The global hexagonal boron nitride market size is expected to reach US$ 3.10 Bn by 2030, from US$ 1.35 Bn in 2023, growing at a CAGR of 12.6% during the forecast period. Hexagonal boron nitride (hBN) is a synthetic chemical compound composed of boron and nitrogen atoms in a graphite-like hexagonal crystal structure. hBN is known for its unique properties such as high thermal conductivity, electrical insulation, lubrication, and corrosion resistance. It is used across various end-use industries including automotive, aerospace, electronics, coatings, lubricants, personal care, and others.

The market growth is driven by the increasing use of hBN for thermal management applications across the automotive and electronics sector along with the growing adoption of hBN nanoparticles in the personal care sector. The market is segmented based on type, application, end-use industry, and region. By type, the aerospace segment accounted for the largest share of the market in 2023. The plate form of hBN is widely used for its electrical insulation and thermal conductivity properties across the electronics and semiconductor sectors.

Global Hexagonal Boron Nitride Market Drivers

• Increasing use in thermal management applications: Hexagonal boron nitride is widely used for its excellent thermal conductivity to manage heat dissipation in the electronics and automotive industries. The rising demand for advanced thermal management materials to efficiently remove heat from components and improve overall performance is driving the hBN adoption. With miniaturization of electronic devices and higher power density equipment and heat removal has become critical. hBN enables thermal dissipation and cooling while protecting electronic parts. This has led to the increased use of hBN composites and fillers in functional polymers, thermoplastic resins, and potting compounds. For instance, U.S. Energy Information Administration (EIA) reported that geothermal energy use in 2022 was about 4% higher than in 2021, indicating a growing utilization of thermal management technologies in the energy sector
• High lubrication properties: The lubricating properties of hexagonal boron nitride makes it suitable for high temperature lubrication applications. hBN can readily shear between layers providing lubrication without any chemical degradation. The excellent lubricity offered by hBN helps reduce friction and wear in mechanical systems exposed to extremely high temperatures. This has driven the utilization of hBN coatings, blends, and powders as lubricant additives for applications ranging from automotive, aerospace, metal processing to plastics, and elastomers where operating conditions demand high temperature lubrication.
• Growth in end-use industries: Rising production of automotive, increasing semiconductor manufacturing, growth in aerospace industry, and the expanding healthcare sector are fueling the demand for hexagonal boron nitride. hBN adoption is increasingly driven by high investments in R&D activities across end-use sectors to develop advanced hBN grades for specialized applications. The superior properties of hBN makes it suitable for high performance composite components in space crafts, aircrafts, luxury vehicles, etc., which is contributing to the market growth.
• Favorable properties fueling consumption: The unique properties of hBN including high chemical & thermal stability, corrosion resistance, low dielectric constant, insulation, high resistivity, and low thermal expansion are driving utilization across diversified applications. The inert nature and ability of hBN to withstand extreme conditions have expanded its use cases. Additionally, the development of hBN nanoparticles has opened new opportunities in fields, such as the biomedical, dental, skincare, and plastic industries, further favoring the market growth.

Global Hexagonal Boron Nitride Market Restraints

• High production cost: The complex manufacturing process of hexagonal boron nitride involving high temperature and specialized equipment leads to significant capital investment and results in elevated product costs. This can make it difficult for end-users to adopt hBN on a large scale and restrict penetration across cost-sensitive applications. The high pricepoint of hBN remains a key factor hindering adoption.
• Presence of alternatives: Hexagonal boron nitride faces competition from other advanced ceramic materials such as silicon nitride, aluminum nitride, and synthetic graphite, which possess similar properties. This can limit hBN utilization for certain applications wherein substitutes are readily available at more affordable costs. The existence of alternatives slows the market growth to some extent.
• Stringent regulatory policies: The global hexagonal boron nitride market is constrained by strict regulations regarding the mining of boron ore which is the key raw material. Borates classified as hazardous under REACH legislation in Europe can limit raw material supply and production capacities. Additionally, stringent norms related to the use of nanoparticles may challenge growth in the personal care and biomedical sectors. Adhering to regulatory compliances results in higher overheads.

Global Hexagonal Boron Nitride Market Opportunities

• Increasing demand for personal care products: Hexagonal boron nitride has gained significant interest for personal care applications in recent years. The use of hBN particles in formulations of skincare, cosmetics, and dental care products has risen due to their ability to absorb excess moisture, smooth skin texture, improve spreadability, and work as a viscosity enhancer. The growing consumer demand for advanced beauty and personal care products containing natural ingredients, such as hBN, provides lucrative opportunities.
• Growth avenues in electric vehicles: The rising production and consumer preference for electric vehicles is presenting potential opportunities for hBN manufacturers. hBN composites and thermal interface materials are increasingly being explored to manage battery temperature and improve the electric vehicles (EV) performance. The need for lightweight materials to increase the EV range can also favor the adoption of hBN reinforced plastics and composites. This represents a significant opportunity for market players in the long run.
• Increasing utilization in healthcare sector: The use of hBN is expanding in the medical sector owing to its biocompatibility, high temperature and chemical resistance. While nanoparticles are being utilized in medication delivery and bioimaging, hBN coatings are becoming more popular for use on medical implants. Additionally, hBN finds use in labware owing to its inertness. Growing R&D in life sciences and the rising demand for better healthcare presents lucrative prospects for the increased penetration of hBN.
• Rising potential in additive manufacturing: The additive manufacturing sector is vastly gaining traction, wherein, hBN is being explored for use in high temperature-resistant 3D printed components. The development of boron nitride nanotubes and nanosheets has opened new possibilities to reinforce 3D printed parts for enhanced mechanical properties. The market is expected to benefit from increasing R&D and rapid prototyping using hBN materials in 3D printing technology.

