Market Research Future (MRFR) has revealed that the global hexagonal boron nitride market is projected to hold a market value of USD 956. million, expanding at a CAGR of 4 % by 2030. Various applications of hexagonal nitride across industry verticals due to its properties such as thermal conductivity, chemical inertness, and high electrical resistance are likely to stimulate the global hexagonal boron nitride market 2021.
The prodigious rise in the electrical and electronics industry has magnified the demand for hexagonal boron nitride owing to its usage as the base sheet for semiconductor, fillers, coolers, metal-insulator-semiconductor field-effect transistor, etc. Further, the cosmetic and personal care industry is estimated to be one of the most crucial end-users of hexagonal boron nitride during the assessment period. Furthermore, the increasing demand for the thermal conductive polymer is estimated to expand the global hexagonal boron nitride market. Besides, the surging demand for high-temperature applications in lubrication, coating, and mold release is projected to augment the market substantially.
Conversely, the availability of alternative at a cheaper cost than hexagonal boron nitride is estimated to hamper the market proliferation. However, the surging demand for hexagonal boron nitride coatings for clearance control in the aerospace and defense sector is anticipated to produce lucrative opportunities for the market growth, countering the obstructive factor.
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The segment analysis of the global hexagonal boron nitride is done by type and application.
The type-based segments of the global hexagonal nitride market are rods, tubes, discs, crucible, sheets, gaskets, and others. Among these, the tubes segment acquires the maximum share of the market. It is likely to register a higher CAGR and exhibit massive growth during the assessment period.
The type-based segments of the global hexagonal nitride market are lubrication, electrical insulation, coatings mold release, composites, cosmetics, thermal spray, and others. The coatings mold release captured the most significant share of the market in 2016, which accounted for 33.25% share.
Based on the region, the global hexagonal boron nitride market is segmented into North America, Asia-Pacific, Europe, and the Rest of the World (RoW). The report has revealed that the global market is projected to be dominated by the APAC region and is likely to maintain its position throughout the forecast period. China is likely to dominate the regional market, while India is estimated to record the highest CAGR during the forecast period. In addition, Japan comprises various key players, which brings a positive impact on the regional market. Further, the robust presence of electrical and electronics companies in the region is projected to develop the market additionally.
North America is anticipated to hold the second position. North America is led by the US by acquiring the largest market for hexagonal boron nitride. Europe is anticipated to be a lucrative market during the review period. The regional market is majorly driven by the crucial participation of France, Germany, and Italy. On the other hand, Latin America is likely to witness decent growth in the forthcoming period. The region comprises of profitable opportunities, which is estimated to drive the regional market significantly. The MEA region is anticipated to record a CAGR of 6.09% during the assessment period. The regional development can be attributed to the vital role played by the cosmetic industry.
The renowned key players of the global market for hexagonal nitride are Denka Company Limited, Saint-Gobain, Momentive Performance Materials, H.C. Stark GmBH, Showa Denko K.K, Kennametal, Mizushima Ferroalloy, ZYP COATING Inc., Henze BNP AG, and 3M.
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