September 13, 2022 09:51 ET | Source: Custom Market Insights Custom Market Insights
Sandy, Utah, USA, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled "Boron Carbide Market Size, Share, Growth Analysis Report By Grade (Abrasive Grade, Nuclear & Defence Grade), By Type (Powder, Paste, Grains), By Application (Industrial, Nuclear, Defence), and By Region - Global Industry Overview, Statistical Data, Competitive Intelligence, Trends, Outlook, and Forecast 2022–2030" in its research database.
"According to the latest research study, the demand for global Boron Carbide Market size & share was valued at approximately USD 141.8 Million in 2021 and is expected to reach a value of around USD 202.18 Million by 2030, at a compound annual growth rate (CAGR) of about 4.55% during the forecast period 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, lightweight composite materials, and 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.
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Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is the dominant region in the boron carbide market. This region is also anticipated to maintain its dominance throughout the forecast period. Countries such as China and Japan have made significant contributions to the growth of the Boron carbide market in the APAC region. Key factors for the growth in the APAC region are increasing nuclear power plants, defense spending and grading application.
Furthermore, boron carbide producers are implementing an inclusive range of advanced technologies in the production of boron carbide to optimize the purity and boron content which will drive the market during the forecast period. Moreover, Asian countries are using abrasive-grade boron carbide for ultrasonic boring since it can be used for boring almost any desired profile of brittle & hard materials. In addition, metal fabrication industries are growing in the Asia-Pacific region, driving the boron carbide market growth during the forecast period.
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Boron carbide can absorb neutrons without producing long-lived radionuclides, making it attractive as a neutron absorbent in nuclear power plants. Some applications of Boron Carbide are used in a nuclear reactor as control rods, shutdown pellets and insulation. Currently, 440 nuclear power reactors operate in 32 with a combined capacity of about 390 GWe.
Some of the prominent players in the Global Boron Carbide Market:
Key questions answered in this report:
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Globally, Nuclear power capacity is steadily growing, with 55 reactors under construction in 19 countries, covering India, Russia, China and the United Arab Emirates. As per World Nuclear Association. The majority of plants are planned for the Asia Pacific region. Moreover, plant lifetime extension programs are going on in the USA to maintain capacity. Thus, the growth of nuclear reactors will drive demand for boron carbide in the upcoming years.
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However, the lack of skilled labor is restricting the expansion of the global boron carbide market during the forecast period. Furthermore, the logistics and supply chain interface, government norms, and regulations on export and import activities are restraining factors in the boron carbide market.
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. Boron carbide is in high demand for protective ceramic materials in nuclear industries. All these factors together may act as one of the key drivers responsible for the market's growth, thus, creating generative opportunities.
Over the forecast period, high costs and complexity related to import and export issues may be a challenging factor in the boron carbide market.
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Based on 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 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.
Segments Covered in the Boron Carbide market report;
The Middle East & Africa
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Reasons for the Research Report
What does the report include?
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Who should buy this report?
· Participants and stakeholders worldwide Boron Carbide market should find this report useful. The research will be useful to all market participants in the Boron Carbide industry.
· Managers in the Boron Carbide sector are interested in publishing up-to-date and projected data about the worldwide Boron Carbide market.
· Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Boron Carbide products' market trends.
· Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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To know about the assumptions considered for the study, download the pdf brochure @ https://www.custommarketinsights.com/request-for-free-sample/?reportid=12133