Boron carbide is a crystalline compound of boron and carbon.
It is the hardest material known after diamond and cubic boron nitride.
It is used in abrasive and wear-resistant products, in lightweight composite materials, and in control rods for nuclear power generation.
Its strength ability is to withstand an applied load without failure or plastic deformation.
Boron carbide is also used as ballistic armor along with other materials.
Boron Carbide has antimicrobial protection properties due to which they are used in cooling towers in power plants, mining, swimming pools, and other industrial applications.
The global boron carbide market size was estimated at USD 141.8 Million in 2021 to USD 149.21 in 2022 and is expected to hit around USD 202.18 Million by 2030, poised to grow at a compound annual growth rate(CAGR) of 4.55% from 2022 to 2030.
Sales in the global boron carbide market are slated to top US$ 141.2 Mn in 2022. Expanding at a healthy 4.2% CAGR, the market size is projected to total US$ 188.8 Mn by 2029.
Increasing construction of nuclear reactors for producing sustainable energy, especially in emerging economies is set to propel the sales. Numerous beneficial properties of organic boron carbide, such as hardness, chemical inertness, and excellent absorption of neutrons in cross-section are also expected to drive the market.
As boron carbide is considered to be one of the hardest materials known, several manufacturers are anticipated to optimize its production process to obtain high purity and boron content. Increasing demand for abrasives from consumers for polishing and lapping, grit blasting, water jet cutting, and slurry pumping nozzles is anticipated to fuel sales in the forthcoming years.
The global demand for boron carbide witnessed a growth rate of 4.5% during the first half of 2021, whereas, the market to witness a growth of 4.7% over first half of 2022. Further the growth outlook in the market to remain highly uneven owing to different growth outlook of the end use industries, India and China are expected to witness a higher growth prospects, whereas, the European countries to witness a moderate growth outlook.
2014-2021 Boron Carbide Market Outlook In Comparison To 2022-2029 Growth Forecast
Demand in the boron carbide market is expected to surge at a 4.2% CAGR between 2022 and 2029, in comparison with the 4.1% CAGR recorded during 2014-2021.
Rising demand for boron carbide nanoparticles, mainly in the hard metal equipment manufacturing sector is likely to spur the market. In addition to this, high demand for more active composite materials for defense applications is estimated to bode well for the market.
The industry is set to benefit from the surging usage of boron carbide coating in brain cancer treatment and a variety of biomedical devices. The utilization of this material in cancer therapy helps in the destruction of tumors.
How Is The Nuclear Energy Sector Influencing Sales Of Boron Carbide?
Rapid expansion of the nuclear energy sector across the globe is anticipated to augment the sales of boron carbide powder in the forthcoming years. As per the World Nuclear Association, nearly 30 countries globally are starting, planning, or considering nuclear power programs. Turkey, Bangladesh, and Belarus have started constructing their first-ever nuclear power plants.
Thus, the usage of nuclear-grade boron carbide is likely to surge in future as it can perform special non-core and in-core applications in the nuclear reactor. It is also used as a protective shield across the nuclear reactor core.
How Is The Defense Industry Bolstering The Demand For Boron Carbide?
Growing production of protective body jackets and vehicle armor systems to cater to the rising demand from the defense industry is set to bolster the market. Both developing and developed countries are expected to raise their defense expenditure to enhance their existing military forces, which is projected to push the demand for organic boron carbide.
Country-Wise Insights
How is the China Boron Carbide Market Faring? The presence of a well-established metal manufacturing industry in China is estimated to drive the market throughout the forecast period. As per FMI, Asia Pacific excluding Japan (APEJ) boron carbide market is projected to hold around 32.2% of the share in 2022.
As per the Reserve Bank of Australia (RBA), in 2009, the top 10 steel producers in China generated less than 50% of crude steel output, with the other 75 companies accounting for an additional 30%. Most of the large Chinese producers are state-owned and the entry of more private metal manufacturing companies in the country is expected to propel the demand for boron carbide fiber.
Why is the Germany Boron Carbide Market Exhibiting High Demand? The implementation of an inclusive range of advanced technologies by major organic boron carbide manufacturers for the production of superior quality materials is a key fueling sales in the Germany market. Western Europe boron carbide market is expected to account for 25.3% of the total market share in 2022, estimates FMI.
Manufacturers in Germany are striving to optimize the boron content of materials. They are also adopting abrasive-grade materials for ultrasonic boring as it can be utilized for boring any desired profile of hard and brittle materials.
What is the U.S. Boron Carbide Market Outlook? Ongoing expansion of the nuclear power sector is a major factor that is likely to propel the market in the U.S. North America boron carbide market is set to account for approximately 24.8% of the total market share in 2022.
According to the World Nuclear Association, in 2019, nuclear reactors in the U.S. produced 843 billion kWh or 19% of the total electrical output. The country is considered to be the world’s largest nuclear power producer, accounting for more than 30% of nuclear generation of electricity worldwide. This trend is set to continue in the forthcoming years, thereby propelling the demand for boron carbide fiber.
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