Latest News- Hexagonal Boron Nitride (HBN) Market: Coatings and mold release agents is expected to lead the Application segment during 2024-2028

The Hexagonal Boron Nitride (HBN) Market is being driven by Abundance of boron minerals

The Hexagonal Boron Nitride (HBN) Market is expected to grow at a CAGR of 5.5% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 308.3 million. Hexagonal Boron Nitride Market: Boron nitride nanotubes are a promising alternative to carbon nanotubes, offering superior mechanical properties including optical and infrared transparency, high tensile strength, electrical conductivity, thermal conductivity, flexibility, and electrical insulation. These advantages, coupled with their cost-effective production, position boron nitride nanotubes as potential replacements in various industries such as pharmaceuticals, healthcare, defense, aerospace, energy, and automotive. This increasing acceptance is anticipated to fuel the demand for boron nitride, thereby driving market growth throughout the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Coatings and mold release agents
  • Electrical insulation
  • Lubricants
  • Refractory
  • Others
• End-user
  • Automotive
  • Electronics
  • Aerospace
  • Metallurgy
  • Others
• Type
  • Tubes
  • Rods
  • Powder
  • Gaskets
  • Plates and Sheets
  • Others
• Geography
  • APAC
    • China
    • India
    • South Korea
  • North America
    • US
  • South America
  • Europe
    • Germany
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Abundance of boron minerals
• Increasing demand from electronics and metallurgy industries
• Chemically inert and non-toxic nature of hexagonal boron nitride

However, the market also witnesses some limitations, which are as follows:

• High cost of hexagonal boron nitride
• Difficulty in large-scale production of homogeneous boron nitride nanotubes
• Solubility and agglomeration of boron nitride in aqueous solution

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Market Scope in Hexagonal Boron Nitride (HBN) Market Research Report

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Research Analysis Overview

The Hexagonal Boron Nitride (h-BN) market is experiencing significant growth due to its diverse applications in various industries. One of the primary sectors driving the demand for h-BN is the coatings industry, where it is used for electronics applications due to its excellent electrical insulation properties. In the aerospace industry, h-BN is valued for its high corrosion resistance and lifting restrictions, making it an ideal choice for aircraft components. Moreover, h-BN is finding increasing usage in the electronics industry as a replacement for graphite in lubricants, providing superior lubrication properties. The automotive industry is another significant consumer of h-BN, particularly in the engine oil segment, where it enhances the performance and longevity of engines. The industrial sectors, including oil and gas, power generation, and manufacturing, also use h-BN as an industrial lubricant to reduce friction and wear. The rising demand for h-BN in these sectors is expected to be influenced by the current oil prices, which are projected to remain volatile in the coming years. Overall, the Hexagonal Boron Nitride market is poised for steady growth, driven by its unique properties and wide-ranging applications.

Market Research Overview

The Hexagonal Boron Nitride market is a segment of the broader Global Commodity Chemicals Market, which encompasses businesses primarily engaged in the production of industrial and basic chemicals. This market category, within the Global Chemicals Market, excludes companies specializing in diversified chemicals, fertilizers and agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio's market analysis, the growth of the Global Commodity Chemicals Market is driven by the surge in construction activities worldwide. This trend significantly boosts the demand for commodity chemicals, including paints and pigments, and other construction-related chemicals.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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