Titanium Metal Market Research Report: By Type (Industrial Grade, Medical Grade, Others), By Application (Aerospace, Industrial, Medicinal Materials, Others) - Forecast till 2030

Titanium Market Overview

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.

COVID 19 Analysis

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.

Competitive Landscape

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:-

• ADMA PRODUCTS, INC. (U.S.)


• PRECISION CASTPARTS CORP. (U.S.)


• AMETEK INC. (U.S.)


• VSMPO-AVISTA 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 (UNITED KINGDOM)


• NIPPON STEEL CORPORATION (JAPAN)


• CRS HOLDINGS INC. (UNITED KINGDOM)


• BAOJI TITANIUM INDUSTRY CO. LTD. (CHINA)

Market Dynamics

Drivers

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.

Restraints

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.

Technology Analysis

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.

Study Objectives

• To review the point of view of various industry experts and leaders and anticipate compound annual growth rate and market growth rate by the end of the global forecast in 2028.


• To underline and understand the competitive market outlook and further, analyze the yield and revenue models of key market players, on the global market scale.


• To examine the various market dynamics like trends, drivers, and restraints that are most likely to play a role in helping the market and its different segments growing in the domestic as well as international market.

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.

Regional Analysis

• October 2021- Researchers at the Berkeley-based Department of Energy’s Lawrence Berkeley National Laboratory have discovered that it is possible to use a technique known as cryo-forging to handle pure titanium on the scale of a billionth of a meter at ultra-low temperatures to generate extra-strong “nanotwinned” titanium devoid of sacrificing any of its ductility.
  The study’s project lead, Andrew Minor, said that the research is the first time someone has manufactured a pure nanotwinned structure in the bulk material. He further added that it is unnecessary to choose between ductility and strength anymore due to this discovery of nanotwinned titanium, but instead can achieve both.


• October 2021- Hyperion Metals Hyperion has signed an option agreement to acquire a prominent metals technology company, Blacksand Technology, LLC. Blacksand Technology, LLC is recognized for its breakthrough patented technologies, generating low carbon, low-cost titanium metal, and powders.
  The combination of Hyperion and Blacksand is transformational- binding together two extremely complementary organizations to build a world-class advanced materials and critical minerals market leader.


• January 2021- Norsk Titanium U.S. Inc, has announced the production deliveries of new Boeing 787 Dreamliner components to Leonardo’s Grottaglie Plant, part of Leonardo’s Aerostructures Division, based in Southern Italy.


• January 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.

Intended Audience

• Titanium metal manufacturers and suppliers


• third-party vendors


• Government bodies


• Technology investors


• Research institutes and organizations


• Market research and consulting firms


• End-users/enterprise-users


• Managed service providers (MSPs)

Report Overview

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:

• Market Overview


• COVID 19 Analysis


• Market Dynamics


• Technology Analysis


• Segment Overview


• Regional Analysis


• Competitive Landscape


• Recent Developments