Titanium Fluoride Phosphate Market size is expected to reach USD 1 Billion by the end of 2036, growing at a CAGR of 6% over the forecast period, i.e., 2024 – 2036. In the year 2023, the industry size of titanium fluoride phosphate was USD 600 Million. The growth of the market can be attributed to the growing adoption of electric vehicles. In the world, around 6.6 million which accounts for 9% of total automobiles in the world are electric vehicles. Moreover, in 2022, around 26 million cars on the roads were electric. TiFP is used both in lithium-ion batteries and solid-state batteries. It helps in development of electrolytes and boosts the performance and safety of batteries used in electric vehicles.
In addition to these, factors that are believed to fuel the growth of the titanium fluoride phosphate market due to the rising research and development of LiTiPO4F. Researchers are exploring LiToP)4F as a potential component in advanced battery technologies. This could include its use as electrode material or a part of electrolyte in the battery. The combined initiatives by academia, industry, and government have accelerated the development and adoption of LiToPO4F-based technologies.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~6% |
|
Base Year Market Size (2023) |
~ USD 600 Million |
|
Forecast Year Market Size (2036) |
~ USD 1 Billion |
|
Regional Scope |
|
Battery Type (Lithium-Ion Battery, Magnesium-Ion Battery, Aluminum-Ion Battery)
The lithium-ion battery segment is estimated to account for 49% share of the titanium fluoride phosphate market in the year 2036. The growth of the segment can be attributed to the growing demand for batteries made up of lithium. The advent of electric vehicles has boosted its demand. Moreover, lithium-ion batteries find their application in various devices, such as pacemakers, solar energy storage, watches, digital cameras, smartphones, laptops, and others. The demand for lithium-ion batteries for electric vehicles (EVs) is fast increasing; it is expected to reach 9,300 gigatonnes-hours (GWh) by 2030, representing a 1,600% increase over 2020 levels across the globe.
Application (Smart Grids, Cameras, Mobile Phones & Computers, Electric Vehicle, Healthcare Equipment)
Titanium fluoride phosphate market from the electric vehicle segment is expected to garner a significant share of around 40% in the year 2036. Electric car sales have expanded exponentially in recent years, owing to the enhanced range, greater model availability, and improved performance. The growth of the segment is attributed to the growing setup of battery factories specifically for electric vehicles. Volkswagen has introduced its plan to establish 6 new factories in Europe to achieve a combined capacity of 240 GWh by 2030. Moreover, the Pansonic-Tesla Gigafactory 1 in Newada is the world's largest mega factory, having an annual capacity of 37 GWH.
Our in-depth analysis of the global titanium fluoride phosphate market includes the following segments:
|
Battery Type |
|
|
Application |
|
|
End User |
|
APAC Market Forecast
The titanium fluoride phosphate market in Asia Pacific is projected to be the largest with a share of about 36% by the end of 2036. The growth of the market can be attributed majorly to the rising demand for critical healthcare equipment, such as pacemakers, monitoring devices, resuscitation devices, and others. The aging population of Asia Pacific has also increased the instances of chronic diseases, therefore the need for this equipment is also rising. Every year, over 20,000 pacemakers are implanted in India, and the number is rapidly increasing. Furthermore, the rising initiatives by the government to boost the share of renewable energy share in the overall power sector is also expected to drive the market growth in the region.
North American Market Statistics
The North America titanium fluoride phosphate market is estimated to be the second largest, registering a share of about 26% by the end of 2036. The growth of the market can be attributed to rising initiatives to boost the capacity of green energy. The US wants to create roughly 50GW of net renewable generating capacity globally by 2030, up from 3.3GW in 2021. Following the acquisition of projects from 7X Energy, the government is pursuing solar energy projects across the United States through a 50-50 joint venture with Lightsource BP and through BP separately owned projects. A multiyear analysis of the North American power grid revealed that improving transmission and increasing electricity exchange might have considerable advantages, underlining potential customers for a coordinated, low-carbon continental system.
Author Credits: Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?