Strong Growth Projected for Hexagonal Boron Nitride Market
Asia-Pacific dominated the hexagonal boron nitride market in 2017; the region is expected to witness the highest CAGR throughout the forecast period.
The market for hexagonal boron nitride is expected to register a CAGR of 5.4% from 2019-2024, according to a recent report from Mordor Intelligence. Major factors driving the market are increasing demand from high-temperature paints and coatings, as well as the electrical and electronics sector.
The coatings/mold release/spray segment dominated the market in 2017 and is expected to grow during the forecast period. These coatings are ideal for creating a high-temperature, protective release coating, forming a “barrier layer” between dissimilar materials having high thermal conductivity and low electrical conductivity, with the functionality of a paint. The market is also projected to see increasing demand from the personal care sector.
In 2017, Asia-Pacific dominated the hexagonal boron nitride market; the region is expected to witness the highest CAGR throughout the forecast period, followed by the Middle East & Africa, due to increasing demand from countries such as China, India, Japan, etc. For instance, growing oil and gas sector and nuclear industry applications in the region have increased the potential market for industrial lubricants, which, in turn, is expected to provide a bright outlook for hexagonal boron nitride in the coming years, due to its beneficial high-temperature properties that can be used for sintering applications.
China is the world’s largest electronics production base, offering tough competition to existing upstream producers like South Korea, Singapore and Taiwan. Electronic products such as smartphones, OLED TVs, and tablets have the highest growth in the market in the consumer electronics segment. With the increase in disposable income of the middle class population, the demand for electronic products is projected to grow in the near future.
In addition, demand for glass is expected to increase in the infrastructure, real estate and automotive sectors, thereby giving a boost to the demand for hexagonal boron nitride in China. Growth in various end user industries in China is driving increasing demand for coatings, composites, semiconductors, industrial lubricants, and thermal spray materials. This demand is, in turn, estimated to increase the consumption of hexagonal boron nitride over the forecast period.
Additional details are available at www.mordorintelligence.com.