Titanium Market: Current Analysis and Forecast (2022-2028)

Report Description

The global Titanium Market is expected to grow at a significant rate of around 5% during the forecast period. Titanium is a low-density element (approximately 60% of the density of steel and superalloys) that can be strengthened greatly by alloying and deformation processing. Titanium is nonmagnetic and has good heat-transfer properties. Its coefficient of thermal expansion is somewhat lower than that of steel and less than half that of aluminum. Titanium and its alloys are used primarily in two areas of application where the unique characteristics of these metals justify their selection: corrosion-resistant service and strength-efficient structures.

Furthermore, the use of the product as pigments in paints and coatings formulation across the globe acts as one of the major factors driving the growth of the titanium market. The high utilization in the aerospace and aviation industry owing to its excellent temperature properties, strength-to-weight ratio, and adoption to produce high-speed aircraft, spacecraft, ships, and electrodes accelerate the market growth.

Huntsman International LLC, INEOS, Iluka Resources Limited, Sumitomo Corporation, VSMPO-AVISMA Corporation, TOHO TITANIUM, ATI, Precision Castparts Corp, TITANIUM INDUSTRIES INC, and Norsk Titanium.

Insights Presented in the Report

“Amongst product type, titanium dioxide category to witness robust CAGR during the forecast period”

Based on the product type, the titanium market is classified into titanium dioxide and titanium metal. The titanium dioxide segment caters substantial share of the market. it is used in products such as paints, coatings, papers, inks, toothpaste, face powder, and food colouring. The growing population and rapid urbanization in the emerging economies of the world also contribute significantly to market growth. In developed regions, such as North America and Europe, the constant rise in passenger car ownership acts as a driver for the paints & coatings market.

“Amongst application, aerospace segment to hold a significant share in the market in 2020”

Based on application, the titanium market is segmented into aerospace & defense, chemicals, energy, additives & coatings, papers & plastics, and others. The aerospace segment caters considerable share of the market. The demand for titanium in aerospace is growing as it has excellent compatibility with CFRP with respect to corrosiveness and coefficient of thermal expansion issues. Moreover, the usage of titanium in aircraft can also increase that aircraft’s range while decreasing its fuel use. A lighter aircraft requires less fuel to fly, allowing for fewer refueling stops and subsequently longer time periods spent in continuous flight. Titanium is used for multiple areas of aircraft such as Fuselage, Engines, compressors, fan blades, landing gear, flaps, spoilers, fuel tanks, and so on.

“North America to hold a significant share in the market”

North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly attributed to the factors such as the increasing availability of the metal in the region as a result of the metals and mining sector’s rapid expansion, which has also increased the metal’s use in a variety of fields. This has significantly raised the growth expectations for the product market and is anticipated to give new competitors access to major growth prospects in the coming years.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Titanium market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Titanium Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Titanium market were the three major steps undertaken to create and analyze the adoption of Titanium in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Titanium market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Titanium market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Titanium market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a product types, and applications. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Titanium market. Further, we conducted factor analysis using dependent and independent variables such as various types of product types, and applications. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Titanium market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Titanium market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Titanium market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Titanium market in terms of the product offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Titanium market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product types, and applications in the global Titanium market.

The main objective of the Global Titanium Market Study

The current & future market trends of the global polymer-bearing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Titanium market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type of product types and applications.
• Define and analysis of the regulatory framework for the Titanium
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Titanium market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Titanium market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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