Hexagonal Boron Nitride Market Market Share

APAC Market Analysis

The hexagonal boron nitride market in the Asia Pacific region will have the biggest growth during the forecast period with a revenue share of around 38%. This growth will be noticed owing to quick growth in the industrial and automotive sectors. Chinese carmakers generated 27.02 million units in 2022, up by 3.4% per year, while sales increased by 2.1% to 26.86 million units, information from the China Association of Automobile Manufacturers (CAAM) demonstrates. The year-on-year expansion in output and sales last year came despite numerous headwinds encountered by the Chinese automotive industry, comprising the revitalization of COVID-19, a lack of semiconductor chips, high battery raw components prices, and an unsteady geopolitical condition, CAAM expressed.

North American Market Statistics

The hexagonal boron nitride market in the North America region will also encounter huge growth during the forecast period and will hold the second position owing to the automotive industry in the North America region. An all-inclusive on the automotive industry’s contribution to the U.S. economy, the most current collection of total information, was licensed in the fall of 2003 and was developed for the Alliance of Automobile Manufacturers. Some 9.8% of U.S. jobs were straight or indirectly associated with the automobile industry, showing 5.6% of worker compensation. Auto generation shown 3.3% of gross domestic product.