BANGALORE, India , April 25, 2022 /PRNewswire/ -- The Global Titanium Metal Market is Segmented by Type (Plates, Bars, Tube, Forgings, Wires), by Application (Airframes, Aeroengines, Petrochemical, Medical, Desalination, Automotive, Energy): Opportunity Analysis and Industry Forecast, 2021–2027. It is published in Valuates Reports under the Chemicals Industry Category.
The global Titanium Metal Market was valued at USD 4659 Million in 2020 and it is expected to reach USD 6703.2 Million by the end of 2027, growing at a CAGR of 5.3% from 2021 to 2027.
Major Factors Driving the Growth of Titanium Metal Market
The rise in aerospace development expenditure and R&D initiatives from governments across countries provides immense potential for the Titanium alloy market. Growing air travels lead to expansion in the global aviation industry.
Moreover, the rapid use in the petrochemical, medical, automotive, and energy sectors will propel the Titanium metal market forward during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL TITANIUM METAL MARKET
The global titanium market will be impacted positively by the aerospace industry. As air travel is growing the demand for titanium is soaring. Due to its high tensile strength, corrosion resistance, lightweight, bigger strength to density ratio, and ability to absorb high-temperature pressure the metal is used widely in compressor blades, aero-engines, firewalls, and landing gears, exhaust ducts of helicopters, rotors, missiles, spacecraft, and hydraulic systems. Titanium forms a major part of the airframes and engines. Moreover, the ongoing R&D initiatives by governments in the aviation sector will further boost the titanium metal market size.
Titanium is elastic and biocompatible making it suitable for use in the medical industry. The growing number of surgeries and implantations require titanium to be used in surgical devices and pacemaker cases. It aids in osseointegration, hip replacements, and joints. They are also used in microsurgical procedures and military field trauma relief kits. This in turn will spur the demand for the Titanium metal market in the coming years.
The global titanium market will grow rapidly due to huge opportunities in the automotive industry. The metal is used in the replacement of aluminum for making valves, springs, camshafts, wrist parts, connecting rods, and in-car engines. It reduces noise, boosts fuel efficiency, and promotes sustainability.
Oil gas exploration and refining is an energy-intensive process. Pipelines are built with titanium to boost corrosion resistance in underwater operations. As the search for hydrocarbon reserves grows the wells for extraction run deep. In these situations, titanium helps as it has huge tensile loading and the capacity to withstand high temperatures. These factors will contribute significantly to the growth of the Titanium metal market during the forecast period.
The power industry utilizes titanium in plant condenser pipes and nuclear waste storage. It is durable, long-lasting, lightweight, and thinner allowing efficient heat transfer. The pipes become easier to maintain. The metal is also used in seawater desalination. Hence the above factors will surge the expansion of the Titanium metal market during the review period.
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TITANIUM METAL MARKET SHARE ANALYSIS
Based on application, the airframes and aero-engines segment are expected to witness considerable growth in the titanium metal market share as the aerospace industry is growing rapidly. Titanium is exclusively used in the manufacturing of aircraft engines and frames.
Based on region, Asia-Pacific will be the dominating segment in the titanium metal market share with 35% followed by Europe and North America.
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- The global Titanium Ore market was valued at USD 5558.5 Million in 2020 and it is expected to reach USD 8243.5 Million by the end of 2027, growing at a CAGR of 5.8% during 2021-2027.
- The global Titanium Scrap market was valued at USD 583.9 Million in 2020 and it is expected to reach USD 861.1 Million by the end of 2027, growing at a CAGR of 5.7% during 2021-2027.
- Due to the COVID-19 pandemic, the global Titanium Metal Powder market size is estimated to be worth USD 372.5 Million in 2022 and is forecast to a readjusted size of USD 519.5 Million by 2028 with a CAGR of 5.7% during the review period.
- The global Ferro Titanium for Steelmaking market size is projected to reach USD 257.8 Million by 2027, from USD 185.4 Million in 2020, at a CAGR of 4.8% during 2021-2027.
- The global Titanium Tetrachloride market was valued at USD 9235.9 Million in 2020 and it is expected to reach USD 12300 Million by the end of 2027, growing at a CAGR of 4.2% during 2021-2027.
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- Global Aerospace and Defense Metal Bellow Market Outlook 2022
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- Global Titanium Aerospace Forgings Market Insights, Forecast to 2028
- Global Titanium Metal Glasses Frames Market Insights, Forecast to 2028
- Global Titanium Welded Pipe Market Outlook 2022
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