Titanium Diboride Market : Expected to Expand at a Steady CAGR through 2024
Titanium diboride is a part of metallic hard materials group. It is widely known for its extreme hardness and its composition. It is composed of boron and titanium that are known for its resistance to mechanical erosion. It is also known to be a reasonable electrical conductor and therefore has application as a cathode material in aluminum smelting. It can also be shaped by electrical discharge machining. Titanium diboride is not readily available in nature but is synthesized by reduction reaction i.e. carbothermal reduction process. The chemical formula for titanium diboride is TiB2. Titanium diboride is a hexagonal crystal structure which has melting point of 2900 degree celcius. It has specific gravity of 4510 km/m3 and hardness of 9.5 (Mohs scale). The molecular weight of titanium diboride is known to be 69.54 g/mol.
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Titanium diboride has application in the areas including cutting tools, crucibles, armor, wear resistant coatings and neutron absorbers among others. The major application of titanium diboride is as evaporation boats for vapor coating of aluminium. Aluminium industry is the major consumer of titanium diboride. It is used as a raw material which is used in refining the grain size while casting aluminium alloys. Titanium diboride also acts as a corrosion resistor. Thin films of titanium diboride are used to provide corrosion and wear resistance to a tough or a cheap substrate. It is used as a component in special ceramic composites, as a component for refractories, electrode material in electrolysis cells in aluminium, etc.
Increasing demand from the aluminium industry for various applications is the major factor driving the global titanium diboride market. Growing demand from the other end-user industries is also expected to boost demand for global titanium diboride market as wear resistance has become more critical concern. As demand for light weight and long lasting components is increasing, the demand for titanium diboride is also anticipated to grow in the near future. Aerospace industry is also responsible in contributing to the growth of global titanium diboride market.
Rising health concerns related to titanium diboride are expected to hamper the growth of global titanium diboride market. Inhalation of titanium diboride may cause irritation to the mucous membrane and even may lead to boron poisoning. On ingestion it may lead to irritation in the gastrointestinal tract. It is also reported to affect the central nervous system. On exposure to skin it can cause dermatitis. These factors are expected to hamper the growth of titanium diboride in the market.
North America, Europe, Asia Pacific and Rest of the World (RoW) are the major segments for global titanium diboride market. Asia Pacific is expected to consume large volume of titanium diboride owing to the growing demand from the aluminium industry in the region. North America and Europe are also expected to boost demand for titanium diboride due to the rising demand from the end-user and automobile industries in the regions.
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The key players profiled for global titanium diboride market include: ESK Ceramics GmbH & Co. KG, HardCoating Technologies Limited, 3M, CiDRA® Precision Services, LLC, Treibacher Industrie Inc., H.C. Starck GmbH, ESPI Metals, GE Advanced Ceramics, Momentive Performance Materials Inc. (MPM), ADVANCED CERAMICS MANUFACTURING, Kurt J. Lesker Company, Ceradyne, Inc., MemPro Materials, VanadiumCorp Resource Inc, JAI Engineering Ltd, PLANSEE SE, Kennametal Sintec USA, Aremco and Kailash Marketing Associates among others.
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