The Boron Carbide Market projected to surpass $480 million by 2027, Says Global Market Insights Inc.

Growing demand for glass manufacturing in the packaging and electronics industries will boost the boron carbide market during the forecast period, says this report.

Selbyville, Delaware, June 01, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Boron Carbide Market was estimated at $347.21 million in 2020 and is slated to exceed $480 million by 2027, registering a CAGR of 4.9% from 2021 to 2027. The report provides a thorough analysis of the main investment avenues, major winning strategies, drivers and opportunities, wavering industry trends, market estimations as well as size, competitive scenarios.

Due to the ongoing COVID-19 pandemic, manufacturing activities have witnessed a significant drop owing to the falling consumer demand, government lockdown measures, and disruption in raw material imports. These factors have significantly affected the value chain of the market.

In 2020, the grinding segment held over 30% share in industrial boron carbide market volume, owing to its exclusive reaction with ferrous materials it is used as a boronizing agent. It finds major applications in sandblasting nozzles, production of protective body &vehicle armor systems, and polishing. Moreover, substitute products of boron carbide are not available since it has high hardness and low specific weight.

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The paste segment to witness significant growth owing to lower costs and high productivity. Further, they can also be used for lapping and fine grinding of non-ferrous and thermoplastics materials. Further, the grains type segment will observe significant growth in the boron carbide market. The development is attributed to the increasing usage of grain-type boron carbide in grinding, polishing, and lapping applications across the Asia Pacific and Latin America, resulting in the penetration of boron carbide over the forecast period. The high productivity and boron-to-carbon ratio of grain-type boron carbide are the major factors expanding the boron carbide market growth during the forecast period.

North America holds around 25% share and can be largely credited to the huge ceramic armor sales & production in the U.S. It is used in personal armor and by armored vehicles to resist bullet penetration through its compressive strength & high hardness. Moreover, many ceramic armor producers are implementing boron carbide since it has extremely high hardness around 9.5 to 9.75 compared to alumina, silicon carbide, and titanium diboride.

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Prominent market participants in the boron carbide industry are focusing on partnerships or collaborations with ceramic armor manufacturers for product innovation and to lower the overall manufacturing cost. Some of the key manufacturers of the industry are Höganäs AB, Absco Limited, Henan Ruiheng New Material Co., Limited, Mudanjiang Qianjin Boron Carbide Co., Ltd., Kemet International Limited, Saint-Gobain, WASHINGTON MILLS, 3M, Absco Limited, CoorsTek Inc., UK Abrasives, Inc., and Precision Ceramics USA.

About Global Market Insights Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting, and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.

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