Sarasota, FL -- (SBWIRE) -- 11/01/2017 -- According to the report, global hexagonal boron nitride Market was valued at over USD 602.4 million in 2015, is expected to reach above USD 818.9 million in 2021 and is anticipated to grow at a CAGR of slightly above 5.3% between 2016 and 2021.
Boron nitride is a chemical compound with very high chemical and thermal stability. Hexagonal boron nitride is one of the two commercial forms of boron nitride also called as white graphite, since it has the physical structure as graphite. Hexagonal boron nitride is classified into three grades according to their purity. Grade 1 is PG (premium) with the highest purity. Grade 2 SG (standard) moderate purity and the third is CG (custom) which is fine- tuned depending on the customer requirement.
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The increasing trend for efficient coatings is likely to drive the hexagonal boron nitride market in coming years. Moreover, rising demand from end-user industry such as automotive, building & construction is expected to trigger the growth of hexagonal boron nitride market in the forecast period. Hexagonal boron nitride accomplishes better high-temperature applications than its substitutes due to its high thermal stability and good electrical insulation properties. Growing industrial sector is expected to spur the growth of hexagonal boron nitride market in the coming years. However, the high cost of hexagonal boron nitride as compared to the may impede the growth of the hexagonal boron nitride market. Nevertheless, ongoing intense research & development for introducing innovate and develop novel products is likely to positively impact on hexagonal boron nitride market in the coming years.
On the basis of product, the hexagonal boron nitride market can be segmented as the premium grade, standard grade, and custom grade. Premium grade hexagonal boron nitride product is expected to witness the fastest growth owing to its escalating application in the cosmetic industry. Increasing demand from applications such as coatings & mold release, electrical insulation, lubrication-industrial, composites, personal care, paints, lubricants-food, and thermal spray contributes in the growth of hexagonal boron nitride market. Among the applications, coatings & mold application dominated the application segment for the hexagonal boron nitride powder market in 2015 an expected to further gain traction in the forecast period. Cosmetic emerged as the potent segment owing to high usage of hexagonal boron nitride in personal care industry.
Asia Pacific held the largest market share for hexagonal boron nitride followed by Europe in 2015. China is expected to exhibit the largest share in the Asia-Pacific region till 2021 while India recorded the fastest growth rate for the forecast period. The sharp rise in demand from the coatings & molding and electrical insulation applications along with growing demand for food-lubricants and personal care industry is anticipated to stimulate the hexagonal boron nitride market in this region. The hexagonal boron nitride market in Europe is primarily driven by rapidly growing demand from lubricant, mold release, and coatings industry. Latin America is likely to witness decent growth in the forecast period on account of the growing necessitate in the cosmetic industry. The Middle East and Africa is anticipated to exhibit moderate growth over the coming years.
Some of the global major players in the hexagonal boron nitride are Saint-Gobain, Momentive Performance Materials, 3M Company, H.C. Starck, UK Abrasives, Denka, Henze, Showa Denko Group, Shin-Etsu Chemical and Eno High-Tech Material among others. Saint-Gobain, 3M Company, Denka are most prominent players in the market.
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