Titanium Metal Market is expected to hold a market value of USD 1,823 Million while witnessing a CAGR of 6.17% during the forecast period from 2018 to 2023, predicts Market Research Future (MRFR).
The growth of the market is driven because of the excellent mechanical and physical properties of titanium metal that is available in an extensive range and supports wide-scale usage. The major application of titanium alloys and other elements is witnessing a prominent use in the aerospace industry that is used in various jet engines and other market parts. These market alloys have found their excellent use in gas turbine engines, aircraft structures that are inclusive of spacecraft, helicopter rotors, and others like the landing gear. Also, the rising demand for titanium alloys from developing and emerging countries is likely to enhance and attain the maximum demand from countries like Russia and China.
The arrival of the novel coronavirus pandemic has harmed the functioning of the titanium metal industry especially during the forecast period that will be ending in 2028. Some several countries and markets were facing functional restrictions and the imposition of permanent and temporary lockdown. The negative impact was witnessed by a series of market industries like aerospace, automotive, and others like chemicals.
However, the condition of the market is likely to expect the arrival of a recovery phase during the beginning of the ongoing forecast period in 2021. The rising market investment is likely to help the market cover the losses and hence, give rise to the expansion opportunities that will be helpful for the global market growth.
To get a comprehensive and acute idea about the titanium metal market insights, it is very important to create a competitive environment amongst the different prime players present at different market locations all around the world. All the global market players are engaging and competing globally in the international market by implementing various types of strategies such as product launches and upgrades, mergers and acquisitions, partnerships, etc. The most valuable players of this market are:-
The growing demand for titanium metal market products in the aerospace and aviation industry is likely to emerge as a significant factor that is likely to introduce various kinds of benefits to the titanium metal industry during the forecast period that will be ending in 2028. The demand for titanium is speculated to rise majorly due to the growing requirement of the products and services in spacecraft, ships, and high-speed aircraft. The titanium market further has the potential to showcase a significant degree of growth in the forthcoming period due to the expansion of the need in the defense sector as well. Apart from the above-discussed sectors, metal is also likely to gain a high degree of prominence in the medical sector and the finishing industry.
The titanium alloys belong to a premium pricing range which is likely to hamper the growth rate of the market during the forecast period and hence, drive the market towards losses and hamper the quality in the global market.
The titanium metal market trends are witnessing a substantial increase in the demand for both lightweight and fuel-efficient vehicles as the disposable income of people is rising. Also, the global push in the demand for the market can be attributed to the rising crisis regarding the environment protocols and regulations, that is likely to offer a huge and expanded range of significant opportunities to the global titanium metal market that can result in the global improvement of the market revenue and share during the forecast period that will be ending in 2028.
Titanium metal market share is expected to witness significant growth owing to the performance of different market segments. Among these, the aerospace segment will be the fastest-growing and also contribute towards this market growth more than any other segment as the demand for commercial aircraft is increasing day by day. The market value of this sector is expected to be 1154.6 million and will contribute towards 62% of the market share. The industrial-grade is also expected to witness significant growth due to the increasing demand for titanium metal in the electronics, petroleum, power generation, and chemical processing sector. With all this, the medical sector will also be valued at USD 823.5 million. For magnifying use the market has been segmented into the following on different bases:
Based on type,
it has medical grade, industrial grade, and others.
Based on application,
it has aerospace, industrial, medical materials, and others.
The global market report helps in understanding the growth potential of the market from a series of aspects. The market report covers the following aspects:
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Type, Application and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ADMA Products, Inc. (U.S.),Precision Castparts Corp. (U.S.),AMETEK Inc. (U.S.),VSMPO-AVISMA Corporation (Russia),CRISTAL (Saudi Arabia),ATI (U.S.),TOHO TITANIUM CO., LTD. (Japan), Global Titanium Inc. (U.S.), OSAKA Titanium Technologies Co., Ltd. (Japan),Metalysis (U.K.)|
|Key Market Opportunities||Increasing Demand for Lightweight and Fuel-Efficient Vehicles to Offer a Significant Opportunity to Titanium Industry|
|Key Market Drivers||Growing Demand of Titanium in Aerospace & Aviation Industry to Boost the Market Growth|
Frequently Asked Questions (FAQ) :
The global titanium metal market valuation can touch USD 1,823 million by 2023.
The global titanium metal market can register 6.17% CAGR from 2018 to 2023.
The global titanium metal market demand can touch 204.7 kilotons by 2023..
APAC can dominate the global titanium metal market owing to massive applications in aerospace, construction, chemical, and medical.
ADMA Products, Inc., Metalysis, CRISTAL, VSMPO-AVISMA Corporation, TOHO TITANIUM CO., LTD., AMETEK Inc., ATI, OSAKA Titanium Technologies Co., Ltd., Global Titanium Inc., and Precision Castparts Corp. are major players of the global titanium metal market.