Boron Carbide Market Size, By Grade (Abrasive Grade, Nuclear & Defense Grade ), By Type (Powder, Paste, Grains), By Application (Industrial, [Grinding, Lapping, Polishing], Nuclear, Defense [Body Armor, Vehicle Armor]), Industry Analysis Report, Regional

Boron Carbide Market Size, By Grade (Abrasive Grade, Nuclear & Defense Grade ), By Type (Powder, Paste, Grains), By Application (Industrial, [Grinding, Lapping, Polishing], Nuclear, Defense [Body Armor, Vehicle Armor]), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

The boron carbide market is expected to witness substantial growth by 2027 owing to its increasing significance in varied application avenues and growing research focus on improving the efficiency of the material.

Boron carbide is one of the toughest materials found on earth and thus, is widely used in machinery, vehicles, and other equipment. Its thermoelectric properties and high temperature stability make it vital for both electronic and structural applications.

Researchers have been working for decades to improve the efficiency of boron carbide. In 2020, a Florida University engineering team successfully conducted supercomputer simulations to analyze how nanoscale deformations bring about alterations in the material’s properties.

High-velocity impact projectile can lead to amorphization that can lead to the structural collapse of the material.

The research study provided new insights into the root cause of catastrophic failure observed when high-velocity impacts create high pressure in the material’s structure.

Scientists have also been examining ways to reduce damage caused by high-speed bullets to body armors made of boron carbide.

In October 2019, a team of researchers presented a study that suggested that adding a small quantity of silicon to boron carbide could improve the strength of body armors made with the material.

The team found that, the element, silicon was able to make bullet-resistant gear made of boron carbide significantly more resilient to high-speed impacts, such as those resulting from bullets.

Subsequently, increasing research focus on improving boron carbide’s efficiency and enhancing its endurance are anticipated to expand the material’s scope of applications, thereby fostering industry outlook through the forthcoming years.

For extensive assessment, the boron carbide market has been segmented on the basis of grade, type, application, and region.

From the application perspective, the market has further been divided into industrial, defense, and nuclear.

The industrial sub-segment is forecast to grow at a CAGR of above 4.5% over the projected timeframe. The material finds extensive applications in gridding, sandblasting nozzles, and polishing of both ferrous and non-ferrous materials.

Moreover, increasing adoption of boron carbide in lapping applications across Asia Pacific and Latin America is expected to be favorable for market penetration through the assessment period.

In the regional landscape, the Middle East & Africa market is projected to account for a lower share of the worldwide boron carbide market by 2027.

Logistical issues as well as higher dependency on raw materials and component supply from European countries, such as Germany, and China, coupled with low boron carbide consumption across MEA, are the main hindrances for boron carbide market growth in the region.

However, the construction of new nuclear power plants is likely to positively influence market growth in the region.

For instance, in 2018, the UAE built its first ever commercial nuclear power plant in Barakah with a capacity of 5.6 GW. As a result, establishment of new plants is anticipated to boost market demand in the region through the forecast period.