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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.
Fastest Growing Market
The market is expected to rise as the application of Hexagonal Boron Nitride (HBN) tubes has increased in various industries and technologies due to their unique properties. HBN tubes can resist high temperatures and are effective thermal insulators. They are employed for applications when traditional materials are insufficient, such as thermal barriers and protective coatings in the aerospace and automobile industries. HBN tubes are also employed in a number of industrial operations as heat exchangers. They are useful in applications where effective heat transfer is essential, such as in electronics and manufacturing, due to their high thermal conductivity. HBN tubes, due to their non-toxic nature and biocompatibility, also have potential applications in the biomedical and pharmaceutical industries.
The Hexagonal Boron Nitride (HBN) market valued at USD 780.3 Million in 2022 and is expected to grow at 4.86% CAGR over the forecast period 2023 – 2029.
The base year is 2018-2022 and the forecast year is 2023-2029.
The advancements in consumer electronics, telecommunications, and automotive sectors drive the Hexagonal Boron Nitride (HBN) market.
American Elements, BORTEK Boron Technologies and Mechatronic, Inc., Compagnie de Saint Gobain, Denka Co. Ltd., Henze Boron Nitride Products AG, Hoganas AB, JFE Holdings Inc., Kennametal Inc., KYOCERA Corp., Liaoning PengDa technology Co. Ltd., Momentive Performance Materials Inc., PJSC Zaporozhsky Abrasivny Combinat, Resonac Holdings Corp., Shin-Etsu Chemical Co. Ltd., Supervac Industries LLP, UK Abrasives Inc., Yingkou Liaobin Fine Chemical Co. Ltd., Zibo Xinfukang Specialty Materials Co. Ltd. and ZYP Coatings Inc. are a few companies operating in Hexagonal Boron Nitride (HBN) market.