The global study of the hexagonal boron nitride market is on a track to surpass a valuation of USD 956.9 million by the end of 2030. During the forecast period from 2022 to 2030, the global market would attain a CAGR of 4%. Market Research Future (MRFR) revealed several factors like growth of the electrical and electronics industry, personal care and cosmetics industry, burgeoning automotive sector, features like high electrical resistance, chemical inertness, lubricity, high thermal conductivity, and others.
However, the global market would find the price of alternatives as a major competition. But latest technologies have influenced the manufacturing process and reduced the cost significantly. Hike in disposable incomes can also inspire the global market growth.
The global market report on the hexagonal boron nitride market provides a detailed understanding of companies like Saint-Gobain, Denka Company Limited, 3M, Kennametal, Henze BNP AG, ZYP COATING Inc., Showa Denko K.K, Momentive Performance Materials, H.C. Stark GmBH, and Mizushima Ferroalloy. These companies are impacting the global market by launching several strategies to inspire their own market growth and eagerness to ensure furthering the hexagonal boron nitride market. These strategies mostly include mergers, acquisitions, innovation, branding, the launching of a new product, better research and development, and others. MRFR included latest changes in the market to understand how the market can proceed during the forecast period.
In June 2020, an international team of researchers, in affiliation with UNIST declared that they had discovered a novel material that could help in taking several leaps in curbing the size of electronic devices in the coming years. This study demonstrated the syncing of a thin film of amorphous boron nitride (a-BN) with a very low dielectric constant and high breakdown voltage and better metal barrier properties. One of the major supporters of this research is Samsung, who are expected to benefit from it.
The global market for hexagonal boron nitride is getting affected by the COVID-19 pandemic. This is due to the lockdowns in several countries that enforced curb in the production of several sectors and the intake pattern of the product.
The global hexagonal boron nitride market Analysis has been studied by MRFR experts and segmented into type and applications. These segments and inputs from it are expected to help in the assessment of the global market, which, in turn, would assist in developing better strategies.
By type, the review of the global hexagonal boron nitride market has been segmented into discs, gaskets, tubes, rods, the crucible, sheets, and others. The tube segment accounts for the maximum market share of 17.63% and it is expected to rise with 6.68% CAGR during the forecast period. The segment would inspire a crossing of USD 178,496.2 thousand valuation by the end of 2030.
By application, the study of the market has been segmented into electrical & insulation, coatings & mold release, lubrication, composites, thermal spray, cosmetics, and others. The coatings & mold release segment had almost one-third of the global market share. This segment would score around 6.46% CAGR during the forecast period and reach a valuation of USD 321,348.9 thousand by the end of 2023. The cosmetics segment would record the fastest growth of around 6.89% CAGR during the forecast period.
Asia Pacific has the opportunity to retain its market domination during the forecast period. It had a market share of 38% and it would achieve 6.99% CAGR between 2022 to 2030. The burgeoning electrical and electronics industry is expected to trigger this growth.