Global Hexagonal Boron Nitride Market Trends

• 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