The hexagonal boron nitride market is anticipated to touch USD 916.93 million at a 6.10% CAGR between 2017-2023, states the latest Market Research Future (MRFR) report. The hexagonal boron nitride is a type of boron nitride that is the softest and the most stable, thus used widely as an additive in cosmetic products and as a solid lubricant. Owing to its excellent properties, it has an extensive range of applications, including composites, lubrication, electrical insulator, coatings and mold release, and others.
Various factors are propelling the hexagonal boron nitride market growth. Such factors, according to the latest Market Research Future report, include the growing demand from the personal care sector, increasing adoption in electrical & electronics sector and high-temperature paints & coatings, and increasing use across various industry verticals due to its excellent properties such as superior lubrication, high electrical resistance, good thermal conductivity, and chemical inertness.
On the contrary, the high cost of the product, coupled with the availability of cost-effective substitutes, are factors that may restrict the hexagonal boron nitride market growth during the forecast period.
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The Market Research Future report offers a complete segmental analysis of the hexagonal boron nitride market based on application and type.
By type, the hexagonal boron nitride market is segmented into sheets, crucible, gaskets, discs, rods, tubes, and others. Of these, tubes will dominate the market during the forecast period. It is predicted to grow at a higher CAGR.
By application, the hexagonal boron nitride market is segmented into thermal spray, composites, cosmetics, coatings and mold release, lubrication, electrical and insulation, and others. Of these, coatings and mold release will lead the market during the forecast period followed by cosmetics.
By region, the hexagonal boron nitride market report covers the latest trends and growth opportunities across Europe, the Asia Pacific, North America, Latin America, and the Middle East and Africa. Of these, the APAC region will remain the driving force in the market during the forecast period. The presence of several hexagonal boron nitride manufacturers in the region, coupled with the growing demand for hexagonal boron nitride in different applications, especially electrical insulation and coatings & mold release, is adding to the hexagonal boron nitride industry growth in the region. China, as well as India, are the major contributors in this region.
The hexagonal boron nitride market in North America will have favorable growth during the forecast period. Various factors propelling the growth of the hexagonal boron nitride market in the region include strong economic cues, booming consumer electronics sector, enhanced network connectivity, demand for quicker and new electronic products owing to the escalated technological developments and research and development operations, especially in the electronics sector, and spur in the number of development centers and manufacturing facilities in the US concentrating on high-end products.
The hexagonal boron nitride market in Europe will have a lucrative growth during the forecast period. Italy, France, and Germany are the major contributors in this region.
The hexagonal boron nitride market in Latin America will have a moderate growth during the forecast period, and that in the MEA will have a steady growth for the growing cosmetic industry.
Notable players profiled in the hexagonal boron nitride market report include 3M, ZYP COATING Inc., Henze BNP AG, Mizushima Ferroalloy, Showa Denko K.K, Stark GmBH, Kennametal, H.C., Momentive Performance Materials, Denka Company Limited, and Saint-Gobain. Key players have incorporated specific strategies to create a footprint in the market, such as acquisitions, partnerships, joint ventures, agreements, expansions, and new product launches.
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