A new research study by Transparency Market Research (TMR), states that the global cubic boron nitride market is consolidated in nature. The top three companies, together, held more than 48% of this market in 2015. Analysts expect the scenario to remain more of less same over the next few years. With key players, such as 3M, Showa Denko K.K., and Saint- Gobain, being backward integrated into the hexahedron boron nitride market, the worldwide cubic boron nitride market displays a moderately competitive landscape.
Currently, product advancement is the key strategy adopted by the leading participants in this market for the development of their business and they are likely to keep following the suit over the forthcoming years, notes the market study.
According to the research report, the global cubic boron nitride market stood at US$531.3 mn in 2015. Increasing at a CAGR of 7.10% over the period from 2016 and 2024, the opportunity in this market is likely to rise to US$978.9 mn by the end of the forecast period. In terms of volume, the market is expected to reach 276.30 tons over the same period of time.
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Presence of Large Participant Pool to Safeguard Asia Pacific’s Dominance
The report further offers an exhaustive assessment of the global cubic boron nitride market on the basis of its regional presence. Latin America, North America, the Middle East and Africa, Europe, and Asia Pacific have been considered as the key geographical segments of this market in this research study. In 2015, Asia Pacific dominated this market with a share of 35% and is expected to retain its position throughout the forecast period, reports the study.
The presence of a large pool of market participants and the rising demand for cubic boron nitride in a number of Asian economies, such as China, India, and Japan are anticipated to boost the Asia Pacific cubic boron nitride market in the near future. Apart from this, the substantial rise in the medical and healthcare, automotive, and the aerospace industries in developing countries is also projected to propel this regional market in the years to come.
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In ter4ms of products, the report classifies this market into inserts, wheels, mesh, and powder. Among these, inserts enjoy a higher demand than others. Researchers predict this trend to continue over the next few years, thanks to the rising application of inserts in the metal processing industry due to the growing need for various processes, such as cutting, grinding, and finishing, states the research report.
Increasing Awareness Regarding Benefits of Cubic Boron Nitride to Boost Growth
“The increasing awareness regarding the benefits of cubic boron nitride over other hard materials used for various industrial processes, such as cutting, grinding, drilling, and boring, is having the most significant impact on the growth of the global market for cubic boron nitride,” says the author of the study. Diamond is said to be the hardest material utilized for these processes but it also has various technological limitations, which gives a cubic boron nitride an edge over it, reflecting positively on the demand for the former across the world.
Currently, the market looks thriving and full of opportunities. However, the high cost associated with the production processes may deter this market from growing steadily in the years to come, states the research report.
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