Titanium Diboride Market size is poised to reach USD 9 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of titanium diboride was USD 3 Billion. This growth of the market is set to be dominated by growing demand for lightweight material in different applications including automotive. Lightweight materials have a lot of potential to improve vehicle efficiency since they require less energy to accelerate a lighter item than a heavy one. A 6%–8% increase in fuel efficiency can be obtained with a 10% decrease in vehicle weight. Hence, titanium diboride has lately been used in the production of car pistons, drive shafts, cylinder liners, cutting tools, crankshafts, and brake drums.
Furthermore, the development of new materials with exceptional properties is becoming more and more important as research and development expenditures rise. Due to its special set of qualities, titanium diboride is expected to see an increase in demand in the upcoming years.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~5% |
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Base Year Market Size (2023) |
~ USD 3 Billion |
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Forecast Year Market Size (2036) |
~ USD 9 Billion |
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Regional Scope |
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Application (Ballistic Armor, Aluminum Smelting, Jet Propulsion System, Cutting Tools, Refractory Component, Electrically Conductive/Composite Ceramics, Thin Films & Coatings)
The electrically conductive/composite ceramics segment in the titanium diboride market is set to gather the highest revenue share of about 30% during the forecast period. The growth of the segment is set to be dominated by the growing production of automobiles since this segment is extensively utilized in this application. Worldwide, approximately 84 million motor cars were manufactured in 2022—about a 5% increase over 2021. Moreover, to create electric double-layer capacitors, which are used to create electronic devices, titanium diboride composites with electrical conductivity are employed. Demand for products is anticipated to be driven during the forecast period by the expanding electronics industry. Additionally, due to its expanding application breadth in a variety of end-use industries, including consumer products, and building & construction, the demand for composite ceramics is also expected to increase. It finds use as a substitute for traditional materials like steel and aluminum, which have historically dominated a variety of global sectors.
End-User (Aerospace, Automotive, Electronics, Metallurgy, Energy, Chemical)
The electronics segment in the titanium diboride market is estimated to generate the highest revenue share of over 30% over the coming years. The growth of the segment is set to be influenced by the growing demand for electronics owing to various factors including remote working. The demand for laptops, cameras, and other gadgets that let people work and learn from home has increased as a result of the COVID-19 epidemic, which has propelled the trend toward remote working and learning. Even after the pandemic is over, this tendency is probably here to stay because a lot of individuals have discovered that working remotely offers more freedom and a better work-life balance. Additionally, technological developments spur the creation of new and better products, which raises demand and boosts demand. Hence, further with the surge in segment share the market revenue is also estimated to rise.
Our in-depth analysis of the global titanium diboride market includes the following segments:
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Composite |
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Preparation |
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Application |
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End-User |
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APAC Market Forecast
The Asia Pacific titanium diboride market is set to gather the highest revenue share of over 30% during the forecast period. The major factor influencing the market growth in this region is the rising electricity demand. With an approximately 2 percent increase from the previous year, the Asia Pacific region's primary energy consumption in 2022 was approximately 276 exajoules. As a result, the market for titanium diboride since it is extensively used in energy & power. Furthermore, there has been a growing demand for electric vehicles on account of rising government initiatives in this region. Additionally, since there are several major electric vehicle manufacturers in this area, the adoption rate of these vehicles is rising annually. India is expected to grow at the quickest rate in the titanium diboride market throughout the forecast period as a result of increased consumer demand for high-performance, fuel-efficient, and low-emission automobiles. Hence, this has increased the production of lithium-ion batteries. Therefore, the market growth in this region is growing.
European Market Analysis
The European titanium diboride market is also projected to have notable growth over the coming years. This growth of the market is set to be influenced by the rising urban population. As a result, the energy demand is also estimated to rise. Additionally, the government in this region has launched strict rules to reduce emissions in this region. EU nations are required by the European Climate Law to reduce greenhouse gas emissions by a minimum of 55% by the year 2030. By 2050, they want the EU to be carbon neutral. Therefore, the demand for renewable energy is projected to be dominant in this region.
Author Credits: Smruti Ranjan, Rajrani Baghel
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