The market for hexagonal boron nitride was valued at USD 707.46 million and is expected to register a CAGR of over 4.47% during the forecast period (2021-2026). The increasing demand for hexagonal boron nitride from high-temperature paints and coatings and increasing demand from the electrical and electronics sector are likely to drive the demand for green building materials. On the flipside, the detrimental impact of the COVID-19 outbreak is expected to hinder the growth of the market
- The coatings/mold release/spray segment dominated the market and is expected to grow during the forecast period. These coatings are ideal for creating a high-temperature, protective release coating, forming a barrier layer between dissimilar materials having high thermal conductivity and low electrical conductivity, with the functionality of a paint.
- Increasing demand from the personal care sector, owing to requirements in skincare products is likely to offer numerous opportunities to the manufactures in the near future.
- Asia-Pacific dominated the market across the world, with the largest consumption from countries, such as China and Japan.
Key Market Trends
Electrical Insulation Segment to Drive the Market Growth
Due to electronic devices with high power and intelligence, the storage of heat has become a major concern. The overheating problem of electronic devices can be addressed by extremely thermal conductive and electrically insulating polymeric composites. Hexagonal boron nitride has excellent electrical resistant properties, even in high-temperature conditions, and maintains its lubricating capability. It has high electrical insulation and high-temperature voltage resistance and no permittivity changes and dielectric loss up to the high-frequency region.
Hexagonal boron nitride is highly active, easily reacts with metals/oxides, and has electrical conductivity, hexagonal boron nitride has electrical insulation, as well as chemical/thermal stability, and is stable up to approximately 3000°C in an inert atmosphere. Hexagonal boron nitrides, in the form of tubes, rods, plates, sheets, gaskets, etc., find usage in various electrical devices. It is commonly used as an insulator in contact with tungsten and graphite electrodes at those temperatures.
As the electronics industry is continuously making remarkable progress and development, the demand for the market studied is growing, rapidly. The production of cellular phones, portable computing devices, gaming systems and other personal electronic devices will continue to spark the demand for semiconductors, capacitors and other electronic components. The electronics manufacturing market in Asia-Pacific is expected to grow rapidly during the coming years, due to the presence of large number of OEMs in the region. Low cost and the availability of raw materials, coupled with cheap labor, are driving the growth of the sector. The companies in the region provide manufacturing and assembling services to companies in Germany, France, and the United States. Moreover, these companies are rapidly digitizing their business to achieve end-to-end integration of their operation. This is further encouraging the OEMs from Europe and North America to outsource their production to Asia-Pacific.
According to Zentralverband Elektrotechnik- und Elektronikindustrie e.V. (ZVEI), the German electrical and electronic manufacturers' association, the global electric production was valued at EUR 4.2 trillion in 2017, which further increased by EUR 4.4 trillion in 2018 (estimates) and is further estimated to reach EUR 4.7 trillion in 2020. Asia is estimated to register the fastest growth of +4% in 2020, while America and Europe are expected to register a growth of +2% during the same period. Therefore, the application of Hexagonal Boron Nitride is electrical insulation application is expected to grow during the forecast period
China to Drive the Global Market Growth
In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate, as compared to the previous year. However, due to the onset of COVID-19 in 2020, the economic growth of China is now expected to contract to a considerable extent. In the first quarter of the year, the Gross Domestic Product of the country shrank by 6.8%. However, the country recorded a growth of 3.2% in the second quarter, which ended in June 2020. However, the country's GDP in the six months of 2020 declined by 1.2%, as compared to the same period in 2019.
China was one of the largest consumers of personal care products in 2019, and the country is likely to continue its dominance during the forecast period. The Chinese personal care products market was valued at USD 51,804.26 million in 2019, and it is expected to reach USD 78,542.97 million by 2025 during the forecast period, 2020-2025. The cosmetics and personal care sector is one of the fastest-growing sectors in the country. The Chinese cosmetics and personal care market, which includes a wide variety of industries, such as makeup, skin care, hair care, personal hygiene, and fragrances, experienced growth in 2019-2020. China is emerging as the largest market in terms of cosmetics and skin care products, globally. The country's beauty sector witnessed a growth rate of around 5% in 2008-2018. The consumers in the country prefer multifunctional products. Furthermore, there has been a significant increase in awareness for skin care products, especially among men. The baby skin care products segment has been witnessing rapid growth.
Also, China is the largest consumer of lubricants and greases in the current scenario. The vast manufacturing activities pertaining to different sectors and the rapid growth in the industrial and automotive sectors have pushed the country to stand among the major lubricant consumers and producers in the global landscape. The production of off-highway equipment has witnessed a downfall in the beginning of 2020, due to the COVID-19 pandemic and the brief shutdown of many factories in the country. The production of machinery and off-road equipment in the country is estimated to decline by over 6% in 2020. Despite the recovery of the Chinese economy and industrial activity, the lack of export demand and decline in action in the first half of 2020 is estimated to impact the consumption of industrial lubricants in the country in 2020. However, after the economic recovery in the overseas market (after 2021), such equipment and machinery production is expected to bounce back in China, driving the market for several lubricant products in the coming years.
China has the world's largest electronics production base. Electronic products, such as smartphones, TVs, wires, cables, portable computing devices, gaming systems, and other personal electronic devices, recorded the highest growth in the electronics segment. The country serves not only domestic demand for electronics but also exports electronic output to other countries. In China, with the increase in the disposable income of the middle-class population and the rising demand for electronic products countries importing electronic products from China, the production of electronics is projected to grow. With the growing electronics and construction industry, the demand for the thermal spray is expected to increase. However, the current COVID-19 outbreak in the country is expected to hamper the growth of the electronics market in the country between 2020-2021.
The hexagonal boron nitride market is a consolidated, with the top 10 players accounting for nearly 60% of the overall demand. Saint-Gobain is the leading producer in the market, with a wide range of boron nitride product offerings for different applications. Other key players include 3M, Hoganas AB, Showa Denko K.K., and Denka Company Limited, among others.
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand for Hexagonal Boron Nitride from High Temperature Paints and Coatings
- 4.1.2 Increasing Demand from the Electrical and Electronics Sector
- 4.2 Restraints
- 4.2.1 Detrimental Impact of COVID-19
- 4.2.2 Other Restraints
- 4.3 Industry Value Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 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
- 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
- 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
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 220.127.116.11 China
- 18.104.22.168 India
- 22.214.171.124 Japan
- 126.96.36.199 South Korea
- 188.8.131.52 ASEAN Countries
- 184.108.40.206 Rest of Asia-Pacific
- 5.3.2 North America
- 220.127.116.11 United States
- 18.104.22.168 Canada
- 22.214.171.124 Mexico
- 5.3.3 Europe
- 126.96.36.199 Germany
- 188.8.131.52 United Kingdom
- 184.108.40.206 Italy
- 220.127.116.11 France
- 18.104.22.168 Rest of Europe
- 5.3.4 South America
- 22.214.171.124 Brazil
- 126.96.36.199 Argentina
- 188.8.131.52 Rest of South America
- 5.3.5 Middle-East and Africa
- 184.108.40.206 Saudi Arabia
- 220.127.116.11 South Africa
- 18.104.22.168 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 3M
- 6.4.2 American Elements
- 6.4.3 Denka Company Limited
- 6.4.4 Henze Boron Nitride Products AG
- 6.4.5 Hoganas AB
- 6.4.6 Kennametal Inc.
- 6.4.7 Mizushima Ferroalloy Co. Ltd
- 6.4.8 UK Abrasives
- 6.4.9 Saint-Gobain
- 6.4.10 SHOWA DENKO K.K.
- 6.4.11 GrollTex Inc
- 6.4.12 Momentive
- 6.4.13 ZIBO SINYO NITRIDE MATERIALS CO., LTD.
- 6.4.14 ZYP Coatings, Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Increasing Demand from Personal Care Sector, Owing to Requirements in Skincare Products
- 7.2 Other Opportunities