Hexagonal Boron Nitride Market

Market Definition

The hexagonal boron nitride (h-BN) market encompasses the production, distribution, and consumption of  h-BN,  a synthetic compound with a graphite-like structure.

Known for its high thermal conductivity, electrical insulation, chemical stability, and lubricating properties, hexagonal boron nitride (h-BN) is produced through processes such as chemical vapor deposition (CVD), where boron and nitrogen atoms form a hexagonal lattice.

Hexagonal Boron Nitride Market Overview

Global hexagonal boron nitride market size was valued at USD 878.5 million in 2023, which is estimated to be valued at USD 918.2 million in 2024 and reach USD 1328.2 million by 2031, growing at a CAGR of 5.42% from 2024 to 2031.

The rising demand for compact, high-performance electronic devices is highlighting the need for effective heat dissipation and electrical insulation. Hexagonal boron nitride (h-BN) offers exceptional thermal conductivity and electrical insulation, making it essential for advanced electronics, boosting market growth.

Major companies operating in the global hexagonal boron nitride industry are Denka Company Limited, Momentive Technologies, Kennametal Inc, Resonac Holdings Corporation, Henze Boron Nitride Products AG, Höganäs AB, Saint-Gobain, American Elements, Grolltex Inc, Supervac Industries LLP, UK Abrasives, Inc., ZYP Coatings, Inc, BORTEK, Precision Ceramics Europe Limited, ITOWU Trading (Dalian ) Co., Ltd, and others.

The market is experiencing significant growth, due to its unique properties such as high thermal conductivity, electrical insulation, and chemical stability. This growth is further fueled by its rising application in the electric vehicle (EV) industry.

The growing adoption of EVs is boosting the demand for effective thermal management in batteries and electronic components. h-BN improves battery performance and longevity by dissipating heat while providing electrical insulation. This is expected to propel market growth, offering substantial opportunities for manufacturers and suppliers in the sector.

• According to the International Energy Agency (IEA), electric vehicle sales reached nearly 14 million units in 2023, accounting for 18.5% of global sales. This surge is boosting the demand for hexagonal boron nitride in battery thermal management.

Key Highlights:

1. The global hexagonal boron nitride market size was recorded at USD 878.5 million in 2023.
2. The market is projected to grow at a CAGR of 5.42% from 2024 to 2031.
3. Asia Pacific held a share of 34.71% in 2023, valued at USD 305.0 million.
4. The standard segment garnered USD 464.5 million in revenue in 2023.
5. The electrical insulation segment is expected to reach USD 358.5 million by 2031.
6. The automotive segment is anticipated to witness the fastest CAGR of 6.03% over the forecast period
7. North America is anticipated to grow at a CAGR of 5.44% through the projection period.

Market Driver

"Growth of Semiconductor Industry"

The expansion of the semiconductor industry is fueling the growth of the hexagonal boron nitride (h-BN) market.

• In February 2025, the Semiconductor Industry Association (SIA) reported a 19.1% increase in global semiconductor sales for 2024, with further growth projected in 2025.

The advancement of semiconductors, particularly in power electronics, is increasing the demand for materials with superior thermal management and electrical insulation. h-BN, known for its excellent thermal conductivity and electrical insulating properties, is becoming essential in preventing overheating and enhancing the performance of power electronics. This  growing reliance on h-BN is accelerating market growth.

• In April 2024, CUNY ASRC researchers unveiled critical insights into Hexagonal Boron Nitride (h-BN), revealing how defects in its structure generate single-photon emitters (SPEs). This breakthrough enhances h-BN’s applications in quantum technologies, power electronics, and advanced semiconductor systems.

Market Challenge

"Supply Chain Constraints"

A major challenge impeding the development of the hexagonal boron nitride (h-BN) market is supply chain constraints, including limited high-quality raw materials and a complex manufacturing process. This can lead to production delays and price volatility.

This challenge can be addressed through the development of alternative sourcing strategies, such as diversifying suppliers and investing in advanced manufacturing technologies to increase efficiency. Additionally, improving research on sustainable production methods could enhance supply reliability and reduce costs in the long term.

Market Trend

"Advancements in Nanotechnology"

A key trend in the hexagonal boron nitride (h-BN) market is its growing role in nanotechnology, particularly in nanocomposites and thin films. These materials are increasingly used in advanced electronics and aerospace applications due to its high thermal conductivity, electrical insulation, and mechanical strength.

As industries demand more efficient and lightweight materials, h-BN-based nanomaterials are becoming crucial for enhancing the performance, durability, and efficiency of electronic devices, sensors, coatings, and components in aerospace systems.

