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 anticipated to witness considerable growth over2021-2027.
 

Factors such as heavy spending on defense, increasing nuclear projects across various countries, and surging product demand in mechanical engineering applications are propelling global boron carbide market growth.

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Rising product use in various application avenues and growing focus on research activities for boosting material efficiency are also driving industry development.

For the unversed, boron carbide is one of the strongest materials on the planet, and it is utilized in a wide range of machinery, cars, and other devices. It is essential for both electronic and structural applications due to its thermoelectric characteristics and high temperature stability.

Moreover, increased research focus on improving boron carbide's efficiency and endurance is expected to broaden the material's range of uses, consequently boosting industry prospects in the coming years.

However, high incurrence of production costs as compared to substitute materials are likely to hamper market remuneration scope in the upcoming years.

In terms of application based segmentation of worldwide boron carbide industry, the industrial segment is expected to record a CAGR of 4.5% during the forecast period, owing to the product deployment in various applications like sandblasting nozzles, gridding, and polishing of non-ferrous & ferrous materials.

Considering the regional outlook, Asia Pacific and Latin America market are likely to hold substantial revenue shares throughout the assessment period, owing to increasing adoption of boron carbide in lapping applications in the region.

Moreover, Middle East & Africa market is projected to grow at a remarkable pace over 2021-2027, due to the development of new nuclear power plants in emerging economies like the UAE.

Prominent players in global boron carbide market are Precision Ceramics USA, Panadyne Inc., UK Abrasives Inc., CoorsTek, Inc., ABSCO Ltd., 3M Company, Washington Mills Electro Minerals Ltd., Compagnie de Saint-Gobain S.A, Kemet International Ltd., Mudanjiang Qianjin Boron Carbide Co. Ltd., Henan RuiHeng New Material Co.,Ltd, ABSCO Ltd., and Höganäs AB.