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The global boron carbide cost is expected to witness growth at a CAGR of 4.5% in the first half of 2021 and 4.7% during the first half of 2022, according to Future Market Insights. Increased demand for nuclear energy owing to the increasing trend for sustainable energies across the globe is expected to propel the growth of the boron carbide market. Additionally, the material’s hardness, chemical inertness, and efficient neutron absorption properties are anticipated to boost its usage in industrial tools and equipment.
The abrasive grade segment is expected to lead the market throughout the forecast period owing to its use in lapping and polishing applications. Additionally, it is used in the nozzles of water jet cutters and grit blasting systems. The nuclear grade boron carbide segment is also expected to grow at a rapid pace due to its effective neutron-absorbing property, which makes it ideal for use as control and shield rods in nuclear reactors.
China’s established metal industrial base is expected to drive the boron carbide market in the country over the forecast timeline. The top ten steel producers in the country generated less than 50% of crude steel production in 2009, with the remaining 75 companies contributing an extra 30% to the total. The entrance of private metal manufacturing enterprises in the country is further expected to bolster boron carbide fiber demand. In addition, the country’s increasing healthcare sector is further expected to drive the boron carbide coating market.