Titanium Diboride Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is predicted to hold largest revenue share of 30% by 2035, due to rising demand for electricity. The major factor influencing the market growth in this region is raising demand for electricity. 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 use in energy & power.
Furthermore, there has been 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 over the course of the forecast period as a result of increased consumer demand for high-performance, fuel-efficient, and low-emission automobiles. Hence, this has increased production of lithium ion batteries. Therefore, the market growth in this region is growing.
European Market Insights
The Europe 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 rising urban population. As a result, the demand for energy is also estimated to rise.
Additionally, the government in this region has launched strict rules to reduce emission 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 dominated in this region.
