Market Size of Hexagonal Boron Nitride (HBN) Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.94 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hexagonal Boron Nitride (HBN) Market Analysis
The Hexagonal Boron Nitride (HBN) Market size is expected to grow from USD 818.67 million in 2023 to USD 1,041.87 million by 2028, registering a CAGR of 4.94% during the forecast period.
The COVID-19 outbreak negatively impacted the market. During the pandemic, the decrease in oil prices and the impartial functioning of many industrial sectors affected the manufacturing and demand for industrial lubricants. Furthermore, the worldwide lockdown and halt in transportation affected the demand for lubricants, especially in the engine oil segment, in the first half of 2020. However, the market is projected to grow steadily, owing to increased automotive activities after lifting restrictions in the second half of 2021, leading to market recovery.
- Over the short term, increasing demand for hexagonal boron nitride from high-temperature paints and coatings and increasing demand from the electrical and electronics sectors are some of the major factors driving the growth of the market studied.
- Conversely, the high price of hexagonal boron nitride over available alternatives is expected to hinder the market's growth.
- Moreover, due to skincare product requirements, increasing demand from the personal care sector will likely offer numerous opportunities for the market in the coming years.
- Asia-Pacific dominated the global market, with the largest consumption from countries such as China and Japan.
