron Nitride Market Segment Analysis – By Product Type

Substrate’s segment held the largest share in the hexagonal boron nitride market in the year 2021. Substrates are used in the production of boron doping wafers in silicon semiconductors processing, chemical vapor deposition (CVD) crucibles, microwave tubes, vacuum melting crucibles, high precision sealing, microcircuit packaging, sputtering targets, horizontal caster break rings, high temperature furnace fixtures, brazing and metallizing fixtures, low friction seals, plasma arc insulators, and other devices. Hexagonal boron nitride substrates act as proton conductors in electronics devices. This is majorly driving the substrate segment in the hexagonal boron nitride market.

Hexagonal Boron Nitride Market Segment Analysis – By Application

Refractory applications segment held the largest share in the hexagonal boron nitride market in the year 2021. Refractory applications make use of hexagonal boron nitride in linings for furnace, incinerators, reactors and kilns. Hexagonal boron nitride such as lonsdaleite is used for abrasion the steel and iron industry, as they have superior mechanical properties. This is majorly driving the demand for hexagonal boron nitride from the refractory applications segment.

Hexagonal Boron Nitride Market Segment Analysis – By End-Use Industry

Electrical and Electronics segment held the largest share of in hexagonal boron nitride market in the year 2021, growing at a CAGR of 5% during the forecast period. There has been a lot of innovation and creativity happening in the electrical and electronic industry in the past decade. There has been an introduction of a lot of creative electronic devices across the globe. This is one of the important factors driving the hexagonal boron nitride as it is used as proton conductors in electronic devices. In recent past there has been an introduction of various electronic devices like 5G enabled smartphones, smart speakers, virtual reality and many others. The 5Ge enabled smartphones are becoming a huge hit among the customers in the UK and USA market and is witnessing huge demand from the Asian market as well. According to IPC International Inc. (a global trade association), the North American printed circuit boards shipments increased by 9.1% during May 2021 compared to the same period last year and the printed circuit board bookings in May increased by 24.1% year-on-year increase. The production of these electronic devices requires the use of printed circuit board and semi-conductors which is majorly driving the hexagonal boron nitride market, as hexagonal boron nitride is used as proton conductors in these devices.

Hexagonal Boron Nitride Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 38% in hexagonal boron nitride market in the year 2021. The increase in the sales and demand for electronic devices in the countries like China, Japan, South Korea and India is driving the hexagonal boron nitride market in the region. According to the International Trade Center, China is the largest exporter of printed circuits at a value of US$15.1 billion during the year 2020, an increase of 3.08% from the previous year export of US$14.65 billion. Printed circuits widely used hexagonal boron nitride compounds as they are used as proton conductors. The exports of printed circuit board have increased even during the Covid-19 pandemic. South Korea stood as the 4^th largest exporter with value of US$5.03 billion in the year 2020, an increase of 4.86% from US$4.79 in the year 2019. This is hugely driving the hexagonal boron nitride market in the region.

Hexagonal Boron Nitride Market Drivers

The increase in demand for electronic devices is driving the hexagonal boron nitride market as it is used in the production of electronic devices

Hexagonal boron nitride is used in the production of electronic devices as they are isoelectronic compounds and pairs well with graphite which is used in producing multiple electronic components and chips. The increase in the production of semiconductors owing to the increasing demand for electronic devices is increasing the demand for hexagonal boron nitride. Semiconductors uses proton conductors for thermal management of the electrical devices. This is increasing the demand for electrically hexagonal boron nitride in the semiconductors market. According to Semiconductor Industry Association, the global sales of semi-conductors increased at 6.5% to US$439 billion in the year 2020 from the year 2019. This is further increasing the demand for hexagonal boron nitride in electronics market.

Increasing application in the iron and steel products is also driving the demand for hexagonal boron nitride market

The increase in application of hexagonal boron nitride in iron and steel products is one of the major factors driving the demand for hexagonal boron nitride market. Hexagonal boron nitride is used in abrasive equipment, sealing equipment and in furnaces in the steel industry. Lonsdaleite, a type of hexagonal boron nitride product is used in abrasion applications in the steel industry. According to the World Steel Association, the total production of crude steel across the world increased in April 2021 by 23.3% and reached 169.5 million tonnes as compared to steel production in March 2021. The total production of crude steel from January to April 2021 grossed a production of 662.8 million tonnes, an increase of 13.7% as compared to the previous year. This is majorly driving the demand for hexagonal boron nitride in the iron and steel production.

Hexagonal Boron Nitride Market Challenges

Availability of superior products such as graphite is challenging the growth of the hexagonal boron nitride market.

The availability of substitutes such as graphite is majorly restricting the growth of the hexagonal boron nitride market. Even though graphite and hexagonal boron nitride are isoelectronic compounds, graphite offer more advantages than hexagonal boron nitride market. Graphite is easily available as compared to hexagonal boron nitride, and is more resistant to thermal shock. The use of graphite guarantees stability of electrode during electro discharge. This is majorly challenging the growth and sustenance of the hexagonal boron nitride market. 

Hexagonal Boron Nitride Industry Outlook

New product launches, expansion, collaborations, partnerships, investments, acquisitions and mergers are some of the key strategies adopted by players in the Hexagonal Boron Nitride Market. Hexagonal Boron Nitride top 10 companies include: 

1. Denka Company ltd.
2. Showa Denko K.K.
3. Mizushima Ferroalloy Co. Ltd.
4. Höganäs AB
5. 3M
6. Saint-Gobain Ceramic Materials
7. Bortek Inc.
8. Henze Boron Nitride Products AG
9. Kennametal Inc
10. Mizushima Ferroalloy Co. Ltd.

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