Titanium products are characterized by their light weight and high strength and this is the reason why they are extensively used in the aviation and aerospace industry, driving the market. Titanium is used for the manufacturing of spacecraft, ships, satellites, and aircrafts. They have self-cleaning properties and are chemically inert to UV rays, thus used in healthcare applications. The demand for titanium is projected to increase in the coming years owing to their use in several industries.
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The global titanium age market is segmented on the basis of geography and application. On the basis of application, the market is segmented into chemical processing, automotive industry, power generation equipment, medical, coatings, and pigments. Titanium is used to manufacture engine parts, exhaust pipes, and suspension bridges in the automotive industry. By geography, the market is segmented into Asia Pacific, Europe, North America, and the Rest of the World.
This report is written and collated by market experts and comprises a detailed overview of the market, a brief introduction on the applications of titanium, growth drivers of the titanium market, and the challenges faced by the vendors in the market. In addition to this, the study also contains a detailed segmentation of the market, pointing out the leading, declining, and fastest growing segment. The market size forecast for the period from 2016 to 2024 has been given in the study, after taking into account the historical and present market figures. The last section of the report consists of case studies of different companies operating in the global titanium market. The recent developments of each of the companies, along with the challenges faced by them have been included in the report.
Titanium is highly in demand from last few years on account of the growth in the oil and gas industry. The thriving power industry and aviation industry are also fueling the demand for titanium and this is encouraging the market’s growth. Moreover, medical devices such as defibrillators and pacemakers are made using titanium, which is leading to a growth in the market. As titanium offers the strength of steel but at half its weight and can endure high temperature, their demand is expected to continue to escalate. However, the volatility in raw material pricing and also the high cost of products made from titanium are likely to restrict the market’s growth.
On a positive note however, the unavailability of any substitute will ensure a continued growth of the market. In addition to this, manufacturers are striving towards achieving cost effectiveness in the manufacturing process itself. These recent developments of manufacturing in a cost effective manner are also creating a positive outlook for the future of the market.
In terms of regional dominance, North America is expected to be the winner. The region not only led in the past but is also leading at present, driven the presence of global leaders in the aviation sector. Europe is also expected to hold a positive environment for the growth of the market. However, it is Asia Pacific, which will expand at the fastest CAGR in the coming years on account of high demand for titanium alloys. Industrialization and rapidly developing medical sector in countries such as China and India, are expected to boost the market further in Asia Pacific.
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Some of the leading vendors in the global titanium market are: Ineos AG, Huntsman International LLC, DuPont, Tronox Limited Toho Titanium Co., Ltd., Iluka Resources Ltd., Sumitomo Corporation, Titanium Metal Corporation., RTI International Metals, and Allegheny Technologies Incorporated.
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