Boron Carbide Market Size, Share, Growth Report 2030

Description

According to the report published by Zion Market Research, the global Boron Carbide Market size was valued atUSD 4.79 Billionin 2022 and is predicted to reachUSD 6.82 Billionby the end of 2030. The market is expected to grow with aCAGR of 4.51%during the forecast period. The report analyzes the global Boron Carbide Markets growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Boron Carbide Market industry.

Global Boron Carbide Market: Overview

Boron carbide is a ceramic material which is chiefly used as an abrasive for commercial as well as industrial applications. It is manufactured in an electric arc furnace by reacting boric oxide and carbon. Boron carbide has properties such as high abrasion resistance, incredible hardness and high resistance to wear, industrial shock resistance, impact resistance and low thermal conductivity. These features make it a highly used product in the manufacturing industry. Boron carbide is also used in refractory industry as an antioxidant and in nuclear reactors, it is used as an absorbent of the neutron. There is a gradually increasing demand for technically advanced materials which will result in an increasing demand for boron carbide in the market.

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Global Boron Carbide Market: Segmentation

The global boron carbide market is segmented into its grades, form, application and geography. On the basis of grades, the market is divided into nuclear grade and abrasive grade. Based on form, the market is segregated into grains,powder, and paste. On the basis of application, the market is categorized into nuclear, industrial, and defense sectors. Diversification of the market based on region is seen into North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa.

Global Boron Carbide Market: Growth Factors

The boron carbide market is a growing market owing to factors such as technological development in the manufacturing industries, greater innovation and growing demand for premium high-strength and high-quality grade mechanical materials for metal working industries, Also there is an impetus in the demand for boron carbide due to the rising demand for protective ceramic materials by nuclear industries for various applications. Abrasive grade boron carbide is used in wood work, polishing which is required in industries such as aerospace and automotive.

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Global Boron Carbide Market: Regional Analysis

The largest share in the boron carbide market is held by the North America and the European regions. Factors such as vigorous research and development, strong technological base, growth of nuclear industry and innovative products play an important role in driving the boron carbide market in the region. Countries which have contributed to the growth in these regions include the US and Canada in North America and Russia, France, Poland, Germany, Italy, Spain, and the UK in Europe. Following North America and Europe is Asia Pacific region. Its growth can be attributed to factors such as growing metal fabrication industries. The manufacturers in Asia Pacific are targeting countries such as India, China, Vietnam, Indonesia, and Taiwan. In Japan, the growing demand for advanced material in nuclear industry boosts the boron carbide market. Due to low macro-economic factors, the growth rate of the Latin American and Middle East and African regions may be at a moderate pace.