Hexagonal Boron Nitride (HBN) Market: By Type (Tubes, Rods, Powder, Gaskets, Plates and Sheets, and Other Types), Application (Coatings/Mold Release/Spray, Electronics and Semiconductors, Composites, Industrial Lubricants, Thermal Spray, Personal Care, and Other Applications), and Geography

Hexagonal Boron Nitride (HBN) Market was valued at USD 780.3 million in 2022 and is poised to grow at a CAGR of 4.86 % over 2023-2029. Hexagonal Boron Nitride (HBN) is a compound made up of boron and nitrogen atoms organized in a hexagonal lattice. Due to its comparable layered crystal structure, it is frequently referred to as "white graphite" and is distinguished by its rare optoelectrical characteristics, mechanical robustness, thermal stability, and chemical inertness. The advancements in consumer electronics, telecommunications, and automotive sectors drive the Hexagonal Boron Nitride (HBN) market. Hexagonal Boron Nitride is widely used as a dielectric material in electronic components, such as transistors, insulators, and high-temperature substrates. New opportunities in fields like optoelectronics, semiconductors, and sensors are made possible by the development of HBN-based nanocomposites and nanodevices. HBN is a desirable material for improving the performance of a variety of devices because of its special nanoscale features. Moreover, HBN is considered a "green" material due to its non-toxic nature and recyclability and has become popular as environmental concerns become more prominent. Industries are showing interest in sustainable and eco-friendly materials like HBN. However, higher production costs compared to other conventional materials and limited awareness and understanding of HBN among potential end-users hinder the market growth. However, worldwide recognition of the benefits of HBN in various applications, urbanization, and infrastructure development is anticipated to boost market growth during forecasted years.

Hexagonal Boron Nitride (HBN) Market Key Development:

• In July 2022, HeBoCoat EL-W 100, a ready-to-use water-based boron nitride suspension was added to the EXPERT LINE of the HeBoCoat.
• In August 2020, Researchers from Cornell University recently created a tiny magnetic field sensor that can operate over a wider temperature range than previous sensors by sandwiching ultrathin graphene and hexagonal boron nitride together.