The demand within the global cubic boron nitrates market is rising on account of advancements in the field of chemical analysis and testing. The hardness of cubic boron nitrates has led several researchers to delve into their chemical properties. Furthermore, need to compare the physical hardness of cubic boron nitrates to that of diamonds has generated increased demand within the global market. A wide range of factors have contributed towards the growth of the global cubic boron nitrates market, and the abrasive properties of this nitrate is one of them. The use of abrasives spans into a plethora of industries including mining and glass manufacturing. The revenues within the global cubic boron nitrates market are expected to reach new heights in the forthcoming years.
Transparency Market Research (TMR) assesses the global cubic boron nitrates market to expand at a sturdy CAGR of 7.10% over the period between 2016 and 2024. The total volume of revenues in the global cubic boron nitrates market is slated to touch US$978.9 Mn in 2024, rising up from a value of US$531.3 Mn in 2015. The need for cubic boron nitrates for abrasion is expected to impel the growth of the global market.
Distinct Properties of Cubic Boron Nitrates as a Reason for Market Expansion
Although diamonds are much higher in value relative to cubic boron nitrates, the latter exhibit several advantages over diamonds. This factor has emerged as a prominent factor pertaining to the growth of the cubic boron nitrates market. The insolubility of cubic boron nitrates in multiple alloys widen their scope of application. Machining steels require high-quality abrasives, and boron nitrates are a viable option for this. Manufacturing of cutting tools and soft binders also involves the use of cubic boron nitrates. Therefore, there is little doubt about the inflow of voluminous revenues into the global market.
Advancements in Organic Chemistry
Study of nitrates is an inherent part of the field of organic chemistry. Scientists are constantly looking for new breakthroughs pertaining to the uses, applications, and properties of chemical substances and materials. The research budgets of chemical laboratories have also increased in recent times. Therefore, the growth of the global cubic boron nitrates market is compounded by advancements in the chemical industry. The vendors in the global cubic boron nitrates market are currently in the phase of maturity.
Concerns related to nitrate pollution could be threatening for the market vendors. Scientists recommend a shift from lab-based experiments to field tests in order to minimize nitrates pollution. This trend is expected to exercise influence on the growth graph of the global cubic boron nitrates market.
Some of the prominent vendors operating in the global cubic boron nitrates market are FUNIK Ultrahard Material Co. Ltd., Showa Denko K.K., Hardmetal Corp., Sumitomo Electric Industries Ltd., and REX-LEE.
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