The hexagonal boron nitride price is expected to grow at a CAGR of 4% over the forecast period from 2022 to 2030. The growth is attributed to the increasing demand for boron nitride in various industries such as electronics, aerospace, construction, and automotive.

Hexagonal boron nitride is also used in the personal care industry as a diffuser, lubricant, and a non-toxic additive in foundation, liquid makeup, eyeshadow, blush, kajal, lipsticks, lip liners, anti-aging treatments, and sunscreens. It is considered a safe and environmentally friendly ingredient, which has gained popularity among the millennials and generation Z.

Boron nitride has properties that are similar to those of carbon nanotubes (CNTs). They have high mechanical strength and thermal conductivity, excellent chemical inertness, and wide bandgap. They have been successfully used for insulating and thermally conductive fillers, deep ultraviolet light sources, dielectric layers, cosmetic products, microwave-transparent shields, durable high-temperature crucibles, anti-oxidation lubricants, and protective coatings.

Key Trends and Development Drivers

The increasing usage of 5Ge enabled smartphones is driving the market for hexagonal boron nitride. The use of hexagonal boron nitride in printed circuit board and semi-conductors is also contributing to the growth. The increasing production of abrasive equipment and sealing devices in the steel industry is another major factor supporting the growth of the hexagonal boron nitride market.

In terms of market size, the hexagonal boron nitride powder segment is projected to hold the largest share in 2020 and is expected to grow at the highest rate over the forecast period. The premium grade segment is expected to witness the fastest-growing segment in the global hexagonal boron nitride product market.