Hexagonal Boron Nitride (HBN) Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.94 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hexagonal Boron Nitride (HBN) Market Analysis
The Hexagonal Boron Nitride (HBN) Market size is expected to grow from USD 818.67 million in 2023 to USD 1,041.87 million by 2028, registering a CAGR of 4.94% during the forecast period.
The COVID-19 outbreak negatively impacted the market. During the pandemic, the decrease in oil prices and the impartial functioning of many industrial sectors affected the manufacturing and demand for industrial lubricants. Furthermore, the worldwide lockdown and halt in transportation affected the demand for lubricants, especially in the engine oil segment, in the first half of 2020. However, the market is projected to grow steadily, owing to increased automotive activities after lifting restrictions in the second half of 2021, leading to market recovery.
- Over the short term, increasing demand for hexagonal boron nitride from high-temperature paints and coatings and increasing demand from the electrical and electronics sectors are some of the major factors driving the growth of the market studied.
- Conversely, the high price of hexagonal boron nitride over available alternatives is expected to hinder the market's growth.
- Moreover, due to skincare product requirements, increasing demand from the personal care sector will likely offer numerous opportunities for the market in the coming years.
- Asia-Pacific dominated the global market, with the largest consumption from countries such as China and Japan.
Hexagonal Boron Nitride (HBN) Market Trends
The Electrical Insulation Segment is Expected to Drive the Market Growth
- The 2D HBN is perfect for several electronic applications, including 2D hBN-based substrates, gate dielectrics for graphene transistors and interconnects, and electronic packaging insulators. It is also the material of choice for emerging applications, including deep UV (DUV) optoelectronics, electron emitters, and neutron detectors.
- The consumer electronics industry is growing rapidly worldwide due to the consistently increasing demand for cellular phones, portable computing devices, gaming systems, and other personal devices.
- Major Government initiatives such as 'Digital India,' 'Make in India,' and supportive policies, including a favorable FDI Policy for electronics manufacturing, simplified the process of setting up manufacturing units in India. It is expected to create demand for the hexagonal boron nitride (HBN) market.
- Moreover, according to India Brand Equity Foundation (IBEF), the Indian electronics market is expected to reach USD 400 billion by 2025. India is expected to become the world's fifth-largest consumer electronics and appliances industry by 2025. In India, technology transitions, such as the rollout of 4G/LTE networks and IoT (Internet of Things), are driving the adoption of electronic products.
- In North America, especially in the United States, the electronics industry is expected to grow moderately. An increase in demand for new technological products is expected to help the market expansion in the future.
- The ASEAN region includes the fastest-growing consumer electronics segment in Asia-Pacific. Electrical and electronics manufacturing is one of the most prominent sectors in the ASEAN region. The sector accounts for about 30%-35% of the total exports from the region. Most global consumer electronic products, such as radios, computers, and cellular phones, are manufactured and assembled in ASEAN countries.
- As a result, the above factors are anticipated to substantially influence the hexagonal boron nitride market in the future.
The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific region is expected to dominate the market due to the presence of India and China, which boosts a high consumption volume of HBN due to the growing demand from various applications.
- Also, China is the largest consumer of lubricants and greases in the current scenario. The vast manufacturing activities in different sectors and the rapid growth in the industrial and automotive sectors pushed the country to stand among the major lubricant consumers and producers in the global landscape. For instance, according to OICA, in 2022, automobile production in China amounted to 2,70,20,615 units, which showed an increase of 3.3% compared to 2021.
- Moreover, Japan is among the major electronics consumers in the world as the rapid urbanization and growth in the disposable income of its citizens gave impetus to the growth in the consumption of consumer electronics products in the region. For instance, according to Japan Electronics and Information Technology Industries Association (JEITA), in 2022, the total production value of the electronics industry in Japan reached close to USD 84546 million. It is an increase of 10.3% compared with 2020. Therefore, increasing the production of electronics in the country is expected to create an upside demand for the hexagonal boron nitride market in the country.
- The Government of India took several steps to promote the domestic electronics manufacturing industry and exports. For instance, the Modified Special Incentive Package Scheme (M-SIPS) provides a 20-25% subsidy for capital expenditure investments to set up an electronics manufacturing facility.
- All the factors above, in turn, are expected to drive the market for hexagonal boron nitride (HBN) in Asia-Pacific during the forecast period.