• In August 2023, Rice University scientists discovered that a composite of hexagonal and cubic boron nitride exhibits unique properties beneficial for next-gen microchips and quantum devices. This breakthrough enables the development of tailored materials with improved thermal, optical, and mechanical properties for advanced electronics and aerospace applications.

Hexagonal Boron Nitride Market Report Snapshot

Segmentation	Details
By Grade	Premium, Standard
By Application	Paints & Coatings, Electrical Insulation, Composites, Lubricants, Personal Care & Cosmetics, Others
By End-Use	Electronics & Semiconductor, Aerospace & Defense, Automotive, Healthcare, Others
By Region	North America: U.S., Canada, Mexico
	Europe: France, U.K., Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation

• By Grade (Premium and Standard): The standard segment earned USD 464.5 million in 2023, mainly due to its widespread industrial applications.
• By Application (Paints & Coatings, Electrical Insulation, Composites, Lubricants, Personal Care & Cosmetics, and Others): The electrical insulation segment held a share of 26.94% of the market, propelled by its exceptional thermal properties.
• By End-Use (Electronics & Semiconductor, Aerospace & Defense, Automotive, and Healthcare): The electronics & semiconductor segment is projected to reach USD 371.1 million by 2031, largely attributed to increasing demand for efficient heat dissipation.

Hexagonal Boron Nitride Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Asia Pacific hexagonal boron nitride market accounted for a substantial share of around 34.71% in 2023, valued at USD 305.0 million. The region’s rapid industrialization, particularly in the electronics, automotive, and aerospace sectors, is boosting the demand for h-BN.

Countries such as China, Japan, and South Korea are at the forefront of this growth, leveraging h-BN’s excellent thermal conductivity and electrical insulation properties for advanced manufacturing. Strong R&D investments and growing demand for semiconductors and electronics position the regional market for sustained expansion.

• In December 2024, researchers at King Abdullah University of Science and Technology (KAUST), Saudi Arabia, developed a chemical vapor deposition method for growing high-quality, single-crystal hexagonal boron nitride (hBN) films. The process, using chemical vapor deposition, enhances performance for 2D material electronic devices.

The hexagonal boron nitride industry in North America is set to grow at a CAGR of 5.44% over the forecast period. This growth is characterized by increasing demand across the electronics and semiconductor industries.

The rise of advanced technologies such as electric vehicles and power electronics is highlighting the need for materials such as h-BN, known for its exceptional thermal management and electrical insulating properties. Significant investments in research and development, particularly in the United States, are fueling innovation and supporting regional market growth.

Regulatory Frameworks

• OSHA, a part of the United States Department of Labor, ensures safe and healthful working conditions  by setting and enforcing standards, protecting workers from unlawful retaliation, and promoting training, outreach, and collaboration with state OSHA programs.
• The U.S. Environmental Protection Agency, protects human health and the environment through various environmental laws.
• In Japan, the Industrial Safety and Health Act, in conjunction with the Labor Standards Act, promote workplace safety and well-being by advancing comprehensive and systematic measures to prevent industrial injuries prevention and create comfortable work environments..

Competitive Landscape

The global hexagonal boron nitride market is characterized by a large number of participants, including both established corporations and emerging players. Market participants are increasingly engaging in strategic partnerships to enhance product development, expand production capabilities, and explore new applications.

These collaborations typically focus on advancing manufacturing technologies, improving material properties, and accessing emerging markets. By joining forces, companies aim to strengthen their competitive positions and foster innovation in industries such as electronics, aerospace, and nanotechnology.

• In September 2023, Saint-Gobain Boron Nitride partnered with Haydale Group to enhance the surface chemistries of boron nitride powders. This collaboration aims to improve the processing, mechanical properties, and thermal performance of hBN powders, addressing industry challenges and expanding applications.

 List of Key Companies in Hexagonal Boron Nitride Market:

• Denka Company Limited
• Momentive Technologies
• Kennametal Inc
• Resonac Holdings Corporation
• Henze Boron Nitride Products AG
• Höganäs AB
• Saint-Gobain
• American Elements
• Grolltex Inc
• Supervac Industries LLP
• UK Abrasives, Inc.
• ZYP Coatings, Inc
• BORTEK
• Precision Ceramics Europe Limited
• ITOWU Trading (Dalian ) Co., Ltd

Recent Developments (Launch)

• In November 2023, Saint-Gobain Boron Nitride introduced its new line of pigmented coatings, CeraGlide Azure Boron Nitride Coatings at the Aluminum USA Trade Show. These coatings, designed for aluminum casting, offer excellent adhesion, non-stick properties, and enhanced refractory protection.