Global Boron Carbide Market Size will Reach $389.37 Million in 2023

Global Boron Carbide Market Overview

According to Global Market Monitor, the global boron carbide market size will reach $389.37 million in 2023 with a market share of 3.72%from 2023 to 2028.

Boron carbide is a ceramic material primarily used as an abrasive for commercial and industrial applications. It is one of the hardest materials known in the world, second only to cubic boron nitride and diamond in hardness. Boron carbide has properties such as high wear resistance, incredible hardness, high wear resistance, industrial shock resistance, impact resistance, and low thermal conductivity, which makes it a highly utilized product in the manufacturing industry. The increasing demand for technologically advanced materials is expected to stimulate the market demand for boron carbide products. By application, the refractory segment occupied the biggest share in 2022.

With the development of the economy and the expansion of product application fields, the global market demand for boron carbide powder and boron carbide products is also expanding. The price of products is affected by the market supply and demand relationship and has been in a stable and rising situation. Although boron carbide has superior properties, the high product price makes it difficult to achieve commercial application in many fields, which limits the development of products.

Boron Carbide Market Dynamics

Global boron carbide major players account for approximately 40% to 45% market share. Leading industry players are making significant investments in research and development. They incorporate new technologies into their products to expand the market share, and it has further promoted the development of the global boron carbide industry. Boron carbide industry players are enhancing their market competitiveness through strategic measures such as optimizing boron carbide production processes and acquiring and merging companies. For example, 3M has developed boron carbide with a precise 4:3 boron-carbon ratio, which is suitable for wire saws for non-oxidized and oxidized ceramics, especially for sapphire cutting. In addition, some boron carbide industry players are also stimulating their business growth by increasing production capacity.