REPORT OVERVIEW
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The global cubic boron nitride market size was USD 44400 million in 2021 and is projected to touch USD 93990 million by 2028, exhibiting a CAGR of 11.3% during the forecast period. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with cubic boron nitride experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.
Cubic Boron Nitride is a chemically and thermally resistant refractory compound of boron and nitrogen. The chemical formula of the compound is BN. They are found in various crystalline forms which are isoelectronic similar like carbon lattice. It is cubic in form and softer than diamond. They are extensively used in metal casting and high temperature equipment. It is the second hardest material after synthetic diamond.
Increasing demand for c-BN in X-ray is expected to surge market growth. Growing automotive and construction industries are projected to drive growth. The chemical compound is extensively used in nanotechnology which is predicted to surge market growth. It has excellent thermal and chemical stability which is extensively used in metal casting. Increasing demand for water-resistance pipes and razor blades is estimated to accelerate market growth during the forecast period. Growing research and development (R&D) activities to develop new applications are anticipated to accelerate market growth. Rising demand for the product in the chemical industry is estimated to surge market growth.
COVID-19 Impact: Closure of Industries globally to Restrict Market Progress
An outbreak of the COVID-19 pandemic reduced production activities. Closure of several end-user industries due to lockdown hampered product demand. Lack or workers and employee due to social distance protocols and curfews hampered market growth. The market witnessed supply chain disruption. Import and export activities were halted due to pandemic.
LATEST TRENDS
"Growing Demand for Mechanical Applications to Foster Market Expansion "
Increasing demand for mechanical applications is estimated to surge market growth. The strength of the compound is higher than others. The compound is extensively used in both cutting or milling, and grinding applications. It is also used for grinding operations for its strength which is estimated to surge market growth. The compound is utilized in grinding applications for its high speed. Compare to a diamond, c-BN is broadly used in an application for its chemical inertness. Further, the compound can maintain its inert nature up to 1500-1600 K. It has much higher than traditional abrasive materials such as B4C SiC or. This is why c-BN is suitable for abrasive applications. Such advantages of the compound are estimated to boost market growth during the forecast period. Increasing utility in cutting tool bits is projected to boot material adoption.
SEGMENTATION
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- By Type
Based on type, the market is divided into CBN monocrystalline and CBN micro mist.
CBN monocrystalline is expected to be the leading part of the type segment.
- By Application
On the basis of application, the market is classified into resin bond and vitrified wheels, resin bond grinding wheels, vitrified wheels, electroplated products, PcBN, and others.
Resin bond and vitrified wheels are expected to be the leading part of the market application.
DRIVING FACTORS
"Increasing Need for Cutting Operations to Incite Market Growth"
Increasing need for cutting operation is estimated to surge market growth. The compound has strong bonding structure, which is expected to boost product demand. It has high pressure and high temperature, which is extensively used in cutting operations. Such advantages are anticipated to accelerate market growth during the forecast period. Increasing demand for c-BN powder in ceramic substrates or tungsten is predicted to propel market growth during the forecast period. Increasing demand from automotive sector on account of excellent chemical stability and thermal is anticipated to surge market growth. The compound is used in different applications such as coatings, water-resistant pipes, and razor blades for its hardness property. Such benefits are anticipated to accelerate market growth during the forecast period. Increasing demand for construction industries is projected to drive cubic boron nitride market growth during the forecast period.
"Electronic Properties of c-BN to Stimulate Market Progress "
Cubic boron nitride is utilized as a good insulator due to its wide band gap. The compound has the highest thermal conductivity which is anticipated to accelerate marker growth. The material is also extensively used as a heat sink in semiconductor lasers. Growing demand for microwave devices and LEDs emitting light among consumers is projected to boost product adoption. Rising material contribution in electronic industry is estimated to surge market growth. The compound is commonly coated with group VII metals or aluminum which is anticipated to accelerate market growth during the forecast period. In an electronic device, the material is used for its thermal conductivity. Such significance of the product in electronic industry is estimated to propel cubic boron nitride market growth during the forecast period.
RESTRAINING FACTORS
"Limited Raw Materials and Time-Consuming Complex to Hamper Market Expansion "
Limited raw materials associated with the product are estimated to restrict market growth. Fluctuation of raw material prices is anticipated to reduce product adoption. Further, time-consuming complex production process is projected to hinder cubic boron nitride market growth during the forecast period.
REGIONAL INSIGHTS
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"Growing Automotive and Construction Industries in North America to Drive Market Share "
North America is expected to dominate cubic boron nitride market share due to growing automotive and construction industries. Rising demand for water-resistant pipes and razor blades is anticipated to surge product demand. Diamond-like properties of the product is estimated to surge market growth. Growing research and development (R&D) activities to develop new applications is anticipated to accelerate market growth. Rising demand for the product in the chemical industry is estimated to surge market growth. Growing demand from automotive and construction sectors in the region is projected to boost product demand.
Europe is estimated to show significant market growth due to growing R&D activities to develop new applications. Increasing demand for mechanical applications is estimated to surge market growth. Increasing utility in tool bits of cutting tools is projected to boot material adoption. Rapid industrialization and urbanization in the region are expected to drive cubic boron nitride market expansion.
KEY INDUSTRY PLAYERS
"Leading Players Adopt Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- Element Six (U.K.)
- Momentive (U.S.)
- ILJIN (China)
- Saint-Gobain (France)
- Sumitomo Electric Industries (Japan)
- Sandvik Hyperion (U.S.)
- Tomei Diamond (Japan)
- FUNIK (China)
- Zhengzhou Zhongnan Jete Superabrasives (China)
- Famous Diamond (U.K.)
- Besco Superabrasives (China)
- Berlt Hard Material (China)
- Zhengzhou Zhong peng (China)
- Henan Huanghe Whirlwind (China)
- Yuzhou Hehui Superhard Material Company (China)
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 44400 Million in 2021 |
| Market Size Value By | US$ 93990 Million by 2028 |
| Growth Rate | CAGR of 11.3% from 2021 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the cubic boron nitride market expected to touch by 2028?
The global cubic boron nitride market is expected to reach USD 93.990 billion by 2028.
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What CAGR is the cubic boron nitride market expected to exhibit by 2028?
The cubic boron nitride market is expected to exhibit a CAGR of 11.3% by 2028.
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Which are the driving factors of the cubic boron nitride market?
Drivers of this cubic boron nitride market are increasing need for cutting operations and electronic properties of c-BN.
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Which are the top companies operating in the cubic boron nitride market?
Element Six, Momentive, ILJIN, Saint-Gobain, Sumitomo Electric Industries, Sandvik Hyperion, Tomei Diamond, FUNIK, Zhengzhou Zhongnan Jete Superabrasives, Famous Diamond, Besco Superabrasives, Berlt Hard Material, Zhengzhou Zhong peng, Henan Huanghe Whirlwind, and Yuzhou Hehui Superhard Material Company are the top companies operating in the cubic boron nitride market.
