Titanium Global Market Report 2024

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 observed in the historic period can be primarily attributed to several key factors. These include advancements in the aerospace sector, increased utilization of titanium in military and defense applications, expansion within industrial sectors, the growing usage of titanium in medical implants and devices, and the development of sports equipment utilizing titanium's properties. These factors collectively contributed to the growth and expansion of titanium-based applications during the historic period.

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%. Anticipated growth in the forecast period is tied to several significant factors. These encompass space exploration initiatives driving increased demand, infrastructure development utilizing titanium, automotive industry trends leveraging its properties, the continued growth of titanium usage in medical implants and prosthetics, and the expanding renewable energy sector utilizing titanium-based components. Major trends expected during this period include the utilization of titanium in industrial and chemical processing, its integral role in space exploration endeavors, applications in architectural and design fields, its continued influence on automotive industry trends, and the sustained growth of additive manufacturing leveraging titanium's properties. These trends are expected to drive and shape the growth trajectory of titanium in diverse sectors in the forecasted period.

The anticipated expansion of the automotive industry is poised to significantly contribute to the growth of the titanium market. This industry encompasses the production, manufacturing, and sales of various vehicles, such as cars, trucks, motorcycles, and others. Titanium's utilization in the fabrication of engine components, including valves, valve springs, bearing seats, and connecting rods, is driven by its exceptional corrosion resistance and high strength. A case in point is the analysis by the National Automobile Dealers Association (NADA), a US-based trade association, which reported that new light-vehicle sales in the US reached 13.7 million units in 2022. This underscores the pivotal role of the burgeoning automotive sector in propelling the titanium market forward.

The escalating incorporation of titanium in the aerospace industry is anticipated to fuel the growth of the titanium market. The remarkable strength-to-weight ratio of titanium renders it well-suited for aircraft structures that require both strength and lightness. Additionally, its resistance to high temperatures makes it a preferred choice for jet engines. Within turbine engines, titanium finds application in the production of various components, including compressor blades, disks, hubs, spacers, inlet cases, and seals. A notable projection from the vice president of metallic material procurement at Airbus, a France-based multinational aerospace corporation, indicates an expected 80-100% increase in overall titanium demand at Airbus by 2025. Consequently, the increasing use of titanium in the aerospace sector is poised to be a driving force behind the future growth of the titanium market.

Technological innovation emerges as a prominent trend in the titanium market, with major companies prioritizing the development of cutting-edge and inventive products to fortify their market positions. A case in point is Norsk Titanium, an aerospace and defense parts manufacturer based in Norway, which unveiled its inaugural additively manufactured near-net-shape titanium component for the semiconductor manufacturing sector in February 2023. Collaborating with Hittech Group, a machine industry company in the Netherlands, the 80kg titanium carrier tray replaces a forged plate, resulting in a 64% reduction (140 kg) in raw materials for semiconductors. This innovation not only optimizes the customer's existing supply chain but also facilitates capacity expansion without additional capital investment.

Strategic partnerships play a pivotal role among major companies in the titanium market, serving as a means to foster industry development. These partnerships empower companies to enhance their market presence, boost competitiveness, and seize new growth opportunities. An exemplar is the collaboration between Minerals Development Oman (MDO), a government agency based in Oman, and DUBAL Holding, an investment company in the UAE. In November 2022, they jointly launched the Sohar Titanium project, aimed at establishing a titanium dioxide production plant in the Sohar Freezone. Anticipated to contribute to the development of industries related to titanium dioxide, this initiative is set to provide a lucrative mining investment opportunity in the Sultanate, leveraging the country's modern industrial infrastructure.

In April 2022, Kymera International, a specialty materials company based in the United States, successfully acquired AmeriTi Manufacturing Company. The financial details of this acquisition were not publicly disclosed. This strategic move enabled Kymera to expand its portfolio of products and effectively enter into key markets such as aerospace, medical, defense, and industrial sectors. AmeriTi Manufacturing Company, the acquired entity, is a US-based manufacturer specializing in producing ferrotitanium, titanium sponge, titanium powders, and specialty forms. This acquisition significantly broadened Kymera International's capabilities and market reach within the titanium and specialty materials industry.

Major companies operating in the titanium market report are Allegheny Technologies Incorporated, National Titanium Dioxide Company Ltd., CRS Holdings Inc., Nippon Steel Corporation, Osaka Titanium Technologies Co. Ltd., Precision Castparts Corp., Toho Titanium Co. Ltd., VSMPO-AVISMA Corporation, Huntsman Corporation, Global Titanium Inc., Kenmare Resources plc, ADMA Products Inc., AMETEK Inc., INEOS Group Limited, Iluka Resources Ltd., Sumitomo Corporation, Norsk Titanium AS, VV Titanium Pigments Private Limited, Daido Steel Co. Ltd., Kobe Steel Ltd., Des Raj Bansal Group, AMG Advanced Metallurgical Group N.V., Otto Fuchs Company, Mishra Dhatu Nigam Limited, Howmet Aerospace Inc., Perryman Company, Admat Inc., A. M. Castle & Co., Eramet SA, Brismet LLC.

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. The countries covered in the titanium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of titanium are industrial grade and medical grade. Industrial grade titanium, particularly Grade 4 titanium, is known for its lightweight quality and high tensile strength. It finds applications in various sectors such as aircraft components, hydraulic systems, and engine components. Several titanium-based products, including titanium concentrate, titanium tetrachloride, titanium sponge, ferrotitanium, and titanium pigment, among others, are utilized in industries such as paints and coatings, aerospace and defense, chemicals, electric power, and various other applications.

The titanium market research report is one of a series of new reports that provides titanium market statistics, including titanium industry global market size, regional shares, competitors with a titanium market share, detailed titanium market segments, market trends and opportunities, and any further data you may need to thrive in the titanium industry. This titanium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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