According to the research report titled ‘Boron Carbide Market Size, By Grade (Abrasive Grade, Nuclear & Defense Grade ), By Type (Powder, Paste, Grains), By Application (Industrial, [Grinding, Lapping, Polishing], Nuclear, Defense [Body Armor, Vehicle Armor]), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, global boron carbide market is slated to record a substantial CAGR over the analysis period 2021-2027.
 

Growing number of nuclear projects in emerging countries, surging demand for boron carbide paste in mechanical engineering applications, and high defense spending in various nations are the primary factors driving global boron carbide market growth. Furthermore, increasing product demand across several application avenues, and rising focus on improvement in material efficiency & endurance are also contributing to industry development.
 

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For the unversed, boron carbide is one of the toughest materials on earth and is predominantly used in vehicles, machinery, and other equipment. Its high temperature stability and thermoelectric properties make the material an ideal choice for both structural and electronic applications.
 

On the downside, high costs of production as compared to alternate materials is likely to slow down the industry growth in the upcoming years.
 

Based on application type fragmentation of global boron carbide market, industrial segment is set to grow at 4.5% CAGR over the projected timeframe, owing to rising product demand in sandblasting nozzles, gridding, and polishing of both non-ferrous and ferrous materials.
 

On the regional front, Middle East & Africa market is expected to capture a modest share of the industry by 2027. Increasing dependency on raw materials, logistic issues, coupled with low boron carbide consumption across MEA are likely to adversely affect regional market remuneration. However, rise in construction of nuclear power plants is expected to positively sway market growth in the region during the forecast period.
 

Speaking of the competitive landscape, companies such as Precision Ceramics USA, Panadyne Inc., UK Abrasives Inc., CoorsTek Inc., Absco Ltd., 3M Company, Washington Mills North Grafton Inc., Saint-Gobain S.A., Kemet International Ltd., Mudanjiang Qianjin Boron Carbide Co. Ltd., Henan RuiHeng New Material Co. Ltd., and Höganäs AB are influencing worldwide boron carbide market dynamics.