Boric acid and boron trioxide are the raw materials required for producing hexagonal boron nitride.
Boron Nitride Nanotubes is proving as an alternative to carbon nanotubes in a wide range of applications in pharma, healthcare, defense, aerospace, energy, and automotive industries
Hexagonal boron nitride is used in growing end-user segments such as coatings, lubricants, mold release agents, and electrical insulation
Hexagonal boron nitride (hBN) is the perfect match for graphene because they share many similarities. hBN is just graphene with the carbon atoms replaced by boron and nitrogen resulting in the same honeycomb lattice with the bulk crystal forming a layered structure similar to graphite. The key difference is that hBN is a large bandgap semiconductor (Eg ~5ev) and hence is an insulator and can serve as a substrate material.
IMO: The Hexagonal Boron Nitride (h-BN) market outlook has the potential to drastically exceed expectations due to bleeding edge research coming from many fields. This material appears to be just referred to as BN (Boron Nitride) in some research papers or as 2D Boron Nitride.
The hexagonal boron nitride market share is expected to increase by USD 302.98 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.4%.
The increasing demand for boron minerals globally, due to their intrinsic properties, such as hardness, thermal conductivity, high-temperature resistance, chemical inertness, stability, and non-toxic nature, is expected to drive the market growth during the forecast period.
The commercialization and increasing demand for boron nitride nanotubes is another factor supporting the global hexagonal boron nitride market share growth.
Boron nitride nanotubes are available in the form of cylindrical tubes, similar to carbon nanotubes. These nanotubes possess superior mechanical properties, such as optical and infrared transparency, high tensile strength, electrical conductivity, thermal conductivity, flexibility, and electrical insulation.
These properties and the cost-effective nature of boron nanotubes are expected to increase their acceptance as alternatives to carbon nanotubes in a wide range of applications in pharma, healthcare, defense, aerospace, energy, and automotive industries.
Boron nitride nanotubes are already being commercialized and used in end products. The notable vendors manufacturing these nanotubes include Tekna, BNNT, Altair Nanotechnologies, Bruker, QuantumSphere, Nanocyl, Luxtera, and Hanwha Nanotech Corporation.
The high cost of hexagonal boron nitride will be a major challenge for the global hexagonal boron nitride market share growth during the forecast period. The higher cost of hexagonal boron nitride, when compared with other materials such as graphite, molybdenum disulfide, and tungsten disulfide, is the major restraint to the market growth.
The price of standard-grade hexagonal boron nitride used for industrial purposes is in the range of $55-$130/kg, and the cost of premium-grade (high-purity) hexagonal boron nitride for specialized applications, such as cosmetics, is in the range of $350-$800/kg.
Products off note include 3M Co. offering of 3M boron nitride cooling fillers which are ceramic fillers that improve the thermal conductivity of polymers while maintaining electrical insulation.
49% of the market's growth will originate from APAC during the forecast period. China, South Korea (Republic of Korea) and India are the key markets for hexagonal boron nitride market in APAC.
The increase in the consumption of hexagonal boron nitride in growing end-user segments such as coatings, lubricants, mold release agents, and electrical insulation will facilitate the hexagonal boron nitride market growth in APAC over the forecast period.
The restrictions imposed to control the spread of COVID-19 negatively affected the supply chain activities of vendors offering hexagonal boron nitride in the region.
The hexagonal boron nitride market share growth by the automotive segment will be significant during the forecast period due to increasing demand for automobiles in developing countries in APAC and changing customer preference toward advanced automobiles.
Global Hexagonal Boron Nitride Market – Industry Trends and Forecast to 2028
Hexagonal boron nitride market size is valued at USD 297.46 million by 2028 and is expected to grow at a compound annual growth rate of 5.75% for the forecast period of 2021 to 2028.
The increasing demand for thermal conductive and electrically insulating plastic components has highly influenced growth of the hexagonal boron nitride market.
Its properties such as thermal and chemical stability hexagonal boron nitride oxide, largely used for high temperature operations in coatings and lubrication, are also acting as a key determinant favoring the growth of the hexagonal boron nitride market over the forecast period of 2021 to 2028.
The major factor accountable for the growth of the market is the growing oil and gas sector and nuclear industry applications.
The growing demand for product in various applications such as coatings and mold release is also flourishing the growth of the hexagonal boron nitride market.
However, the high cost of hexagonal boron nitride and strong presence of alternates may act as key restraint towards hexagonal boron nitride market growth rate in the forecast period of 2021 to 2028.
The lack of awareness on the advantages of hexagonal boron nitride have the potential to challenge the growth of the hexagonal boron nitride market.
Growing demand for high thermal conductive polymer materials and coatings for clearance control application in aerospace and defense industries offer a variety of growth opportunities for the hexagonal boron nitride market.
The hexagonal boron nitride (HBN) market was valued at around USD 700 million in 2021, and it is expected to register a CAGR of over 4.75% during the forecast period (2022 - 2027).
The increasing demand for hexagonal boron nitride from high-temperature paints and coatings and increasing demand from the electrical and electronics sector are likely to drive the demand for green building materials.
The coatings/mold release/spray segment dominated the market, and it is expected to grow during the forecast period. These coatings find application in the production of high-temperature, protective release coatings with the functionality of paints.
Increasing demand from the personal care sector, owing to requirements in skincare products, is likely to offer numerous opportunities to manufacturers in the near future.
Asia-Pacific dominated the market across the world, with the largest consumption from countries such as China and Japan.
On the basis of type, the market is segmented into tubes, rods, powder, gaskets, plates and sheets, and other types.
By application, the market is segmented into coatings/mold release/spray, electrical insulation, composites, industrial lubricants, thermal spray, personal care, and other applications.
The Electrical Insulation Segment is Expected to Drive the Market Growth
The 2D HBN has been considered as a perfect material for several electronic applications, including 2D hBN-based substrates, gate dielectrics for graphene transistors and interconnects, and electronic packaging insulators. It also appears to be the material of choice for emerging applications, including deep UV (DUV) optoelectronics, electron emitters, and neutron detectors.
The consumer electronics industry has been growing rapidly across the world over the years, owing to the consistently increasing demand for cellular phones, portable computing devices, gaming systems, and other personal electronic devices.
The Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the fifth-largest consumer electronics and appliances industry in the world by 2025. In India, technology transitions, such as the rollout of 4G/LTE networks and IoT (Internet of Things), are driving the adoption of electronics products.
The ASEAN region has the fastest-growing consumer electronics segment in Asia-Pacific. Electrical and electronics manufacturing is one of the most prominent sectors in the ASEAN region. Hence, with the growth in the electrical and electronics segment, the demand for HBN is expected to rise during the forecast period, and the electrical insulation segment is expected to drive the market growth.
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