Global Cubic Boron Nitride Market Estimated to Reach 978.9 US$ Mn by 2024: Transparency Market Research

Transparency Market Research  has published a new report titled “Cubic Boron Nitride (Inserts, Wheels, Mesh, and Powder) Market for Raw Abrasives, Coatings, Cutting & Grinding, Lapping & Polishing, and Other Applications – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2024.” According to the report, the global Cubic Boron Nitride Market stood at 531.3 US$ Mn in 2015 and is estimated to amount to 978.9 US$ Mn by 2024, expanding at a CAGR of 7.1% between 2016 and 2024.

In terms of market volume share as well as growth potential, Asia Pacific dominated the cubic boron nitride (CBN) market in 2015, by comprising over 35% of the global share, followed by Europe. This is attributed to the presence of numerous players and extensive demand for CBN in these regions, and the trend is anticipated to remain the same over the forecast period. Latin America and Middle East & Africa constituted comparatively minor shares in the global market in 2015, due to the lack of manufacturing facilities and their export-oriented economies. The share held by Asia Pacific in the global CBN market is likely to increase during the forecast period, due to requirement of CBN abrasive tools in end-user industries such as machinery, electrical & electronic equipment, transportation, metal fabrication, and medical devices.

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Use of the CNC machining technology is increasing, due to demand for superior-quality products and subsequent surge in automation. CNC machines provide flexibility for manufacturing, as they can be programmed to perform certain actions on a piece. These machines use indexable tools and drills that assist in cutting and altering metals, which a manual machine is not capable of. Moreover, they are capable of making clean, precise, and fast cuts through metals and other hard materials. Incorporation of CNC machining is anticipated to affect the consumption of CBN and other abrasive materials as well as their tools used in metal processing industry.

The cubic boron nitride market is projected to grow at a CAGR of 6.74% in terms of volume. Asia Pacific is estimated to see a rise in its share in terms of volume during the forecast period, while there is anticipated to be a decrease in the shares for the rest of the regions. Major factor responsible for the growth of market in leading region is presence of numerous regional players as well as global players. Major applications impacting the cubic boron nitride market are expected to be raw abrasives and cutting & grinding.

Major players in the cubic boron nitride market include 3M, Saint-Gobain, Element Six, NanoDiamond Products, Sandvik AB, Tomei Diamond Co. Ltd., Show Denko K.K., ILJIN Diamond Co. Ltd., and Asahi Diamond Industrial Co. Ltd.

The cubic boron nitride market has been divided into the following segments:

Cubic Boron Nitride Market – Product Analysis

  • Inserts
  • Wheels
  • Mesh
  • Powder

Cubic Boron Nitride Market – Application Analysis

  • Raw Abrasives
  • Coatings
  • Cutting & Grinding
  • Lapping & Polishing
  • Others

Cubic Boron Nitride Market – Regional Analysis

  • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • U.K.
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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