Hexagonal Boron Nitride Market size is set to grow by USD 345.2 million from 2023-2027, abundance of boron minerals to boost the market growth, Technavio

NEW YORK, May 16, 2024 /PRNewswire/ — The global hexagonal boron nitride market  size is estimated to grow by USD 345.2 million from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of almost 6.35%  during the forecast period. 

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Key Market Trends Fueling Growth

Hexagonal boron nitride, characterized by its cylindrical nanotube structure, offers exceptional properties including optical and infrared transparency, high tensile strength, electrical conductivity, thermal conductivity, flexibility, and electrical insulation. These attributes, coupled with cost-effectiveness, position boron nitride as a promising alternative to carbon nanotubes in various industries such as pharma, healthcare, defense, aerospace, energy, and automotive. Applications span from industrial sectors like lubricants, engine oil, and transportation, to electronics in radios, cellular phones, and lubricants and greases, as well as automobile production. Additionally, boron nitride is utilized in aerospace, coatings, and composite components for spacecrafts, aircrafts, and luxury vehicles. Its chemical stability, low dielectric constant, insulation, and low thermal expansion properties make it valuable in dental, skincare, plastic industries, and more. Associated materials like silicon nitride, aluminum nitride, synthetic graphite, and cosmetics also benefit from boron nitride’s properties. 

Market Challenges

• Hexagonal boron nitride (hBN) is a high-performance material with applications in various industries, including electrical insulation, lubrication, aerospace, electronics, coatings, and thermal management solutions. However, its high cost, with standard-grade hBN priced between USD55–USD130/kg and premium-grade hBN ranging from USD350–USD800/kg, poses a significant challenge. This cost barrier influences the preference for alternatives in sectors like mechanical systems, metal processing, plastics, elastomers, composite components, spacecraft, aircraft, luxury vehicles, and chemical stability industries. Key applications of hBN include insulation, low thermal expansion, boron nitride nanotubes, boron nitride nanosheets, and 3D printed components. Associated industries include silicon nitride, aluminum nitride, synthetic graphite, cosmetics, electric vehicles, and thermal interface materials. Despite its high cost, hBN’s unique properties, such as low dielectric constant, insulation, biocompatibility, and boron nitride nanotubes, continue to drive its demand in specialized applications.

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Segment Overview 

This hexagonal boron nitride market report extensively covers market segmentation by

1. Application 

• 1.1 Coatings and mold release agents
• 1.2 Electrical insulation
• 1.3 Lubricants
• 1.4 Refractory
• 1.5 Others

End-user 

• 2.1 Automotive
• 2.2 Electronics
• 2.3 Aerospace
• 2.4 Metallurgy
• 2.5 Others

Geography 

• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Coatings and mold release agents-  Hexagonal boron nitride (h-BN) is a versatile material with applications spanning various industries, including electric vehicles, thermal interface materials, and biocompatibility. In the realm of electric vehicles, h-BN is utilized for its excellent thermal management properties, enhancing battery performance. Thermal interface materials benefit from h-BN’s ability to fill gaps effectively, improving heat dissipation. Boron nitride nanotubes and nanosheets find applications in 3D printed components due to their superior mechanical strength and electrical insulation properties. Boron nitride is also integral to thermal management solutions, particularly in industries susceptible to oil price fluctuations, such as transportation and engine oil segment. Industrial sectors, including aerospace, electronics, and coatings, leverage boron nitride for its lubricating properties, friction reduction, and corrosion resistance. The aerospace segment, in particular, uses boron nitride coatings for their high-temperature resistance and durability. Boron nitride’s role extends to the personal care sector, where 2D h-BN is employed in skincare products for its unique mechanical and electrical properties. In the electronic applications sector, h-BN is used in radios, cellular phones, and lubricants and greases for their electrical insulation and lubrication properties. The automobile production industry, including companies like 3M, uses boron nitride in nitrogen-based lubricants and greases for metal processing and mechanical systems. Boron nitride’s role in plastics and elastomers is also significant, contributing to their durability and resistance to wear and tear.

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Research Analysis

The Hexagonal Boron Nitride (hBN) market has experienced significant growth due to its applications in various industrial sectors. The primary demand for hBN comes from the transportation industry, particularly the engine oil segment, where it is used for its superior lubrication properties. In the automotive activities sector, hBN is employed for its corrosion resistance and lifting restrictions properties, making it an essential component in industrial lubricants. Moreover, hBN finds extensive applications in other industries such as aerospace, electronics, and coatings. In aerospace, hBN is used for its excellent electrical insulation properties, ensuring the safe and efficient operation of aircraft engines. In the electronics industry, hBN is utilized as a dielectric material due to its high thermal conductivity and excellent insulating properties. Lastly, in the coatings sector, hBN is used for its excellent lubrication and corrosion resistance properties, making it an ideal choice for various industrial applications. Overall, the Hexagonal Boron Nitride market is poised for continued growth due to its diverse applications in various industrial sectors, including transportation, aerospace, electronics, and coatings.

Market Research Overview

The Hexagonal Boron Nitride market refers to the global trade of hexagonal boron nitride (h-BN), a two-dimensional material with unique electrical and thermal properties. This inorganic non-metallic compound is known for its exceptional thermal conductivity, high melting point, and excellent insulation properties. H-BN is primarily used in various industries, including electronics, energy, and aerospace, due to its ability to enhance the performance of other materials. Its applications range from thermal management in electronic devices to catalyst supports in chemical processes. The market for h-BN is driven by the increasing demand for advanced materials in high-tech industries and the growing recognition of its potential in various applications. The market is expected to grow significantly in the coming years due to these factors.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Application
• Coatings And Mold Release Agents
• Electrical Insulation
• Lubricants
• Refractory
• Others
• End-user
• Automotive
• Electronics
• Aerospace
• Metallurgy
• Others
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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