• Increasing demand for hBN nanoplatelets: Hexagonal boron nitride nanoplatelets are witnessing surging demand owing to their excellent properties and suitability for polymer reinforcement. hBN nanoplatelets feature high aspect ratio, thermal conductivity, and lubricating abilities that makes them ideal for plastics, composites, and coatings. The rising R&D focused on leveraging these nanomaterials for lightweight and advanced applications across end-use sectors is a key trend fostering the market growth.
• Use of hBN in lithium-ion batteries: Hexagonal boron nitride is garnering significant attention for its incorporation in lithium-ion batteries to improve stability and safety. hBN coatings are being applied to graphite anodes to prevent reactions between the electrode and electrolytes. The research focused on using hBN in solid-state batteries for enhanced ionic conductivity presents potential opportunities. This rising trend will facilitate market expansion over the coming years.
• Growing adoption of CVD technique: The use of chemical vapor deposition technique has grown for scalable and high purity synthesis of 2D hBN material. CVD enables the deposition of uniform hBN films that can allow large scale manufacturing. This has driven investments from manufacturers to develop CVD processes and boost production capacities. The focus on adopting advanced technologies for cost-effective and high-quality hBN will strongly support market growth in the future.
• Strategic partnerships and agreements: Leading manufacturers are entering into partnerships, joint ventures, and agreements to enhance their product portfolio, enter new markets, and leverage each other’s expertise. Pacts are focused on technology transfer, distribution, R&D, and commercialization of advanced hBN grades. These strategic moves are enabling companies to consolidate their presence and gain a competitive edge. Such collaborations are contributing positively to the overall market growth.

Global Hexagonal Boron Nitride Market Regional Insights

• North America is expected to be the largest market for hexagonal boron nitride during the forecast period, accounting for over 32% of the market share in 2023. The growth of the market in North America is attributed to the high adoption of hBN in semiconductor and aerospace industries along with increasing research activities.
• Asia Pacific is expected to be the second-largest market for hexagonal boron nitride, accounting for over 40% of the market share in 2023. The growth of the market is attributed to the expanding electronics and automotive sector along with rapid industrialization in emerging economies such as China and India.
• Europe is expected to be the fastest-growing market for hexagonal boron nitride, which is expected to grow at a CAGR of over 12% during the forecast period. The growth of the market in Europe is attributed to the rising demand from automotive composites and growing ceramic sector.

Figure 1. Global Hexagonal Boron Nitride Market Share (%), by Region, 2023

The major players operating in the global hexagonal boron nitride market include Saint-Gobain, Momentive, 3M Company, Denka Company Limited, H.C. Starck, UK Abrasives, Henze Boron Nitride Products AG, Mizushima Ferroalloy, ZYP Coatings Inc., Showa Denko K.K., DCEI, YingKou Liaobin Fine Chemicals, QingZhouMaTeKeChang Materials, Baoding Pengda New Material Technology, Liaoning Pengda Technology, Qingzhou Fangyuan, New Method Packaging, QingZhou Longjitetao New Material, HCStarck Tungsten & Powders, and Zhangjiagang Free Trade Zone Hongwu International Trade Co., Ltd.

New product launches

• In January 2022, Denka (Japanese chemical company) announced the launch of its boron nitride cooling sheets under the Ceracess series. These flexible graphite sheets deliver thermal conductivity for heat dissipation in electronics equipment.
• In June 2021, Saint-Gobain (designs, manufactures, and distributes materials and solutions which are key ingredients in the wellbeing of each of us and the future of all) launched its Nexio flexible hexagonal boron nitride sheets developed using proprietary technology. It offers excellent thermal conductivity and electrical insulation for thermal management solutions.
• In May 2020, Momentive Performance Materials (high-performance silicones and specialties company that creates solutions for a more sustainable future) introduced its hexagonal boron nitride (HBN) additive which can be used to enhance thermal conductivity in various polymers, plastics, and other materials

Acquisition and partnerships

• In September 2022, ZYP Coatings (Manufacturer of specialized high-temperature paintable coatings and pioneer of high quality Boron Nitride coatings across high temp. industrial processes) partnered with Showa Denko, a Japan-based chemical company, to distribute its boron nitride products across North America
• In June 2021, UK Abrasives was acquired by Saint-Gobain. The acquisition helped Saint-Gobain to expand its hexagonal boron nitride portfolio and enhance presence in the Europe abrasives market.
• In April 2018, DCEI, a boron nitride manufacturer, was acquired by Henze Boron Nitride Products to expand its global footprint in American and Asian markets

• By Type
• • Hexagonal Boron Nitride Powder
  • Hexagonal Boron Nitride Granule
  • Hexagonal Boron Nitride Plate
  • Hexagonal Boron Nitride Flakes
  • Hexagonal Boron Nitride Lumps
  • Hexagonal Boron Nitride Blocks
  • Others (Hexagonal Boron Nitride Sheets, Billets)
• By Application
• • Coatings & Mold Release
  • Electrical Insulation
  • Industrial Lubricants 
  • Composites
  • Personal Care
  • Paints
  • Others (Cosmetics, Heat Shields, Crucibles)
•  By End-use Industry
  • Aerospace
  • Automotive
  • Semiconductors & Electronics
  • Industrial
  • Healthcare
  • Others (Defense, Energy)
• By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa