Titanium Market by Product type (Titanium Dioxide, Titanium Metal) and Application (Paints and Coatings, Aerospace and Defense, Chemicals, Energy and Power, Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026418 | Pages: 100 | Industry: Chemicals and Materials | Date: Sep 2022 | Type: Global

The market crossed US$ 26 billion mark in 2022 and is expected to hit US$ 37 billion by 2030, recording a CAGR of 5.5% during the forecast period.

 

Rising demand of titanium dioxide in the paints & coatings industry

Titanium is used in engine applications such as rotors, compressor blades, hydraulic system components and nacelles. Titanium 6AL-4V alloy accounts for almost 50% of all alloys used in aircraft applications. According to the International Trade Administration (ITA), in 2019 China was the world’s second-largest civil aerospace and aviation services market and one of the fastest growing markets. By the end of 2018, China had more than 59 airlines and 3,615 civil aircraft, an increase of 10% over 2017. Also, the Eastern Economic Corridor (EEC) is targeting US$ 7 billion in investment in MROs and aviation-related industries in Thailand over the next 5 years. Thus, the growth in the production of new aircraft is expected to positively influence the demand for titanium products and is further expected to drive market growth in the forecast period. 

Within the report, the market is segmented into product type, application, and geography. By product type, the market is segmented into titanium dioxide, and titanium metal. By application, the market is categorized into paints & coatings, aerospace & defense, chemicals, energy & power, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Rising strategic development initiatives by manufacturers

Research and development activities have a major role in the growth of the titanium market. The players invest in these activities for expanding the dimensions of applications in which titanium can be utilized. These activities can help in increasing the customer base of the titanium market, eventually increasing the growth rate of the titanium market. Strategic collaborations are crucial for the titanium market. Mergers and acquisitions help expand the influence of the players, ultimately contributing to the growth of the titanium market.

Increasing use of titanium metal in the aerospace & defense industry

Titanium metal is majorly used in the production of turbine engines apart from airframes and other components. In turbine engines, titanium is used to manufacture components such as inlet cases, compressor blades, disks, and hubs, as well as spacers and seals. Titanium is a very stable and economical substitute for aluminum and offers the most efficient weight-to-strength ratio. These factors are expected to propel the demand for titanium in the aerospace and defense industry and is further anticipated to drive the market growth in the forecast period.

Recent strategic developments in the titanium market

The titanium market has undergone several significant developments, and a few of these have been mentioned below:

  • In July 2021, Toho’s development of New Low-Cost Low-Energy-Consumption Titanium Manufacturing Technology moved to the demonstration development phase, under the " Strategic Innovation Program for Energy Conservation Technologies " conducted by New Energy and Industrial Technology Development Organization (NEDO).
  • 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.

The titanium market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. VSMPO-AVISMA, ATI, Titanium Metals Corporation, UKTMP, Toho Titanium. are among the prominent players operating in the market.

Target audience for the report:

  • Raw material providers
  • Titanium manufacturer
  • Titanium related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policymakers
  • Venture capitalists, private equity firms, and start-up companies
  • Research institutes, organizations, and consulting companies

 

Scope of the report:

In this report, the market has been segmented on the basis of:

  • Product Type
  • Titanium Dioxide
  • Titanium Metal
  • Application
  • Paints and Coatings
  • Aerospace and Defense
  • Chemicals
  • Energy and Power
  • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • South & Central America
    • Middle East & Africa
  • Companies profiled
    • VSMPO-AVISMA
    • ATI
    • Titanium Metals Corporation.
    • UKTMP
    • Toho Titanium.

Companies profiled
- VSMPO-AVISMA
- ATI
- Titanium Metals Corporation.
- UKTMP
- Toho Titanium.

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