Global Hexagonal Boron Nitride Market - Segmented by Type, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The hexagonal boron nitride market is estimated to witness a CAGR of nearly 5.4%, during the forecast period, 2018-2023. Asia-Pacific is expected to witness highest growth in the demand for hexagonal boron nitride during the forecast period, owing to the growth of electronics industry and personal care sector.
Increasing Demand from Electronics Sector
Hexagonal boron nitride has witnessed an increase in demand from the electronics sector in the past few years. This is majorly owing to the superior properties offered by it, such as thermal stability and good dielectric properties due to which it is gaining preference in the electronics sector. Additionally, it offers properties, such as high thermal conductivity, low thermal expansion, thermal shock resistance, and high electrical resistance. The electronics industry in Asia-Pacific has witnessed a massive increase in the past few years due to the technological developments China and India. India’s consumer electronics industry has witnessed an increase of more than 58% between 2010 and 2016, and is further projected to have double growth in the next three years and reach a value of 228 USD billion by 2020. According to India Electronics and Semiconductor Association, India’s electronics sector is expected to receive investments of nearly ~17,000 INR Crores under the central government's M-SIPS (Modified Special Incentive Package Scheme) and EDF (Electronic Development Fund) in order to increase domestic production of electronics under the 'Make in India' initiative. Furthermore, there have been investments made by the Chinese government in the country’s electronics sector, which in turn is expected to boost the demand for hexagonal boron nitride from the sector during the forecast period.
Demand from Personal Care Sector is Expected to Increase
Personal care sector is expected to witness the highest demand for hexagonal boron nitride in the coming years. This is majorly because it is a key ingredient in make-up and other beauty products, such as blushers and foundation. The increasing investments for product development by foundation cream manufacturers, such as L’Oréal, Estée Lauder, Chanel, Oriflame, and Sephora, are expected to further boost the demand for hexagonal boron nitride from the personal care sector during the forecast period.
Asia-Pacific to Witness Strong Growth
Asia-Pacific is the largest market for hexagonal boron nitride. The region is also projected to witness the fastest growth during the forecast period majorly due to the increasing electrical & electronics production in the region. In Asia-Pacific, China is expected to witness strong growth in the demand for hexagonal boron nitride, owing to the favorable government support to electrical & electronics industry to increase production. For instance, the Chinese government has planned to invest about USD 31.5 billion to increase the production of semiconductors. Besides this, China is also focusing on increasing the production and sale of electric vehicles to 7 million a year by 2025. Additionally, Japan is home to a large number of manufacturers of hexagonal boron nitride, which include Showa Denko K.K., and Mizushima Ferroalloy Co. Ltd. Hence, such increasing government efforts to increase the production of electric vehicles and electronics production in the region is anticipated to drive the demand for hexagonal boron nitride in the coming years.
Key Developments in the Hexagonal Boron Nitride Market
April 2018: Showa Denko completes acquisition of SGL GE Holding GmbH (SGL GE), a graphite electrode production company, and made it a wholly owned subsidiary of SDK
Major Players in Hexagonal Boron Nitride Market
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Analyzing various perspectives of the market with the help of Porter’s five forces analysis
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