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Titanium Market

The global Titanium Market is expected to foresee significant growth. North America to lead the growth!

The Titanium Market is expected to grow at a CAGR of around 5% from 2021-2027. 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.

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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.

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.

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For a better understanding of the market adoption of the Titanium industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), of World. 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.

Some of the major players operating in the market Huntsman International LLC, INEOS, Iluka Resources Limited, Sumitomo Corporation, VSMPO-AVISMA Corporation, TOHO TITANIUM, ATI, Precision Castparts Corp, TITANIUM INDUSTRIES INC, and Norsk Titanium.

Global Titanium Market Segmentation

Market Insight, by Product Type

• Titanium Dioxide
• Titanium Metal

Market Insight, by Application

  • Aerospace & Defense
  • Chemicals
  • Energy
  • Additives & Coatings
  • Papers & Plastics
  • Others

Market Insight, by Region

  • North America
    • The United States
    •  Canada
    •  Rest of North America
  • Europe
  • Germany
  • The United Kingdom
  • France
  • Italy
  • Spain
  • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • Australia
    • Rest of Asia-Pacific
  • Rest of the World

Top Company Profiles

• Huntsman International LLC
• Iluka Resources Limited
• Sumitomo Corporation
• VSMPO-AVISMA Corporation
• Precision Castparts Corp
• Norsk Titanium

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