Hexagonal Boron Nitride (HBN) Industry Overview
The hexagonal boron nitride market is consolidated in nature. Some of the major players in the market (not in any particular order) include Saint-Gobain, 3M, Höganäs AB, Resonac Corporation, and Denka Company Limited, among others.
Hexagonal Boron Nitride (HBN) Market Leaders
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3M
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Höganäs AB
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Saint-Gobain
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Denka Company Limited
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Resonac Corporation
*Disclaimer: Major Players sorted in no particular order
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Hexagonal Boron Nitride (HBN) Market News
- April 2023: Haydale, the global technology solutions company, announced that it had signed a collaboration agreement with Saint-Gobain. It facilitates the further development of Saint-Gobain's Boron Nitride (hBN) Powder Solutions.
Hexagonal Boron Nitride (HBN) Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand for Hexagonal Boron Nitride from High-temperature Coatings
- 4.1.2 Increasing Demand from the Electrical and Electronics Sector
- 4.1.3 Other Drivers
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4.2 Restraints
- 4.2.1 High Price of Hexagonal Boron Nitride Over Available Alternatives
- 4.2.2 Others Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Buyers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Type
- 5.1.1 Tubes
- 5.1.2 Rods
- 5.1.3 Powder
- 5.1.4 Gaskets
- 5.1.5 Plates and Sheets
- 5.1.6 Other Types
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5.2 Application
- 5.2.1 Coatings/Mold Release/Spray
- 5.2.2 Electrical Insulation
- 5.2.3 Composites
- 5.2.4 Industrial Lubricants
- 5.2.5 Thermal Spray
- 5.2.6 Personal Care (Including Cosmetics)
- 5.2.7 Other Applications
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share(%)**/ Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 American Elements
- 6.4.3 Denka Company Limited
- 6.4.4 Grolltex Inc
- 6.4.5 Henze Boron Nitride Products AG
- 6.4.6 Höganäs AB
- 6.4.7 Kennametal Inc.
- 6.4.8 Momentive
- 6.4.9 Resonac Corporation
- 6.4.10 Saint-Gobain
- 6.4.11 UK Abrasives, Inc.
- 6.4.12 ZIBO SINYO NITRIDE MATERIALS CO. LTD
- 6.4.13 ZYP Coatings, Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Demand from the Personal Care Sector Due to Requirements in Skincare Products
- 7.2 Other Opportunities
Hexagonal Boron Nitride (HBN) Industry Segmentation
Hexagonal boron nitride (hBN), known as white graphite, includes various possible applications in different fields, from metallurgy to cosmetic products. The applications of hBN can be classified into different high-tech processes according to the form of dosage, boron nitride composite-shaped parts, boron nitride (BN) coating systems, and powdered boron nitride. The hexagonal boron nitride market is segmented by type, application, and geography. The market is segmented by type into tubes, rods, powder, gaskets, plates, sheets, and other types. The market is segmented by application into coatings/mold release/spray, electrical insulation, composites, industrial lubricants, thermal spray, personal care, and other applications. The report also covers the market sizes and forecasts in 15 countries across the major regions. Each segment's market sizing and forecasts are based on revenue (USD).
| Type | Tubes | |
| Rods | ||
| Powder | ||
| Gaskets | ||
| Plates and Sheets | ||
| Other Types | ||
| Application | Coatings/Mold Release/Spray | |
| Electrical Insulation | ||
| Composites | ||
| Industrial Lubricants | ||
| Thermal Spray | ||
| Personal Care (Including Cosmetics) | ||
| Other Applications | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Hexagonal Boron Nitride (HBN) Market Research FAQs
What is the current Hexagonal Boron Nitride (HBN) Market size?
The Hexagonal Boron Nitride (HBN) Market is projected to register a CAGR of 4.94% during the forecast period (2024-2029)
Who are the key players in Hexagonal Boron Nitride (HBN) Market?
3M, Höganäs AB, Saint-Gobain, Denka Company Limited and Resonac Corporation are the major companies operating in the Hexagonal Boron Nitride (HBN) Market.
Which is the fastest growing region in Hexagonal Boron Nitride (HBN) Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Hexagonal Boron Nitride (HBN) Market?
In 2024, the Asia Pacific accounts for the largest market share in Hexagonal Boron Nitride (HBN) Market.
What years does this Hexagonal Boron Nitride (HBN) Market cover?
The report covers the Hexagonal Boron Nitride (HBN) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Hexagonal Boron Nitride (HBN) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hexagonal Boron Nitride Industry Report
Statistics for the 2024 Hexagonal Boron Nitride market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hexagonal Boron Nitride analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
