Global Hexagonal Boron Nitride Market 2023-2030

Global Hexagonal Boron Nitride Market 2023-2030

Global Hexagonal Boron Nitride Market Size, Share & Trends Analysis Report by Application (Coating & Mold Release, Electrical Insulation, Composites, Industrial Lubricants, Thermal Spray, Personal Care and Cosmetics, and Others), and by End-Users (Aerospace and Defense, Automotive, Semiconductors and Electronics, Healthcare and Other), Forecast Period (2023-2030)

Global hexagonal boron nitride market is anticipated to grow at a CAGR of 6.8% during the forecast period (2023-2030). The hexagonal boron nitride owing to its properties such as thermal and chemical stability hexagonal boron nitride oxide is largely used for high-temperature operations in coatings and lubrication, that is acting as a key determinant favoring the growth of the hexagonal boron nitride market. The growing adoption of hexagonal boron nitride-based materials for enhancement of the mechanical properties of polymer composites is the key factor supporting the growth of the market globally. According to the National Institute of Health (NIH), in February 2023, a hexagonal boron nitride-based wide-bandgap semiconductor with high thermal conductivity and chemical inertness is expected to aid the development of novel devices for application under extreme conditions such as high temperatures. Hence, the market players are also focusing on introducing hexagonal boron nitride-based semiconductors which will further bolster market growth. For instance, in August 2023, AzoNano launched a nanocomposite that interacted with light and heat. Hexagonal boron nitride is widely used in a variety of products, such as coatings, lubricants, and cosmetics. It is quite soft and it is a great lubricant, and very lightweight. It is also cost-effective and very stable at room temperature and under atmospheric pressure.

Segmental Outlook

The global hexagonal boron nitride market is segmented on the application and users. Based on the application, the market is sub-segmented into coating & mold release, electrical insulation, composites, industrial lubricants, thermal spray, personal care and cosmetics, and others. Further, based on end-users, the market is sub-segmented into aerospace and defense, automotive, semiconductors and electronics, healthcare, and others. Among the end-users, the semiconductors and electronics sub-segment is anticipated to hold a considerable share of the market owing to the rise in potentials for technologically significant applications in deep UV (DUV) optoelectronics, solid-state neutron detectors, electron emitters semiconductors, single photon emitters, switching/memory devices, and super-capacitors.

The Electrical Insulation Sub-Segment is Anticipated to Hold a Considerable Share of the Global Hexagonal Boron Nitride Market

Among the applications, the electrical insulation sub-segment is expected to hold a considerable share of the global hexagonal boron nitride market.The segmental growth is attributed to the development of boron nitride powder for various industrial applications such as plastic, ceramic, paints, alloys, and resins. In the automotive industry, hexagonal BN can be used for sealing oxygen sensors. Owing to its interesting physical and chemical properties, hexagonal boron nitride is used in different sectors.

Regional Outlook

The global hexagonal boron nitride market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America. Among these, North America is anticipated to hold a considerable share of the market across the globe, owing to an increase in demand for products in various applications such as coatings mold release, and electrical insulation and the strong presence of key players within this region. The key market players include Kennametal Inc., Momentive Performance Materials, Grolltex, Inc., and others.

Asia-Pacific Region is Expected to Grow at a Significant CAGR in the Global Hexagonal Boron Nitride Market

Among all regions, the Asia-Pacific region is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the presence of India and China, which boosts a high consumption volume of HBN due to the growing demand from various applications. The vast manufacturing activities in different sectors and the rapid growth in the industrial and automotive sectors pushed the country to stand among the major lubricant consumers and producers in the global landscape. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), in 2022, automobile production in China amounted to 2,70,20,615 units, which showed an increase of 3.3% compared to 2021.

The rapid urbanization and growth in the disposable income of its citizens gave impetus to the growth in the consumption of consumer electronics products in the region. For instance, according to the Japan Electronics and Information Technology Industries Association (JEITA), in 2022, the total production value of the electronics industry in Japan reached close to US 84,546 million. It is an increase of 10.3% compared with 2020. Therefore, increasing the production of electronics in the country is expected to create an upside demand for the hexagonal boron nitride market in the country. The key market players include Denka Company Ltd., Mizushima Ferroalloy Co., Ltd. Resonac Holdings Corp., and others.

Market Players Outlook

The major companies serving the hexagonal boron nitride market include Saint-Gobain SA, Shin-Etsu Chemical Co., Ltd., Showa Denko Materials Co., Ltd., Dandong Chemical Industry Institute Co., Ltd., Grolltex, Inc., JFE Steel Corporation, and other. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2023, Haydale Graphene Industries Plc., the global technology solutions company, announced a collaboration agreement with Saint-Gobain to facilitate the further development of Saint-Gobain's Boron Nitride Powder Solutions. Further, in September 2022, Henze Boron Nitride Products launched HeBoFill LL-SP 060, an innovative boron nitride powder characterized by its exceptional purity and minimal agglomeration. This latest addition to the HeBoFill LUB LINE powder range expands our product offerings, providing customers with a new and versatile option.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global hexagonal boron nitride market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.