MARKET OVERVIEW- GLOBAL CUBIC BORON NITRIDE MARKET
Cubic boron nitride (CBN) are a type of thin film made from the compound cubic boron nitride. CBN is similar to diamond in terms of its hardness and thermal stability, making it an ideal material for cutting and grinding devices. It has a complex cubic/sphalerite structure with interpenetrating face-centred cubic lattices. Unlike diamond, however, CBN is electrically insulating and can be utilized in various electronic applications. Boron nitride has the chemical formula BN and is a refractory compound made of boron and nitrogen that is resistant to both heat and chemicals. It exists in a variety of crystalline forms that are isoelectronic with a similarly structured carbon lattice. C-NB (cubic boron nitride) is produced from hexagonal boron nitride treated at high temperature and pressure. Potential properties of c-BN films, such as low thermal expansion, high thermal conductivity, and high electrical resistance, are also anticipated to have a positive impact on global product demand. Due to its wide band gap, insulating properties, and high thermal conductivity, cubic boron nitride is also a desirable material for electronic applications. It is utilized as a heat sink in semiconductor lasers, microwave devices, and LEDs. Additionally, Si or Be doped c-BN can be utilized as p-n junction diodes.
MARKET DRIVERS
The major factors responsible for the growth of the market for cubic boron nitride include the increasing usage of CBN in electronics and developments in material processing. The cubic and hexagonal polymorphs of boron nitride are promising candidates for optoelectronic devices operating in the deep ultraviolet range and for high-power electronic devices for switching and radio-frequency applications due to their wide optical bandgaps, which are the widest among nitride semiconductors.
Macroeconomic factors like global economic expansion, a growing middle-class population, rapid urbanisation, and the increased spending capacity of consumers also contribute to the market's growth during the forecast period.
Industries are increasing the number of products they offer or increasing the capacity of production they already have to meet the growing demand for products and services among consumers. These are the factors that are responsible for cubic boron nitride market growth during the forecast period.
MARKET OPPORTUNITY
The market is expected to have new opportunities with technological advancements and ongoing R&D activities to develop quality cubic boron nitride products. This is expected to provide ample new growth opportunities in the market during the forecast period. Due to its exceptional properties such as hardness, strength compared with other ceramics, it provides a number of market opportunities in cutting tool applications. In addition, growing cubic boron nitride offer many growth opportunities in X-ray membranes for reducing absorption as a result of their robust chemical and mechanical properties. Moreover, its growing utility in tool bits for cutting tools is further predicted to drive c-BN film market growth during the forecast period. New manufacturing process developments in various other end-use industries, such as metal, commercial products, and glass, are anticipated to provide market growth opportunities during the forecast period.
MARKET RESTRAINTS
The major factors that restrain the cubic boron nitride market's growth are raw material availability and a bleak economic outlook. The limited raw material availability, coupled with a time-consuming, complex production process, can be a factor restraining cubic boron nitride market growth during the forecast period. Additionally, the availability of alternatives and the high cost of the product are also major factors limiting its demand and adoption in a number of regions.
MARKET GROWTH CHALLENGES
A key challenge that may affect the growth of the market is the synthesis of phase-pure cubic boron nitride thin . In addition, there are two unresolved challenges that prevent its practical use in technologies, such as the fact that it is difficult to produce high-quality cubic boron nitride as well as controllably n- and p-dope its matrix.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the cubic boron nitride market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A rise in demand for cubic boron nitride in various applications is anticipated to stimulate the growth of the market and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
GLOBAL CUBIC BORON NITRIDE MARKET SEGMENTAL OVERVIEW
The global cubic boron nitride market comprises of different market segments like, type, form, application, end-users and geography.
GLOBAL CUBIC BORON NITRIDE MARKET BY TYPE
By type, the global cubic boron nitride market includes key segments like
- CBN monocrystalline
- CBN micro mist
On the basis of type, the global cubic boron nitride market includes key segments such as CBN monocrystalline and CBN micro mist. Cubic Boron Nitride (CBN) is second only to diamond in hardness, but it has twice the thermal stability of diamond. The monocrystalline object is composed of a single crystal throughout and is made up of metal atoms or other materials that are arranged in such a way that the entire object can be described as a single grain or a continuous crystal.
GLOBAL CUBIC BORON NITRIDE MARKET BY FORM
By form, the global cubic boron nitride market includes key segments like
On the basis of form, the global cubic boron nitride market is divided into powder, inserts, mesh, and wheel. It has superior thermal and chemical stability, making it ideal for use at high temperatures. Cubic boron nitride powder is used for both abrasive applications and sintering applications. In sintering applications, it is used to produce PcBN polycrystalline cubic boron nitride cutting tools, and in abrasives, it is used for lapping and polishing applications. Its thermal stability is much higher than that of diamond, and it has greater chemical stability than iron-based metal elements. It has many applications in the auto parts industry, in the aerospace bearing, nozzle, and turbine parts industries, as well as in the tooling industry. CBN inserts have many applications, such as processing materials such as cold work tool steel, hot work tool steel, high speed steel, bearing steel, hardened steel, etc., as well as in the processing fields that include rough and finish machining of grey iron, alloy cast iron, hardened steel, brake drums, flywheels, brake discs, electrical equipment, medical equipment, aviation manufacturing, etc.
