Hexagonal Boron Nitride Market Size & Share, by Type (Tubes, Rods, Powder, Gaskets, Plates, Sheets); Classification (Premium Grade, Standard Grade, Custom Grade); End-User (Aerospace, Automotive, Semiconductors, Electronics); Application (Refractory Applications, Insulators, Microwaves, Furnace, Thermal Spray) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5736
  • Published Date: Feb 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Hexagonal Boron Nitride Market size is expected to reach USD 1 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of hexagonal boron nitride crossed around USD 730 Million. The enhanced superior hexagonal boron nitride will propel the primary reason behind the growth of the hexagonal boron nitride market. hBN is a morphological opposite of graphite with a similar number of boron (B) and nitrogen (N) atoms instead placed in a two-dimensional layer kept together by weak van der Waals forces and changing B and N atoms interrelated by powerful chemical bonds. Currently, revealed deposition techniques for increasing large-area single-crystalline (SC) hBN films can advance these bottlenecks and have opened roads for the latest scopes.

Another reason that will propel the hexagonal boron nitride market by the end of 2036 is the use of rigorous regulations to use sustainable sources. For instance, the largest renewability enterprise, the EU’s Green Deal, uncovered in 2019, is an all-inclusive policy structure concentrated on making Europe the globe’s first climate-neutral continent by 2050. Among its targets are limiting greenhouse gas emissions, rising energy effectiveness, and generating circular economy practices. In addition to these rules, the EU also gives financial support for renewable projects through its Horizon Europe research and creation program. Horizon Europe has a resource of USD 95.5 billion for the range of 2021-2027, and a substantial part of this funding will be utilized to assist research and innovation in fields like climate change limitation, sustainable energy, and renewable agriculture. The United States conventionally has a more developed technique to rules, with federal, state, and local governments all acting in essential roles.


Hexagonal Boron Nitride Market
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Hexagonal Boron Nitride Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Demand in The Electrical Sector- In the recent economy, the power sector might just be one of the most essential players on the scene. It is assured that it will remain a critical factor in the economic expansion of Europe and every country because electrical power is essential and it runs the globe. One important part of power production is surely lubrication, as it is utilized in each power plant and production facility, starting from gas engine oils to turbine lubricants and nuclear plant greases. Lubrication is a critical gadget for increasing efficiency and limiting losses. In the electronics industry, the agents being lubricated and the lubrication regimes are similar to other applications, but, to match clean room or vacuum ecological standards, the physical needs for lubricants are more stringent than in other industries. The importance of oxygen and responsive etching gases and the requirement to limit pollution are primary factors pushing the choice of lubricants and bearings.
  • Rising Use of Electronic Gadgets Worldwide - The IEA study shows that over the next seven months, the number of people utilizing an individual computer will exceed the 1 billion mark. Electronic and smart devices recently delivered to 15% of household electricity implementation but their share is promptly rising. Already there are approximately 2 billion television sets in utilization, with an average of more than 1.3 sets in each home having attainability to electricity. More than half the international population subscribes to a mobile telephone service, and the number of outside power supplies related to many electronic devices now surpasses 5.5 billion.
  • Increasing Consumption of Electricity Worldwide - Much of the expansion in OECD electricity utilization since 1974 has happened in the residential sector and the commercial and public services sector. Contrarily, the industry’s share of utilization has been in permanent reduction with the result that as of 2019, these three sectors have an approximately similar share of consumption. The ongoing depletion sectors – transport, agriculture, and fishing - are moderately small clients of electricity. However, road transport has currently noticed powerful expansion as electric vehicles acquire market share over OECD countries, specifically in Europe.

Challenges

  • Toxic Nature of hexagonal Boron Nitride - Preparatory examinations have been executed to comprehend the biocompatibility of BN nanomaterials. Most studies concentrated on BN nanotubes have stated that the toxicity of BN nanotubes to mammalian cells is base. A rising number of engineered nanomaterials (ENMs) have been investigated for various biomedical applications. Among these ENMs, boron nitride (BN) NMs (also acknowledged as “white graphene”) with frameworks analogous to carbon NMs have been researched for drug delivery, tissue revival, and glowing-cell imaging. Research into the possibility of toxicity of engineered nanomaterials has been a communicative attempt for two decades. As component size reduces from macro to micro to nano, the surface area rises leading to greater toxicity per unit mass. Engineered nanomaterials talk about toxicity by solvability, biopersistence, physical shape, sensitivity, etc.
  • Lack of Knowledge
  • Rigorous Government Norms

Hexagonal Boron Nitride Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

5%

Base Year Market Size (2023)

USD 730 Million

Forecast Year Market Size (2036)

USD 1 Billion

Regional Scope

  • North America (North America, Canada, Mexico)
  • Asia Pacific (Japan, China, India, Australia, Others)
  • Europe (Germany, Spain, UK, France, Italy, Russia, Others)
  • Middle East and Africa (South Africa, UAE, Others)
  • Latin America (Brazil, Argentina, Others)
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Hexagonal Boron Nitride Segmentation

Application (Refractory Applications, Insulators, Microwaves, Furnace, Thermal Spray)

The insulators segment is expected to hold 40% share of the global hexagonal boron nitride market by 2036 because of increasing technological use in the insulators. In line with the U.S. Department of Energy, residential buildings contribute to about 20% of the country's total energy expenditure. This overwhelming statistic demonstrates the enormous possibilities for homeowners to make a substantial influence by utilizing energy-saving solutions in their homes. The demand for energy-efficient homes is rapidly increasing, pushing the development of new and innovative insulation technologies. The international market for insulation components is anticipated to touch USD 93.02 billion by 2023. This enormous growth is a testament to the increasing interest in energy-effective solutions as homeowners attempt to lower utility bills and develop more renewable living spaces.

