The boron carbide market is set to grow at a ~4% CAGR by 2029, driven by defense and nuclear applications, with Asia Pacific leading the growth.
The global market for boron carbide is estimated to be valued at ~US$ 118 Mn in 2018, which is expected to expand at a CAGR of ~4% throughout the forecast period of 2019 – 2029, opines a recent market research report by Future Market Insights.
As per the insights of the report, the global boron carbide market is estimated to witness substantial growth over the forecast period owing to numerous factors, which include research and development activities in the defense sector. As boron carbide is commonly used for developing bulletproof vests as well as in military tanks, ongoing advancements in the defense sector will bolster the consumption of boron carbide across geographies, opines the FMI study.
Increasing Growth Opportunities in Asia Pacific excl. Japan Dictate Market Players’ Strategies
Asia Pacific excl. Japan is expected to account for a prominent proportion of the global boron carbide market in terms of value and volume, according to the FMI study. The region is also estimated to witness relatively stronger growth over the forecast period. This can be attributed to the widespread application of boron carbide in developing products for the defense sector. Furthermore, increased defense budgets in countries in this region are expected to further spur growth in the boron carbide market, as boron carbide is largely used in the production of vehicle body and armour.
The increasing prominence of nuclear technology for energy generation has also been considered to contribute towards the long-term growth of the boron carbide market. Considering the population growth as well as the urbanization rate of countries in the region, demand for power and energy is expected to increase with time, causing an inclination towards nuclear technology, further giving a significant push to the boron carbide demand in the coming years.
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Applications in Abrasives Account for a Significant Market Share
The global boron carbide market has been classified on the basis of grade, product type, and application.
Boron Carbide Market: Vendor Insights
The global boron carbide market report offers key insights about few of the prominent market players that have established their foothold in the global boron carbide market. Some of the key players in the global boron carbide market are The 3M Company, Saint-Gobain S.A., UK Abrasives, Inc., H.C. Starck GmbH, Songshan Specialty Materials, Inc., Washington Mills North Grafton, Inc. and American Elements, among others.
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Several manufacturers are noted to enhance their boron carbide product lines by focusing on investments in research & development activities as well as broadening the scope of applications of boron carbide. End-use sectors such as automotive, aerospace, and defense, among others are compelling the manufacturers to develop products based on boron carbide as these have a longer service life and are noted to operate with a relatively better efficiency. Hence, research & development is expected to generate lucrative growth for manufacturers in the marketplace.
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The article discusses the growth and trends in the global boron carbide market, focusing on its applications and forecast to 2029.
How does the defense sector impact the boron carbide market? The defense sector's advancements increase demand for boron carbide in armor and military applications.
What regions are leading in boron carbide market growth? Asia Pacific, excluding Japan, is expected to lead due to increased defense budgets and applications.
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