Titanium Diboride Market Size & Share, by Composite (Metal, Ceramic); Preparation (Carbothermal Reduction Method, Self-Propagation High Temperature); Application (Ballistic Armor, Aluminum Smelting, Jet Propulsion System, Cutting Tools, Refractory Component, Electrically Conductive/Composite Ceramics, Thin Films & Coatings); End-User (Aerospace, Automotive, Electronics, Metallurgy, Energy, Chemical) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5827
  • Published Date: Mar 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024 - 2036

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.


Titanium Diboride Market
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Titanium Diboride Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Demand for Renewable Energy - The need to develop clean, renewable energy alternatives has become urgent due to the negative environmental effects of continuing to rely on the already finite fossil fuels to power the world's expanding population. Globally, the use of renewable energy has increased significantly during the last 20 years. The consumption levels in 2022 exceeded 44 exajoules. Further, an essential anodic process that is required to support numerous cathodic fuel-generating activities is electrochemical water oxidation. Inexpensive materials with the ability to catalyze water oxidation are required to make renewable energy technologies accessible. Hence, the utilization of titanium diboride is estimated to grow since it is demonstrated to be a successful earth-available electrocatalyst for the oxidation of water in an acidic electrolyte.
  • Surge in Demand for Smartphones - Their seamless connectivity, high technology integration, and versatile capabilities have contributed to their recent spike in popularity among the general public for smartphones. Hence, with this, the demand for lithium-ion batteries is also projected to rise. Lithium-ion batteries offer a better power density, last longer, and charge more quickly than conventional batteries, allowing for longer battery life in a lighter design. Owing to this the demand for titanium diboride is also estimated to rise. For instance, A group of scientists from the Japan Advanced Institute of Science and Technology (JAIST) and the Indian Institute of Technology, Gandhinagar (IITGN) have developed a novel anode material that allows lithium batteries to be recharged in a matter of minutes. The scientists stated that titanium diboride (TiB2) nanosheets, which are made of layers of boron and metal atoms arranged like a multi-stacked sandwich, were used to create the new two-dimensional (2D) anode material.
  • Rising Need for Wear-Resistant Coatings -The titanium diboride market is anticipated to develop as a result of the increasing need for wear-resistant coatings across a range of industries, including mining, oil and gas, and chemical manufacturing. Titanium diboride is a popular material for coating applications because of its resistance to corrosive conditions and high temperatures.

Challenges

  • High Production Cost of Titanium Diboride
  • Lack of Awareness Regarding Benefits of Titanium Diboride
  • Surging Concern Regarding Titanium Diboride on Health - Growing worries regarding the health effects of titanium diboride exposure on humans are expected to negatively impact titanium diboride market value in the future. The inhalation of titanium diboride has the potential to irritate mucous membranes and could result in lead poisoning. It is likely to impact the central nervous system and cause discomfort in the gastrointestinal tract upon intake. When exposed to the skin, titanium diboride can result in dermatitis. Therefore, the growth of the market for titanium diboride is projected to be hindered over the coming years.

Titanium Diboride Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~5%

Base Year Market Size (2023)

~ USD 3 Billion

Forecast Year Market Size (2036)

~ USD 9 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Titanium Diboride Segmentation

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:

          Composite

  • Metal
  • Ceramic

          Preparation

  • Carbothermal Reduction Method
  • Self-Propagation High Temperature

          Application

  • Ballistic Armor
  • Aluminum Smelting
  • Jet Propulsion System
  • Cutting Tools
  • Refractory Component
  • Electrically Conductive/Composite Ceramics
  • Thin Films & Coatings

          End-User

  • Aerospace
  • Automotive
  • Electronics
  • Metallurgy
  • Energy
  • Chemical

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Titanium Diboride Industry - Regional Synopsis

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.

Research Nester
Titanium Diboride Market size
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Top Featured Companies Dominating the Titanium Diboride Market

top-features-companies
    • 3M
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Plansee SE
    • Orient Special Ceramics
    • Sinyo Co., Ltd.
    • Kennametal, Inc.
    • H.C. Starck Tungsten GmbH
    • Momentive
    • Treibacher Industrie AG
    • Materion Corporation
    • Eni 

In-the-news

In The News

  • A definitive deal to purchase M*Modal's technology division for a total enterprise value of $1.0 billion was announced by 3M. Leading developer of cloud-based, conversational Artificial Intelligence (AI) technologies for healthcare, M*Modal enables doctors to effectively capture and enhance the patient narrative, freeing them up to spend more time with patients and deliver higher-quality care.
  • The Reutte, Austria-based Plansee Group started a collaboration with the Icelandic technology company Arctus, the aluminum manufacturer Trimet, Essen, Germany, and Saarland University. The project's goal is to scale up a revolutionary production technique that produces aluminum without the need for carbon. The manufacture of aluminum would produce just oxygen and not carbon dioxide, lowering its carbon footprint. Plansee Group, an innovation partner, contributes significantly to lowering Trimet's carbon footprint by ensuring the supply of optimized TiB2 cathodes needed to build electrolytic cells for the production of aluminum.

Author Credits:  Smruti Ranjan, Rajrani Baghel


  • Report ID: 5827
  • Published Date: Mar 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are the growing demand for renewable energy, the surge in demand for smartphones, and the rising need for wear-resistant coating.

The market size of titanium diboride is anticipated to attain a CAGR of 5% over the forecast period, i.e., 2024 - 2036.

The major players in the market are 3M, Plansee SE, Orient Special Ceramics, Sinyo Co., Ltd., and others.

The electronics segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Titanium Diboride Market Report Scope
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