The global boron carbide market size is estimated at USD 324 Million in 2021 and is expected to hit USD 450 Million by 2030 with CAGR of 4.27% from 2022 to 2030

SANDY, UTAH, UNITED STATES, August 17, 2022 /EINPresswire.com/ -- The global boron carbide market size was estimated at USD 324 Million in 2021 and is expected to hit around USD 450 Million by 2030, poised to grow at a compound annual growth rate (CAGR) of 4.27% from 2022 to 2030.

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.

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Boron carbide is also used as ballistic armor along with other materials, resulting in properties like high hardness, high elastic modulus, and low density which provides extraordinary unique stopping power against high-velocity projectiles. Boron Carbide has antimicrobial protection properties due to which they are used in cooling towers in power plants, mining, swimming pools, tank armor, bulletproof vests, engine sabotage powders, and other industrial applications.

Opportunities

The growing demand from the refractory industry is projected to support the growth of the global boron carbide market in the forthcoming years. In addition, the market for boron carbide is witnessing increased demand avenues from the nuclear, aerospace, and automotive industries. In nuclear industries, boron carbide is in high demand for protective ceramic materials. All these factors together may act as one of the key drivers responsible for the growth of the market; thus, creating generative opportunities.

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Challenges

Over the forecast period, high costs and complexity related to import and export issues may act as one of the challenging factors in the boron carbide market.

Report Highlights

On the basis of grade, the segment includes abrasive and nuclear and defense grades. The abrasive segment dominated the market in 2020 and is expected to grow over the forecasted period. Boron carbide coating is widely used in lapping and polishing applications owing to its high hardness. It is also used as a loose abrasive in multiple cutting applications, such as water jet cutting, grit blasting and slurry pumping. Abrasive boron carbide is considered to be an ideal material for dressing diamond tools. However, the nuclear & defense grade segment is expected to grow at a moderate rate during the forecast period.

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Segments Covered in the Boron Carbide market report;

By Grade

Abrasive Grade
Nuclear &Defence Grade

By Type

Powder
Paste
Grains

By Application

Industrial
Grinding
Lapping
Polishing
Others
Nuclear
Defence
Body Armor
Vehicle Armor

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On the basis of Geography

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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