Overview and Scope
Titanium is a lustrous, silver-gray metal that is highly resistant to corrosion, with low density, and strong and lightweight. Titanium is used in a variety of industries including power generation, utilities, automotive, and healthcare, due to its excellent strength-to-weight ratio and resistance to extreme temperatures and chemicals.
Sizing and Forecast
The titanium market size has grown strongly in recent years. It will grow from $26.07 billion in 2023 to $27.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to aerospace advancements, military and defense applications, industrial expansion, medical implants and devices, sports equipment development..
The titanium market size is expected to see strong growth in the next few years. It will grow to $34.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to space exploration initiatives, infrastructure development, automotive industry trends, medical implants and prosthetics, expanding renewable energy sector.. Major trends in the forecast period include industrial and chemical processing, space exploration endeavors, architectural and design applications, automotive industry trends, additive manufacturing growth..
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Segmentation & Regional Insights
The titanium market covered in this report 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 2023. The regions covered in the titanium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing automotive industry is expected to propel the growth of the titanium market going forward. The automotive industry refers to the production, manufacturing, and sales of vehicles, including cars, trucks, motorcycles, and other vehicles. Titanium is used to manufacture engine parts such as valves, valve springs, valve spring bearing seats, and connecting rods due to its superior corrosion resistance and high strength. For instance, the National Automobile Dealers Association (NADA), a US-based trade association issued its analysis of 2022 US auto sales and the economy, indicating that new light-vehicle sales reached 13.7 million units. Therefore, the growing automotive industry is driving the titanium market.
Key Industry Players
Major companies operating in the titanium market are developing strategic partnerships to contribute to the development of industries. Strategic partnerships enable companies to strengthen their market presence, enhance competitiveness, and capitalize on new growth opportunities. For instance, in November 2022, Minerals Development Oman (MDO), an Oman-based government agency in partnership with DUBAL Holding, a UAE-based investment company launched the Sohar Titanium project. It involves the establishment of a titanium dioxide production plant in the Sohar Freezone. The project is expected to contribute to the development of industries related to titanium dioxide and offer an encouraging mining investment in the Sultanate, taking advantage of the country’s modern industrial infrastructure.
The titanium market report table of contents includes:
1. Executive Summary
- Titanium Market Characteristics
- Titanium Market Trends And Strategies
- Titanium Market – Macro Economic Scenario
- Global Titanium Market Size and Growth
.
- Global Titanium Market Competitive Benchmarking
- Global Titanium Market Competitive Dashboard
- Key Mergers And Acquisitions In The Titanium Market
- Titanium Market Future Outlook and Potential Analysis
- Appendix
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