End-User (Aerospace, Automotive, Semiconductors, Electronics)

The automotive segment in the hexagonal boron nitride market is projected to account for 42% of the revenue share by 2036 owing to the increasing use of hexagonal boron nitride and expansion of the automotive industry. Again dependent on mileage – that by 2030 this may even. A factor here is the rise in mileage because of empty journeys made by self-governing vehicles. PwC Autofacts thus predicts that individual mileage in Europe could increase by 23% by 2030 to 5.88 trillion kilometers. Predictions assume a rise of 24% in the US and 183% in China. High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits.

Our in-depth analysis of the global hexagonal boron nitride market includes the following segments:

           Type

  • Tubes, Rods
  • Powder
  • Gaskets
  • Plates
  • Sheets

           End-User Industry

  • Aerospace
  • Automotive
  • Semiconductors
  • Electronics

           Classification

  • Premium Grade
  • Standard Grade
  • Custom Grade

            End-Use Industry

  • BFSI
  • Retail
  • Healthcare
  • Telecom & IT
  • Discrete Manufacturing
  • Government & Education

             Application

  • Refractory Applications
  • Insulators
  • Microwaves
  • Furnace
  • Thermal Spray

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Hexagonal Boron Nitride Industry - Regional Synopsis

APAC Market Analysis

The hexagonal boron nitride market in the Asia Pacific region will have the biggest growth during the forecast period with a revenue share of around 38%. This growth will be noticed owing to quick growth in the industrial and automotive sectors. Chinese carmakers generated 27.02 million units in 2022, up by 3.4% per year, while sales increased by 2.1% to 26.86 million units, information from the China Association of Automobile Manufacturers (CAAM) demonstrates. The year-on-year expansion in output and sales last year came despite numerous headwinds encountered by the Chinese automotive industry, comprising the revitalization of COVID-19, a lack of semiconductor chips, high battery raw components prices, and an unsteady geopolitical condition, CAAM expressed.

North American Market Statistics

The hexagonal boron nitride market in the North America region will also encounter huge growth during the forecast period and will hold the second position owing to the automotive industry in the North America region. An all-inclusive on the automotive industry’s contribution to the U.S. economy, the most current collection of total information, was licensed in the fall of 2003 and was developed for the Alliance of Automobile Manufacturers. Some 9.8% of U.S. jobs were straight or indirectly associated with the automobile industry, showing 5.6% of worker compensation. Auto generation shown 3.3% of gross domestic product.

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Hexagonal Boron Nitride Market Size
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Companies Dominating the Hexagonal Boron Nitride Market

top-features-companies
    • 3M
      • Company Overview
      • Business Planning
      • Main Product Offerings
      • Financial Execution
      • Main Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
    • Höganäs AB
    • Resonac Corporation
    • Stark GmBH
    • Haydale
    • Miushima Ferroalloy
    • Henze BNG AG
    • Kennametal
    • ZYP COATING Inc.
    • Momentive Performance Materials

In-the-news

In The News

January 18, 2024: Haydale launched a new US website concentrated on Silar cutting equipment technology. Haydale Ceramic Technologies (HCT) is a world-leading producer of Silicon Carbide (SiC) ceramic components with the biggest installed potential for volume generation around America, Europe, and the APAC regions. HCT created the world’s first whisker-intensified gadgets and goes on to lead in components engineering and creation in this category.

July 19, 2023: Haydale has successfully provided stages one and two of the three-stage low-power hot water design with Cadent Gas Ltd (‘Cadent’) declared in February 2022. After fulfilling stage one to recognize up to four particular and thorough user case cases, where the graphene ink-dependent heaters could be utilized around Cadent’s network, the newest stage of the project has created an operational pre-product prototype.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5736
  • Published Date: Feb 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The intensely shifting market competitiveness worldwide will majorly drive the market growth of the third-party risk management market.

The market size of the hexagonal boron nitride market is expected to get a CAGR of approximately 5% over the forecast period, i.e., 2024-2036.

The major players in the market are 3M, Höganäs AB, Resonac Corporation, Stark GmBH, Haydale, Miushima Ferroalloy, Henze BNG AG, Kennametal, ZYP COATING Inc., Momentive Performance Materials, Showa Denko K.K., Denka Company Limited, Saint Gobian Japan, Tokuyama Corporation.

The automotive segment is anticipated to reap the largest market size with almost 42% by the end of 2036 and demonstrate substantial growth scopes.

The market in the North American region is expected to have the largest market share by the end of 2036 and provide more business opportunities in the future.
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