ROCKVILLE, Jan. 12, 2023 (GLOBE NEWSWIRE) — The global cubic boron nitrates market is expected to touch US$ 2 billion by 2033, advancing at 7.7% CAGR from 2023 to 2033, according to this new industry analysis by Fact.MR , a market research and competitive intelligence provider.
Cubic boron nitrates (CBNs) are commonly used as an abrasive. After diamonds, cubic boron nitrates are the second-hardest material and have properties such as superior thermal, hardness, and chemical stability. The mechanical strength of CBN is its most notable attribute. They are frequently used in the tool bits of cutting tools. In addition, they are used in mechanical and electronic applications.
Growing demand for cutting operations is expected to drive the global cubic boron nitrates market during the forecast period. Cubic boron nitrates have a strong bonding structure. They have pressure and temperature, both of which are commonly employed in cutting processes. These benefits are estimated to propel market expansion during the forecast period.
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Moreover, rising demand for CBN powder in tungsten or ceramic substrates is expected to drive market growth. Increased demand for cubic boron nitrates from the automotive industry due to their superior chemical and thermal stability is anticipated to boost market growth. Furthermore, due to their hardness, cubic boron nitrates are employed in a variety of applications, such as water-resistant pipelines, coatings, and razor blades. Such advantages are predicted to propel market expansion during the forecast period. Additionally, rising demand from the construction sector is likely to bolster the global cubic boron nitrates market growth.
Key Takeaways from Market Study
- The global cubic boron nitrates market is valued at US$ 950 million in 2023.
- Worldwide demand for cubic boron nitrates is likely to expand at a CAGR of 7.7% from 2023 to 2033.
- The global market is expected to reach US$ 2 billion by 2033.
- Asia Pacific captured 38% of the worldwide cubic boron nitrates market share in 2022.
- The inserts segment is projected to develop at a CAGR of 6.2% during the study period.
“Rapidly expanding automotive, construction, and electronics industries worldwide is expected to boost the demand for cubic boron nitrates. The chemical compound is widely employed in nanotechnology, which is projected to accelerate market expansion. Moreover, growing demand for water-resistance pipes and razor blades is anticipated to propel market growth,” says a Fact.MR analyst
Segments of Cubic Boron Nitrates Industry Research
- By Product :
- By Application :
- raw abrasives
- coatings
- Cutting & Grinding
- Lapping & Polishing
- Other applications
- By Region :
- NorthAmerica
- Latin America
- Europe
- APAC
- MEAS
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Regional Analysis
Asia Pacific is projected to dominate the global cubic boron nitrates market from 2023 to 2033 due to considerable expansion in the region’s medical, construction, automotive, and aerospace industries. Moreover, Japan and South Korea are expected to make substantial contributions to the Asia Pacific market during the forecast period.
North America and Europe are expected to follow Asia Pacific in terms of market growth.
Competitive Landscape
Key players in the cubic boron nitrates market continue pursuing marketing methods such as investments, collaborations, technological innovations, R&D activities, and acquisitions to expand and maintain their overseas footprint.
- In Dec 2021, AIXTRON developed, built, and installed a new, detailed industrial-grade graphene and cubic boron nitride reactor capable of producing 200 mm epi-wafers. The innovative CVD tool was developed as part of the GIMMIK research project. The GIMMIK project is to evaluate the manufacture of graphene layers under industrial settings, identify weak points, and propose methods to remove error sources. A material setup is also tested, as is the transmission of graphene features to electrical mechanisms. Simultaneously, novel methodologies for the large-area, contact-free description of graphene will be developed.
- In Sep 2021, WIKUS-Sägenfabrik expanded its product line to include CUBOGRIT® band saw blades coated with cubic boron nitride (CBN). CUBOGRIT® will provide users with CBN-coated band saw blade technology for the first time, allowing them to affordably saw 3D hard alloys and toughened ferrous materials up to 70 HRC. WIKUS debuted the latest band saw blades at the EMO Hanover, the world’s premier trade expo for metalworking.
- In Aug 2021, Cornell researchers used ultrathin graphene and cubic boron nitride to create a tiny magnetic field sensor that can function over a greater range of temperatures than previous sensors sensing tiny changes in magnetic fields that would otherwise be lost in a larger magnetic setting. Nowack’s lab specializes in using scanning probes to monitor magnetic imaging. The superconducting quantum interference device, or SQUID, is one of their go-to probes because it operates well at low temperatures and in modest magnetic fields.
Key Companies Profiled
- 3M Company
- Funik Ultrahard Material Co.,Ltd
- Advanced Abrasives Corporation
- Reishauer AG
- Asahi Diamond Industrial Co.,Ltd
- Saint Gobain Surface Conditioning
- Baltic Abrasive Technologies
- Element Six (UK) Ltd
- Showa Denko KK
- ILJIN Diamond Co.,Ltd
- NanoDiamond Products DAC
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global cubic boron nitrates market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the market on the basis of product (inserts, wheels, mesh, powder) and application (raw abrasives, coatings, cutting & grinding, lapping & polishing, other applications), across five major regions (North America, Europe, Asia Pacific, Latin America, and MEA).
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