Albany, NY -- (SBWIRE) -- 05/18/2018 -- The global cubic boron nitrates market seems to be highly consolidated due to the presence of a very few players. The top three firms in the market accounted for around 48% of share in 2015. Looking at the current scenario, the analyst prognosticates that the competitive landscape is likely to remain pretty much the same within the forecast period from 2016 to 2024, as well. FUNIK Ultrahard Material Co. Ltd., REX-LEE, Sumitomo Electric Industries Ltd., ILJIN Diamond Co. Ltd., Sumitomo Electric Hardmetal Corp., Asahi Diamond Industrial Co. Ltd., SHOWA DENKO K.K., Tomei Diamond Co. Ltd., Reishauer AG, Element Six, Baltic Abrasive Technologies, NanoDiamond Products, Advanced Abrasives Corp., Sandvik AB, Saint-Gobain, and 3M are among the top players dominating the global cubic boron nitrates market.
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According to Transparency Market Research, product advancement is among the major strategies followed by the companies to expand their reach and sustain their market position in future years. The market is foreseen to grow at a steady CAGR of 7.10% within the forecast period from 2016 to 2024. The market was valued around worth of US$531.3 mn in 2015. This figure is expected to reach a valuation of US$978.9 mn by the end of forecast period.
On the basis of products, the market is anticipated to be dominated by inserts segment owing to the rise in its application in metal processing due to the increased requirement of processes, for example grinding, cutting. It is also used widely in finishing of products in the medical, automotive, and the aerospace industry. Geographically, Asia Pacific market is likely to lead. It dominated with 35% share in 2015.
Rise in Awareness Related to Advantages of Cubic Boron Nitrates to Boost Growth
Cubic boron nitrates tools have more advantages as compared with diamond. This has propelled the growth of cubic boron nitrates market. The rising awareness about these advantages over other hard materials used in various modern processes, for example, cutting, turning, drilling, grinding, and boring, has had a massive impact on the development of the global market for cubic boron nitrates. Diamond is said to be the hardest material used for these procedures however it has several drawbacks. This gives a cubic boron nitrates, which are more reliable and sturdy, an edge over the other materials thereby fuelling their demand.
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High Development Cost to Hinder Market Growth in Future
Currently, the market appears to be growing and brimming with opportunities. Nevertheless, the increased expenses with respect to the development procedures may hinder cubic boron nitrates market from developing consistently in the years ahead.
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