GLOBAL CUBIC BORON NITRIDE MARKET BY APPLICATION
By application, the global cubic boron nitride market finds major applications in
- Coating
- Cutting & Grinding
- Lapping & Polishing
- Raw Abrasives
- Others
The coating is entirely inorganic, composed of boron nitride powder, and a high temperature bond phase. Boron nitride coating can be used as a solution for high temperature mould release application. A coating is a layer of material deposited onto a substrate to improve the surface properties for corrosion and wear protection. Boron nitride coatings are mostly used for graphite parts, which are used as sinter carriers in the heat treatment industry. One of the most well-known utilizations of c-BN in cutting applications includes incorporating c-BN powder onto tungsten carbide or ceramic substrates. Most of the time, dense polycrystalline c-BN is generally preferred for cutting or milling operations, while porous polycrystalline c-BN is preferred for grinding operations. It is used for high-speed grinding applications.
GLOBAL CUBIC BORON NITRIDE MARKET BY END-USER
The global cubic boron nitride market finds key end-users like
- Automotive
- Aerospace
- Chemical
- Heavy Industry
- Consumer Electronics
- Others
The global market for cubic boron nitride finds key end-users such as automotive, aerospace, chemical, heavy industry, consumer electronics, etc. The aerospace segment is expected to hold a major share during the forecast period. This is due to the utilization of CBN in the production of turbine blades, aircraft engine parts, and other components. They are also used as coatings for metal surfaces to increase their wear resistance. In automotive segments, CBN are used in the manufacture of engine components, transmission parts, and other auto parts. They are also used as coatings for metal surfaces to increase their wear resistance.
GLOBAL CUBIC BORON NITRIDE MARKET BY GEOGRAPHY
The global cubic boron nitride market is studied for the following region
- North America
- Asia Pacific
- Europe
- RoW
Geographically, the global cubic boron nitride market is studied in North America, Asia-Pacific, Europe, and ROW. North America is expected to dominate the cubic boron nitride film market during the forecast period. This is due to the increasing demand for cubic boron nitride in the automotive and construction industries. Asia Pacific is expected to experience significant growth during the forecast period. This is due to the increasing demand for razor blades and water-resistant pipes, particularly in Japan and China. In addition, increasing usage of cubic boron nitride in electronics and developments in material processing drive the market's growth during the forecast period.
COVID-19 IMPACT ANALYSIS ON GLOBAL CUBIC BORON NITRIDE MARKET
Many economies suffered as a result of the COVID-19 pandemic. Globally, complete lockdown and quarantine had a negative impact on numerous industries. Throughout the initial stages of the pandemic, manufacturing facilities all over the world were shut down. At various stages, the COVID-19 pandemic had a significant impact on the global economy, as well as demand for cubic boron nitride. Strict restrictions introduced by the respective governments to control the spread of the pandemic created several roadblocks for certain markets, whereas the same factors provided an enormous opportunity for others. During the pandemic, the supply chain was hampered as logistics activities were delayed. This COVID-19 outbreak affected demand, supply, price, vendor adoption, and sustainable outcomes. However, the region's market is anticipated to expand during the forecast period as a result of technological advancements, increasing production capacity, increasing usage of CBN in electronics, and developments in material processing.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the cubic boron nitride market is primarily focused on expanding the global growth of the cubic boron nitride industry with new product innovation, business expansion, increasing presence of a range of manufacturer operating in the cubic boron nitride sector has led to growing demand for the market. Besides, the market offers a range of products in different application to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
- Merck KGaA (Germany)
- Thermo Fisher Scientific Inc (United States)
- Hamilton Company (US)
- Tecan Trading AG (Switzerland)
- Charles River Laboratories (US)
- Danaher Corporation (US)
- QIAGEN (Germany)
- BioCision, LLC (California)
- Becton, Dickinson and Company (US)
- Bay Biosciences (US)
- Brooks Automation (US)
- VWR Corporation (US)
- PromoCell GmbH (Germany)
- Taylor-Wharton (US)
- Biovault Family (England)
- CTI Biotech (France)
- Firalis S.A (France)
RECENT DEVELOPMENT:
March 2023: Merck announced an expanded partnership with Beyond Benign to increase global access to green chemistry education. The goal of this partnership is to increase global access to science and science education while reducing environmental impacts.
