by Hexagonal boron nitride (h-BN) is an insulating mineral comprised of boron and nitrogen atoms in a hexagonal crystal lattice similar to graphite. Due to its unique thermal and electrical properties, h-BN is used as a lubricant, solid lubricant, synthetic clay, and a variety of other applications including thermal management in advanced ceramics. h-BN is able to efficiently conduct heat while also being an electrical insulator making it useful in applications where heat transfer and electrical insulation are both important design factors. The ability of h-BN to withstand very high temperatures, chemical inertness, and high lubricity also make it well-suited for advanced ceramics used in semiconductor manufacturing, metallurgy, and aerospace.
The global Hexagonal Boron Nitride Market was valued at US$ 1.35 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030, as highlighted in a new report published by CoherentMI.
Market Key Trends:
Growing demand for electric vehicles is a key trend driving growth of the hexagonal boron nitride market. Boron nitride powders, coatings, and components are being increasingly used to manage thermal issues in modern electric vehicle (EV) powertrains and battery packs. Hexagonal boron nitride provides high thermal conductivity to effectively disperse heat from high power electronics and batteries while also functioning as a reliable electrical insulator. Its high-performance at elevated operating temperatures also make it well-suited to the demanding thermal requirements of next generation EVs. Automotive OEMs and battery manufacturers are actively developing advanced thermal management solutions incorporating hexagonal boron nitride to improve EV battery lifespan, performance, and safety. This growing application of boron nitride nanotubes and coatings in electric vehicles is expected to contribute significantly to the expansion of the global hexagonal boron nitride market over the forecast period.
Porter’s Analysis:
Threat of new entrants: Low capital requirement for manufacturing hexagonal boron nitride limits the threat of new entrants. However, established players hold major market share limiting scope for new players.
Bargaining power of buyers: Buyers have moderate bargaining power. Availability of substitutes provides options to buyers.
Bargaining power of suppliers: Raw material suppliers have low to moderate bargaining power due to availability of alternatives.
Threat of new substitutes: Substitutes like graphite, boron carbide, and various ceramics pose threat. However, unique properties of hexagonal boron nitride provide an advantage.
Competitive rivalry: The global market is moderately competitive and fragmented with presence of numerous international and domestic players. Market participants focus on innovation and strategic collaborations.
Global Hexagonal Boron Nitride Market Segmentation
By Type
- Hexagonal Boron Nitride Powder
- Hexagonal Boron Nitride Granule
- Hexagonal Boron Nitride Plate
- Hexagonal Boron Nitride Flakes
- Hexagonal Boron Nitride Lumps
- Hexagonal Boron Nitride Blocks
- Others (Hexagonal Boron Nitride Sheets, Billets)
By Application
- Coatings & Mold Release
- Electrical Insulation
- Lubricants Industrial
- Composites
- Personal Care
- Paints
- Others (Cosmetics, Heat Shields, Crucibles)
By End-use Industry
- Aerospace
- Automotive
- Semiconductors & Electronics
- Industrial
- Healthcare
- Others (Defense, Energy)
Key Takeaways
The Global Hexagonal Boron Nitride Market Size is expected to witness high growth. The growing demand from end-use industries like electronics, coatings, and lubricants is estimated to drive the market. The global Hexagonal Boron Nitride Market is estimated to be valued at US$ 1.35 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030.
Regional Analysis- Asia Pacific held major share of the global market in 2022 and is anticipated to witness fastest growth during the forecast period owing to rising electronics industry in China and India. North America and Europe are also significant markets for hexagonal boron nitride.
Key Players- Key players operating in the hexagonal boron nitride market are Saint-Gobain, Momentive, 3M Company, Denka Company Limited, H.C. Starck, UK Abrasives, Henze Boron Nitride Products AG, Mizushima Ferroalloy, ZYP Coatings Inc., and Showa Denko K.K. among others. Players focus on new product development and capacity expansion to strengthen their foothold in the market.
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*Note:
1. Source: CoherentMI, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
