New York , Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global titanium fluoride phosphate market size is projected to grow at a CAGR of over 6% from 2024 to 2036. The market is expected to garner a revenue of USD 1 billion by the end of 2036, up from a revenue of USD 600 Million in the year 2023. This growth is set to be dominated by growing demand for energy. An estimated 580 million terajoules of energy are consumed worldwide each year. Hence, with this, the demand for market is also surging.
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Furthermore, there has been a rise in the consequences of fossil fuel-generated energy on the environment which is why the need for renewable energy is rising. Burning fossil fuels, including coal, oil, or gas, produces a significant amount of greenhouse gases, including carbon dioxide and nitrous oxide, which cover the Earth and trap solar radiation. For instance, the combustion of fossil fuels for generating electricity is responsible for over 39 percent of energy-related carbon dioxide (CO2) emissions. Hence, more preference has been given to clean energy owing to which the need for titanium fluoride phosphate is rising in order to save clean energy.
Titanium Fluoride Phosphate Market: Key Takeaways
- Market in Asia Pacific to propel the highest growth
- Lithium-ion battery segment to garner the highest growth
- North America market to grow at a notable rate
Surge in Urban Population to Boost the Growth of the Global Titanium Fluoride Phosphate Market
By 2021, there will be 4 billion people living in rural regions and over 5 billion living in cities worldwide. Almost 750 million people were classified as mostly city dwellers in 1950. The population is projected to nearly double to over 5 billion by 2021 and reach over 7 billion by 2050, with an additional 3 billion people expected to live in metropolitan areas. In contrast to rural areas, towns, and cities possess a greater variety and quantity of energy sources, and urban households tend to be equipped with more energy-consuming appliances such as air conditioners and heating equipment. As a consequence, urban residents' per capita direct energy consumption is typically higher than that of rural residents. Hence, the demand for market is observing upward moment.
Titanium Fluoride Phosphate Industry: Regional Overview
The global titanium fluoride phosphate market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Electric Vehicles to Influence the Market Expansion in Asia Pacific
The Asia Pacific market for titanium fluoride phosphate is poised to gather the largest share of about 36% over the coming years. This growth in this region’s market is expected to be influenced by rising demand for electric vehicles. For instance, with about 5 million electric vehicles delivered, China led the Asia-Pacific region in sales of electric vehicles in 2022. Solid-state batteries and lithium-ion batteries employ TiFP. It advances the manufacturing of electrolytes and improves the efficiency and security of the batteries used in electric cars.
Rising Chronic Disease to Drive the Market Growth in North America
The North America market for titanium fluoride phosphate is set to have notable growth in the share of about 26% over the forecast period. This growth is set to be dominated by rising chronic diseases. Six out of ten Americans suffer from one or more chronic illnesses, such as diabetes, cancer, heart disease, or stroke. This has increased the demand for instruments which is further boosting the market expansion.
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Titanium Fluoride Phosphate Segmentation by Battery Type
- Lithium-Ion Battery
- Magnesium-Ion Battery
- Aluminum-Ion Battery
The lithium-ion battery segment is to generate the highest share of about 49% over the coming years. This growth could be on account of rising production of lithium-ion batteries. Approximately 947 GWh of lithium-ion battery capacity are in use worldwide at the moment. Approximately 273 GWh of batteries for electric vehicles may be produced globally from this.
Titanium Fluoride Phosphate Segmentation by Application
- Smart Grid
- Cameras
- Mobile Phones & Computers
- Electric Vehicle
- Healthcare Equipment
The electric vehicle segment is set to capture the highest share of over 40% over the coming years. This could be owing to the rising government initiatives for the adoption of electric vehicles. PLI Scheme for National Programme on Advanced Chemistry Cell (ACC) Battery Storage was introduced in 2021 with an investment of over USD 3 Billion over seven years (including two years of gestation phase) to improve India's manufacturing capabilities for the manufacture of ACC in India. After that, the incentive would be paid out over a five-year period based on the sale of batteries made in India.
Titanium Fluoride Phosphate Segmentation by End User
- Industrial
- Automotive
- Power
- Electronics
- Medical
A few of the well-known market leaders in the global titanium fluoride phosphate market that are profiled by Research Nester are The Chemours Company, Huntsman International LLC, Evonik Industries AG, Tronox Holdings Plc, and others.
Recent Development in the Titanium Fluoride Phosphate Market
- The transfer of Evonik Industries AG's Lulsdorf facility to ICIG has been announced. After the process was finished on June 30, the website exclusively concentrates on speciality chemicals. Investors now own the entire website as well as any business activity conducted in Germany via it. The businesses were formerly a part of the Performance Materials Division of Evonik. With the transaction, Evonik has made the first move towards getting rid of all three divisional components. All production facilities and more than 600 employees will be absorbed by ICIG. Workers are entitled to a wide range of protections.
- Leading supplier of titianium technologies and high-performance materials, The Chemours Company, has announced that it has won the third annual Carrier of the Year Award, which honors the exceptional efficiency with which Ti-Pure titanium dioxide (Ti02) is transported to clients. Hirschbach "Transportation Services" has won a gold medal, while Marten Transport has received a Platinum award for the second year running.
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