Hexagonal Bn Market Size, Share, Growth, And Industry Analysis By Type (Premium Grade(PG), Standard Grade(SG), and Custom Grade(CG)) By Application (Hexagonal BN Composite Ceramics, Preparation of Cubic Boron Nitride (CBN), Paints & Coatings and Lubricants Industry, Cosmetics Industry, and Others), Regional Insights and Forecast To 2032

Updated On: 22 April 2024

hexagonal Bn market Report Overview

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global hexagonal Bn market size was USD 968.51 million in 2021 and is expected to reach USD 1597.16 million by 2027, exhibiting a CAGR of 8.69% during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the Hexagonal Bn market growth and demand returning to pre-pandemic levels once the pandemic is over.

This market has been expanding significantly in recent years, and one of the major drivers behind this expansion is the growing use of contactless EMV cards. These cards, often called chip cards or smart cards, encrypt data transmission and storage using embedded microchips. Contactless EMV cards, instead of conventional magnetic stripe cards, provide increased security and convenience, making them a desirable alternative for consumers and companies.

The versatile material hexagonal boron nitride (h-BN) has outstanding chemical and thermal stability. Due to its high heat conductivity and low friction coefficient, it is frequently employed as a lubricant. In electrical and electronic applications, h-BN is used because it is a good electrical insulator. A relatively recent type of nanomaterials with distinctive characteristics is hexagonal boron nitride nanotubes (h-BNNTs). They feature outstanding mechanical qualities, a high aspect ratio, and strong thermal conductivity. h-BNNTs are being investigated for several uses, including medication delivery systems, electronics thermal control, and composite materials reinforcement.

COVID-19 Impact: Delaying Production Processes Resulted in the downfall of Market

This market has also been significantly impacted by the current COVID-19 pandemic, as many other sectors of the economy. Global supply chains have been hampered by the pandemic, which has caused a raw material shortage and slowed manufacturing. Additionally, the pandemic's impact on the economy has decreased consumer spending, which hurts this market. Nevertheless, This market has shown resilience in these difficulties. Because individuals prefer contactless payment methods to reduce the danger of virus transmission, the demand for contactless EMV cards has surged throughout the pandemic. As a result, makers of hexagonal BN are now focusing on increasing output to keep up with the rising demand.

Latest Trends

"Integration Of Advanced Security Features Fuels Boosts Market Expansion"

Incorporating cutting-edge security measures in contactless EMV cards is one of the most recent innovations in this market. There is a rising need for stronger security measures due to the rise in card fraud and identity theft cases. The special characteristics of hexagonal Bn materials provide a solution to this problem. Secure barriers can be built inside the card using them, preventing unwanted access to the implanted microchip. Furthermore, by keeping an eye on temperature fluctuations, the material's superior thermal conductivity can be used to spot efforts at tampering. In addition to enhancing the security of contactless EMV cards, these cutting-edge security features provide users trust, encouraging increased adoption.

hexagonal Bn market Segmentation

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• By Type Analysis

The market can be segmented into premium grade(PG), standard grade(SG), and custom grade(CG).

Among these, the premium grade(PG) is projected to experience rapid growth through 2028.

• By Application Analysis

The market can be divided based on application into hexagonal BN composite ceramics, preparation of cubic boron nitride (CBN), paints & coatings and lubricants industry, cosmetics industry, and others.

Hexagonal BN composite ceramics is expected to hold the most market share in the upcoming years.

Driving Factors

"Increasing Adoption Of Contactless Payment Systems to Propel Market Expansion"

Consumers and companies now generally accept contactless payment methods, including contactless EMV cards. These systems' ease of use, quickness, and extra security Hexagonal Bn materials offer encourage implementation. This market goods is anticipated to increase dramatically as more nations and sectors adopt contactless payments.

"Growing Demand For Electronic Devices to Fuel Market Growth"

Another significant factor driving this market is the rising use of electronic devices like smartphones, tablets, and wearable technologies. Heat sinks, insulators, and substrates are just a few electronic parts made from hexagonal Bn materials. These materials are in constant demand due to the growing need for electronic gadgets, driven by changes in customer demands and technological improvements.

Restraining Factor

"High Production Costs And Limited Awareness And Understanding to Hinder Market Growth"

These materials must be produced using intricate manufacturing procedures and sophisticated machinery. Due to high production costs caused by these features, Hexagonal Bn goods are extremely pricey when compared to items made from other materials. Manufacturers must spend money on research and development to investigate economies of scale and discover cost-effective production techniques. Despite the potential advantages of hexagonal BN materials, consumers and businesses lack awareness and understanding of these advantages. Hexagonal Bn's adoption is hampered by the lack of knowledge among many stakeholders regarding its special qualities and uses. To break through this barrier, industry stakeholders must make educational and awareness-raising investments to promote the benefits of employing these materials across industries.

hexagonal Bn market Regional Insights

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"North America To Dominate Market Due To Increasing Adoption Of Contactless Payment Systems"

North America holds the Hexagonal Bn market share, and factors driving the market growth in this region include the increasing adoption of contactless payment systems. Consumers and companies have embraced contactless payment methods widely, including contactless EMV cards. The ease of use and quickness of these devices and the additional security offered by Hexagonal Bn materials encourage their implementation. The market for items made with hexagonal Bn is anticipated to increase dramatically as more nations and sectors adopt contactless payments.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Eno High-Tech Material (Taiwan)
• 3M Company (U.S.)
• Momentive (U.S.)
• JSC Zaporozhabrasive (Ukraine)
• Shin-Etsu Chemical (Japan)
• Zibo Jonye Ceramic Technologies (China)
• Dandong Chemical Engineering Institute (China)
• Baoding Pengda (China)
• Denka (Japan)
• Liaoning Pengda Technology (China)
• QingZhou Longjitetao (China)
• Showa Denko Group (Japan)
• H.C.Starck (Germany)
• Henze BNP (Germany)
• Qingzhou Fangyuan (China)
• Saint-Gobain (France)
• Zibo Xinfukang Special Materials (China)
• QingZhou MaTeKeChang Materials (China)
• Dandong Rijin Science and Technology (China)
• YingKou Liaobin (China)
• UK Abrasives (U.K.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.