Global Cubic boron nitride Market Size, Share & Trends Analysis Report, by Product, by Application, By Region Forecasts, 2023 - 2030

Global Cubic boron nitride Market Size, Share & Trends Analysis Report, by Product, by Application, By Region Forecasts, 2023 - 2030

Global Cubic boron nitride Market was valued at US $ 562 Million in 2022 and is expected to reach US $ 1258.3 Million by 2030 growing at a CAGR of 10.6% during the forecast period 2023 – 2030.

Within the field of advanced materials, the Cubic Boron Nitride Films Market is a particular segment that focuses on producing and distributing films made of cubic boron nitride (c-BN). These films are highly valued due to their extraordinary wear resistance, remarkable hardness, and impressive thermal stability. They play a crucial part in cutting and grinding applications throughout a wide range of sectors, in addition to precise machining. The market is being driven by the increasing demand for c-BN films, which are recognised for their ability to increase tool hardness, extend the life of cutting and grinding equipment, and improve the overall quality of finished goods, especially in critical industries like aerospace, automotive, manufacturing, and medical devices.

Strong growth is being experienced by the cubic boron nitride films market, which is closely linked to the expanding construction and automotive sectors. Because of their unique requirements, these industries are key drivers of the market for cubic boron nitride (c-BN) films. Because of their remarkable hardness and wear resistance, c-BN films are a great option when precision tooling and machining are prioritised. Their capacity to prolong the longevity of cutting and grinding tools is essential as it results in lower costs and higher uptake. The popularity of c-BN films is being fueled in part by the way they provide cutting-edge solutions to fulfil the ever-evolving needs of precision and efficiency in the automotive and construction industries. The need for high-performance equipment and materials is sustained by the global expansion of these industries, particularly in emerging regions, which confirms the critical role that c-BN films play in fostering industrial growth. The car manufacturing sector generated 2.86 trillion dollars in sales in 2021, and 2022 is predicted to see even more growth in this sector. The majority of motor vehicles sold worldwide were passenger cars, with China producing around 21.41 million of them, making it the world's top automaker.

“Inserts segment, by product, to be dominating market from 2023 to 2030.”

Inserts are the leading and fastest-growing product category in the market for cubic boron nitride (CBN) films. Inserts held a market share of more than 46.54% of the worldwide CBN films market in 2022. Over the course of the forecast period, which runs from 2023 to 2029, inserts are expected to grow at a strong Compound Annual Growth Rate (CAGR) of more than 12.43%. Numerous industries, including but not limited to the automotive, aerospace, electronics, and medical device sectors, find use for CBN inserts. It is anticipated that the CBN insert market will continue to rise in the upcoming years due mainly to the increasing need for high-performance cutting tools in these sectors.

“Cutting & Grinding segment, by application, to be dominating market from 2023 to 2030.”

Cutting and grinding is the main and fastest-growing use for cubic boron nitride (CBN) films. Cutting and grinding accounted for over 58.76% of the global market share for CBN films in 2022. Over the course of the forecast period, which runs from 2023 to 2030, it is expected to grow at a notable Compound Annual Growth Rate (CAGR) of over 13.2%. The coating segment, which is the second-largest application sector in the CBN films market, is closely behind. CBN films are used to coat a variety of materials, such as metals, ceramics, and polymers, in order to improve their hardness and wear resistance. The primary factor contributing to the coating segment's growth is the increasing need for wear-resistant components in a variety of industries, including manufacturing, aerospace, and automotive.

“North America to be largest region in Cubic boron nitride market.”

Because of the high demand for cubic boron nitride (c-BN) films in the US, North America is expected to continue holding a leading position in the regional market. The construction and automotive sectors' notable expansion in the area is a major factor driving the market for c-BN films in North America. In the meantime, the market for c-BN films in the Asia Pacific region is anticipated to increase significantly due to rising demand for products like water-resistant pipes and razor blades, especially in China and Japan. The diamond-like qualities of c-BN films and their affordable production in developing nations like China and India also benefit this region. The market for c-BN films is expanding quickly in Europe, mostly as a result of increased research and development activities to find new applications.

Cubic boron nitride Competitive Landscape

The competitive landscape of the Cubic boron nitride market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Cubic boron nitride technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Cubic boron nitride market is highly competitive, with numerous companies vying for market share. Prominent companies in the Cubic boron nitride Market include:

Saint Gobain Advanced Ceramics Corp., Electro Abrasive Corporation, ESK Ceramics GmbH & Co., Mudanjiang Jingangzuan Boron Carbide Co. Ltd., Showa Denko KK, Shin-Etsu Chemicals Co., Ceradyne Inc., Kyocera, Sumitomo Electric, Toshiba Materials, Hitachi Chemical, NGK Spark Plug, Mitsubishi Materials, Denka, Tyrolit, Hermes Abrasives, Pferd, Osborn International, Norton Saint-Gobain Abrasives, 3M, and others.

Recent Developments:

Saint-Gobain Advanced Ceramics debuted their newest range of cubic boron nitride films specifically designed for cutting tools in May 2023. These cutting-edge films are designed to improve longevity and performance in a wide range of applications, including hard metal, ceramic, and composite precision machining.

A novel approach to cubic boron nitride film deposition was unveiled by ESK Ceramics in April 2023, and it promises to be more economical and efficient than traditional techniques. Cubic boron nitride films will become more widely accessible to a wider range of businesses thanks to this innovative method.

Dec. 2020 saw the successful design, building, and installation by AIXTRON of a specialised industrial-grade reactor for the processing of 200 mm epi-wafers containing hexagonal Boron Nitride (hBN) and graphene. Recently put into service, this state-of-the-art Chemical Vapour Deposition (CVD) tool is the result of the collaborative GIMMIK research project. Evaluating the viability of generating graphene layers in an industrial context is the main goal of the GIMMIK project. The project's main goals are to find possible areas for improvement and create plans to get rid of any mistakes that could be occurring during the production process.