Titanium Diboride Market Trends

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 fuels 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 as 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 battery 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

• 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 for titanium diboride is projected to be hindered over the coming years.
• High production cost of titanium diboride
• Lack of awareness regarding benefits of titanium diboride