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.
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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.
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.
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.
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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.
The study presented here is based on a report by
Transparency Market Research (TMR), titled “Cubic Boron Nitride
Market (Product - Inserts, Wheels, Mesh, and Powder; Application -
Raw Abrasives, Coatings, Cutting & Grinding, and Lapping &
Polishing) - Global Industry Analysis, Size, Share, Growth, Trends,
and Forecast 2016 - 2024.”
The global cubic boron nitride market has been
segmented as follows:
By Product
- Inserts
- Wheels
- Mesh
- Powder
By Application
- Raw Abrasives
- Coatings
- Cutting & Grinding
- Lapping & Polishing
- Others
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