Titanium Metal Market Research Report: By Type (Industrial Grade, Medical Grade, Others), By Application (Aerospace, Industrial, Medicinal Materials, Others) - Forecast till 2027
ID: MRFR/CnM/6013-CR | February 2021 | Region: Global | 139 pages
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).
Impact of COVID-19
Titanium Industry has been flourishing relentlessly. However, the situation changed due to the outbreak of COVID-19, and the commercial aviation and the aerospace sector faced unexpected disruption in the supply and manufacture process. Various airline services faced a financial challenge that drastically reduced their profit margins and contracted the titanium metal market size. Besides, the financial crisis has also reduced demand for the metal in the aerospace industry, thereby adversely impacting the titanium metal market.
List of Key Players Covered in the Report
- 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.)
Market Dynamics
Drivers
Growing Demand of Titanium in Aerospace & Aviation Industry to Boost the Market Growth
The growing demand for titanium metal in the aerospace & aviation industry is expected to be a significant factor that is likely to benefit the titanium metal industry during the forecast period. The demand for titanium is speculated to rise due to the growing requirement of spacecraft, ships, and high-speed aircraft. The titanium market can showcase significant growth in the forthcoming tenure due to the expansion of the defense sector as well. Apart from the aforementioned sectors, metal is also gaining prominence in the medical sector and as well as in the finishing industry.
Opportunities
Increasing Demand for Lightweight and Fuel-Efficient Vehicles to Offer a Significant Opportunity to Titanium Industry
The increasing demand for lightweight and fuel-efficient vehicles, owing to the rising crisis regarding the environment, is expected to offer a significant opportunity to the market that can augment the titanium metal market share.
Restraints
High Cost of Titanium to Hamper the Market Growth
The premium pricing of titanium alloys is expected to be a significant factor that is likely to hamper the expansion of the market during the forecast period.
Challenges
Unavailability of Raw Material to Pose a Challenge to the Market Growth
The fluctuating price of raw materials and the unavailability of raw materials are expected to pose a significant challenge to the market growth in the coming time.
Cumulative Market Growth Analysis
MRFR asserts that the global market for titanium metal is expected to witness significant growth during the forecast period. The expansion of the market can be attributed to the growing demand for the metal in aerospace, medical, and other sectors. The flourishing cosmetic industry is also expected to offer a lucrative opportunity to the manufacturers to enhance their consumer base, especially in developing countries.
Segment Overview
By Application
In the application segment of the global market for titanium, the aerospace segment is anticipated to acquire a market value of USD 1,154.6 million while generating a demand of 130.3 KT by 2023. The segment had acquired about 62% of the market share in 2017. On the other hand, the medicinal materials segment is expected to display a CAGR of 6.17% while garnering a market value of USD 237.1 million by 2023.
By Type
In the type segment of the global market for titanium, the industrial-grade is expected to acquire a market value of USD 881.9 million by 2023. The development of the segment can be attributed to the growing demand of metal from the electronics, aerospace, petroleum, power generation, and chemical processing sectors. On the other hand, the medical-grade segment is anticipated to acquire a market value of USD 715.3 million while exhibiting a CAGR of 6.65% by 2023.
Regional Analysis
APAC to Procure USD 792.2 Mn by 2023
As per the assessment by MRFR, the global market is anticipated to be dominated by APAC due to t the mounting demand for the metal from various sectors such as; medical, chemicals, construction, and aerospace. The rapid rise in the aerospace sector due to the increasing demand of commercial aircraft and military aircraft is anticipated to make a significant contribution in developing the regional market during the forecast period. The market is likely to hold a market value of USD 792.2 million by 2023.
The rapid growth in the population with increasing disposable income is also expected to strengthen the market in the region. The development of the medical sector can grow the demand for titanium for the production of devices such as; retractors, breast implants, and others. In addition, the metal is anticipated to showcase an increased demand from the cosmetic industry too.
North America to Procure USD 498.4 Mn by 2023
North America is expected to acquire significant growth by holding a market value of USD 498.4 million by 2023. The development of the market in the region can be attributed to the flourishing aerospace and defense industries. Besides, a high budget allocated for the defense sector is likely to play a crucial role in developing the market in the region. The increasing terrorist activities in the region is another salient cause, which can augment the industry in the region. Among all, the U.S. is anticipated to make the most notable contribution in the coming term.
Competitive Landscape
The growing agreements, partnerships, and the expansion of the consumer base are some of the primary strategies adopted by key players of the market. The increasing demand of titanium due to the development of the aerospace sector is likely to motivate players to incorporate innovation in the product, which will give them an upper hand.
Recent Developments
- 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.
Report Overview
The market report on Global Titanium Metal comprises a market overview, growth strategies implemented by the key players, market challenges, and the factors driving the industry during the forecast period. The report also casts light on the revenue generation, the latest trends, the market size by types and applications. The analysis also throws light on the segmentation product type, information, market segmentation, and price analysis. In addition, the extensive study on the market also informs about the impact of COVID-19 on the market. Apart from these, the report casts light on the latest prevailing business trends and the top technological development incorporated in the product. Besides, the renowned vendors and the strategies adopted by them to stay competitive in the industry have also been highlighted.
Segmentation Table
Global Titanium Metal Market, By Type
- Medical Grade
- Industrial Grade
- Others
Global Titanium Metal Market, By Application
- Aerospace
- Industrial
- Medicinal Materials
- Others
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size |
|
| CAGR | 6.17%(2018–2023) |
| Base Year | 2019 |
| Forecast Period | 2020-2027 |
| Historical Data | 2018 |
| 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.