Market Research Future has published a half-cooked research report on the Global Titanium Metal Market Research Report- Forecast to 2023
The Global Market for Titanium Metal can expect to arrive at the valuation of USD 1,823 million by 2023, says Market Research Future (MRFR). The rise in aircraft production is expected to aid the market in achieving a CAGR of 6.17% during the forecast period (2018-2023). Its value in 2017 was estimated to be USD 1,280.2 million. In addition, the market can expect to garner a volume of 204.7 kilotons (KT) at a CAGR of 5.36% during the forecast period.
Titanium is a durable and high strength chemical element with applications across various industries such as automobiles, aerospace, chemical processing and construction among others. Consumer applications including architecture, automotive and sports equipment consume the largest amount of titanium. Defense and aviation applications are projected to be the fastest expanding application in the subsequent years.
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Having said that, the high cost associated with the manufacturing of Titanium could slow down the ongoing market growth in the ensuing years. Nevertheless, the boosted demand for titanium in the aircraft industry is expected to favor the market to a great extent. Its high tensile strength, as well as durability, serves as a primary driver of its demand in the market, mostly in the aviation and defense segment. A surge in the defense budget of several countries is poised to be an additional factor to stimulate market growth. Titanium is considered to be a highly effective substitute for carbon fibers as the former is accepted widely in the market. Innovation, along with research & development accelerates the product’s application scope, which is bound to present the market with plenty of growth opportunities.
Competitive Scenario:
Agreements, partnerships, and expansions are chief strategies undertaken by various participants of the market. To illustrate, in 2018, OSAKA aimed at expanding its production capacity in a bid to meet with the demand for titanium alloy powders. As a result, the plant now produces 100 tons annually.
Some of the prominent contenders within the Worldwide Titanium Metal Market include CRISTAL (Saudi Arabia), VSMPO-AVISMA Corporation (Russia), Global Titanium Inc. (U.S.), ATI (U.S.), Precision Castparts Corp. (U.S.), ADMA Products, Inc. (U.S.), AMETEK Inc. (U.S.), TOHO TITANIUM CO., LTD. (Japan), Osaka Titanium Technologies Co., Ltd. (Japan), Metalysis (U.K.), to name a few.
Recent Updates:
June 2019
Titomic Limited (Australia) has offered TAUV Pty Ltd. with five prototyped metal additively defense soldier system products. This is part of the TAUV project, which is touted to be the world’s first range of additively manufactured titanium defense products.
July 2019
Spirit AeroSystems has developed its latest Titanium fabrication technology, which is a proprietary method to form titanium raw material at high temperatures for the process of fabricating aerospace components.
Summary:
The Titanium Metal Market is expected to have a soaring growth thanks to strong demand from the aerospace industry. The primary reasons for this could the metal’s characteristics of high corrosion resistance, ability to bear high temperatures, and high tensile strength to density ratio. Other than this, the product demand is set to rise in the future, for producing lightweight and fuel-efficient military aircraft. This factor could play a big role in future market growth.
Over and above that, the corrosion resistant nature of Titanium offers the market scope of expansion within the medical industry. Equipment and devices including breast implants, toe implants, tweezers, retractors, and others are made using titanium as it is highly compatible with the human body. Besides, the uptick observed in cosmetic surgeries in the year 2017 on account of its affordability and the high per capita income of consumers can encourage further market growth. As a result, the Worldwide Titanium Metal Market can expect to touch the valuation of USD 1,823 million by 2023. It is believed to obtain a CAGR of 6.17% during the forecast period (2018-2023).
Market Segmentation:
The Worldwide Market for Titanium Metal has been segmented on the basis of Type and Application.
With context to Type, the market is considered for industrial grade, medical grade, and others. Out of these, industrial grade covered about 49% of the Titanium Metal Market in 2017. The factors leading to the segmental dominance in the market is the strong demand from electronics, aerospace, petroleum, chemical processing, and power generation sectors. On this Basis, the segment could expect to touch the valuation of USD 881.9 million by 2023. Meanwhile, medical grade segment’s growth can be at the rate of 6.65% in the coming years, reaching the value of about USD 715.3 million by 2023. It is set to obtain nearly 79.8 kilotons (KT) by 2023, at a growth rate of 5.68% during the evaluation time frame.
The primary applications of Titanium Metal are medicinal materials, industrial, aerospace, and others. The aerospace segment’s coverage was found to be about 62% of the overall Titanium Metal Market in 2017. The segment could reach the valuation of USD 1,154.6 million by 2023 and is estimated to achieve a demand of 130.3 KT by the mentioned year. In addition, medicinal materials can obtain a CAGR of 6.17% in the subsequent years, with predictions of it reaching the valuation of USD 237.1 million by 2023.
Regional Insight:
The Geographical Distribution of the Titanium Metal Market covers Asia Pacific (APAC), Europe, Latin America, North America, and Middle East & Africa (MEA).
APAC claimed a whopping 41% share of the Worldwide Titanium Metal Market in 2017 and can expect to amass close to USD 792.2 million by 2023. The superlative market growth is the result of the massive demand from construction, aerospace, automotive, and chemicals sectors. Apart from this, the optimistically expanding medical sector with a variety of implants for the geriatric populace is deemed to invigorate the regional market. Speedy rate of industrialization, as well as urbanization, also work in favor of the market.
North America market for Titanium Metal can project the value of USD 498.4 million by 2023, supported by the thriving aerospace and defense sectors. Border tensions combined with the hike in terrorist activities could fuel the market growth, as the demand from the aerospace sector could see a sharp rise in the future. Backed by these factors, the region is perceived to garner a demand of 56.2 KT by 2023.
In Europe, mounting passenger volume can elevate the demand for aircraft; a factor touted to yield immense profits for the market. Furthermore, apprehensions related to border security because of the rise in terrorist incidents could propel the regional market to an even higher position.
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