Hexagonal Boron Nitride (HBN) Market Size (2024 - 2029)

The hexagonal boron nitride market is anticipated to experience growth over the forecast period, driven by rising demand from sectors such as high-temperature paints, coatings, and electrical and electronics. Despite challenges posed by the high cost of hexagonal boron nitride compared to alternatives, opportunities are expected to arise from the personal care sector due to increasing skincare product requirements. The market's expansion is also supported by the recovery of automotive activities post-pandemic. The Asia-Pacific region leads in market consumption, with significant contributions from countries like China and Japan.

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Market Size of Hexagonal Boron Nitride (HBN) Industry

Hexagonal Boron Nitride (HBN) Market Summary
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

Hexagonal Boron Nitride (HBN) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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) 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
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Hexagonal Boron Nitride (HBN) Market Size Summary

The hexagonal boron nitride market is poised for significant growth, driven by increasing demand from various sectors such as automotive, electronics, and personal care. The market experienced a downturn due to the COVID-19 pandemic, which disrupted industrial activities and reduced demand for lubricants. However, the market is on a recovery path, supported by the resurgence of automotive activities and the expanding use of hexagonal boron nitride in high-temperature paints and coatings. Despite the high cost of hexagonal boron nitride compared to alternatives, its unique properties continue to attract interest, particularly in the electronics sector, where it is used in advanced applications like graphene transistors and electronic packaging insulators. The Asia-Pacific region, led by China and Japan, dominates the market due to its substantial consumption and production of electronics and automotive products.

The market landscape is characterized by a few key players, including Saint-Gobain, 3M, Höganäs AB, Resonac Corporation, and Denka Company Limited, who are actively involved in expanding their product offerings and collaborations to enhance market presence. Government initiatives in countries like India, aimed at boosting domestic electronics manufacturing, are expected to further stimulate demand for hexagonal boron nitride. The ASEAN region also plays a crucial role, with its robust electronics manufacturing sector contributing significantly to the market's growth. As the consumer electronics industry continues to expand globally, driven by the demand for devices like smartphones and IoT products, the hexagonal boron nitride market is anticipated to experience substantial growth in the coming years.

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Hexagonal Boron Nitride (HBN) Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand for Hexagonal Boron Nitride from High-temperature Coatings

      2. 1.1.2 Increasing Demand from the Electrical and Electronics Sector

      3. 1.1.3 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 High Price of Hexagonal Boron Nitride Over Available Alternatives

      2. 1.2.2 Others Restraints

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Tubes

      2. 2.1.2 Rods

      3. 2.1.3 Powder

      4. 2.1.4 Gaskets

      5. 2.1.5 Plates and Sheets

      6. 2.1.6 Other Types

    2. 2.2 Application

      1. 2.2.1 Coatings/Mold Release/Spray

      2. 2.2.2 Electrical Insulation

      3. 2.2.3 Composites

      4. 2.2.4 Industrial Lubricants

      5. 2.2.5 Thermal Spray

      6. 2.2.6 Personal Care (Including Cosmetics)

      7. 2.2.7 Other Applications

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Hexagonal Boron Nitride (HBN) Market Size FAQs

The Hexagonal Boron Nitride (HBN) Market is projected to register a CAGR of 4.94% during the forecast period (2024-2029)

3M, Höganäs AB, Saint-Gobain, Denka Company Limited and Resonac Corporation are the major companies operating in the Hexagonal Boron Nitride (HBN) Market.

Hexagonal Boron Nitride Market Report Snapshots

Hexagonal Boron Nitride Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)