The Titanium Global Market Report 2023, provides comprehensive information on the titanium market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global titanium market size is expected to grow from $24.59 billion in 2022 to $26.07 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global titanium market size is expected to reach $32.40 billion in 2027 at a CAGR of 5.6%.
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Technological innovation is a key trend gaining popularity in the titanium market. Major companies operating in the market are focused on developing technologically advanced and innovative products to strengthen their position in the market. For instance, in February 2023, Norsk Titanium, a Norway-based aerospace and defense parts manufacturer, introduced its first additively manufactured near-net-shape titanium component for the semiconductor manufacturing industry. The 80kg titanium carrier tray is designed in association with Hittech Group, a Netherlands-based machine industry company. The additively manufactured titanium carrier tray replaces a forged plate and saves 140 kg (64%) in raw materials for semiconductors while also allowing the customer to use its existing supply chain and expand their current capacity without any additional capital investment.
The titanium market is segmented:
1) By Type: Industrial Grade, Medical Grade
2) By Product Type: Titanium Concentrate, Titanium Tetrachloride, Titanium Sponge, Ferrotitanium, Titanium Pigment, Other Products
3) By Application: Paints And Coatings, Aerospace And Defense, Chemicals, Electric Power, Other Applications
Asia-Pacific was the largest region in the titanium market in 2022.
The table of contents in TBRC’s titanium market report includes:
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