Global Titanium Market Size, Trends, and Growth Opportunity, By Type (Titanium Concentrate, Titanium tetrachloride, Titanium Sponge, Ferrotitanium, Titanium Pigment, Other), By Application (Aerospace & Marine, Industrial, Medical, Energy, Pigments, Additives & Coatings, Papers & Plastics, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) and forecast till 2030.
Report ID : IR1002256 | Industries : Chemicals & Materials | Published On :June 2024 | Page Count : 241
Global Titanium Market Size, Trends, and Growth Opportunity, By Type (Titanium Concentrate, Titanium tetrachloride, Titanium Sponge, Ferrotitanium, Titanium Pigment, Other), By Application (Aerospace & Marine, Industrial, Medical, Energy, Pigments, Additives & Coatings, Papers & Plastics, Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East) and forecast till 2030.
Global Titanium Market
The global Titanium market was valued at USD 26.55 Billion in 2022 and is expected to expand to USD 53.50 Billion in 2030 at a CAGR of 7.96% during the forecast period 2023- 2030.
A very robust metal mostly derived from ilmenite & rutile is Titanium metal. This metal is corrosion-resistant and also is very durable and very light.
Market Drivers
The main driving factors for the growth of the market are the increasing application of titanium in several industries like automotive, construction, aerospace, and rules demanding the use of ecologically friendly products.
Market Restraints
The main restraining factors for Global Titanium Market are high production cost and high reactivity at high temperatures. Also, Problems linked with the extraction process of titanium is also expected to hamper the market.
Market Segmentation
The global Titanium market is segmented based on Type, Application, and region. On the basis of Type, it is segmented into Titanium Concentrate, Titanium tetrachloride, Titanium Sponge, Ferrotitanium, Titanium Pigment, and Others. Based on Application, it is segmented into Aerospace & Marine, Industrial, Medical, Energy, Pigments, Additives & Coatings, Papers & Plastics, and Others. Based on region, it is segmented into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Regional Analysis
North America is anticipated to dominate the market owing to the availability of the metal has amplified suggestively as a result of the metals and mining sector's rapid expansion and their high application in the manufacturing of medical products like IV bags.
Asia Pacific is also likely to witness significant growth in the forecast period due to the upsurge in construction activities in China, India, and Southeast Asian countries. Also, the use of titanium has enlarged in aircraft therefore, growth in production of these directly supports Titanium Market growth in this region.
Key Players
Various key players are listed in this report such as Huntsman International LLC., Iluka Resources Limited, Sumitomo Corporation, VSMPO-AVISMA Corporation, TOHO TITANIUM CO., LTD., Precision Castparts Corp, TITANIUM INDUSTRIES INC., Norsk Titanium US Inc., VVTi Pigments., Kenmare Resources plc.
Industry Developments
In May 2020, Tronox Holdings plc has signed a definitive agreement to purchase for approximately $300 million the TiZir Titanium and Iron ('TTI') business from Eramet S.A., a publicly-traded French international mining and metallurgy firm. This strategic transaction is an advancing vertical integration approach that will provide Tronox to expand titanium feedstock capability to better meet internal requirements and, in exchange, better support for pigment customers with a low-cost, reliable supply source.
In 2019, Western Superconducting Technologies Co., Ltd expanded its service by supplying a 63/80-MN two-column high-speed push-down open-die forging press by an SMS group. Two integrated rail-bound 25-ton manipulators and a mobile eight-ton loading and unloading manipulator were also included in the supply.
In 2018, Arconic Corporation expanded its aluminum and titanium aerospace parts facility in Bestwig, Germany. The expansion increased its production capacity in meeting the growing demand from commercial aircraft manufacturers.
Market Taxonomy
By Type
o Titanium Concentrate
o Titanium tetrachloride
o Titanium Sponge
o Ferrotitanium
o Titanium Pigment
o Other
By Application
o Aerospace & Marine
o Industrial
o Energy
o Medical
o Pigments
o Additives & Coatings
o Papers & Plastics
o Others
By Region
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East and Africa
Key Question Addressed by the Report
· What are the Key Opportunities in the Global Titanium Market?
· What will be the growth rate from 2023 to 2030?
· Which segment/region will have the highest growth?
· What are the factors that will impact/drive the Market?
· What is the role of key players in the value chain?
