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The titanium mill products market size is estimated to grow at a CAGR of 3.88% between 2023 and 2028. The market size is forecast to increase by USD 658.59 million.
This titanium mill products market report extensively covers market segmentation by End-user, Product, and Geography. The end-user segment is classified into industrial, commercial aerospace, and defense. The Product segment encompasses of sheets and plates, billets and bars, and others. The geography segment includes key regions North America, APAC, Europe, Middle East and Africa, and South America. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 - 2022.
The growth of the market depends on several factors such as increasing applications of titanium, rising focus on defense and military applications, and distinct properties of titanium.
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Titanium mill products refer to a range of titanium materials that are manufactured through various milling processes. Titanium is a lightweight and highly corrosion-resistant metal that possesses excellent strength-to-weight ratio and heat resistance, making it an ideal material for a wide range of applications in various industries such as aerospace, automotive, medical, and chemical processing. Moreover, titanium mill products include titanium bars, titanium plates, titanium sheets, titanium tubes, and titanium forgings. These products are typically produced by machining titanium ingots or billets using milling machines, which remove excess material and give the desired shape and size to the final product.
The industrial segment is estimated to witness significant growth during the forecast period. With its distinctive and desirable physical properties, titanium can be used in several end-use markets. Established industrial uses for titanium include power, healthcare, chemical plants, desalination plants, and pollution control equipment. The rapid growth of Southeast Asia and China has created a robust market for titanium-intensive industrial equipment. Titanium is acknowledged for many emerging market applications, including energy (including oil and gas), architecture, and transportation.
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The industrial segment was the largest segment and was valued at USD 1,376.76 million in 2018. The oil and gas industry, a moderately new and potentially large growth area, utilizes titanium in certain critical riser components, down-hole casing, tapered stress joints, saltwater-cooling systems, and fire suppression water pump systems. Moreover, rapid industrialization in developing economies and the growing number of government-driven, large-scale infrastructure projects, such as the construction of auditoriums, bridges, airports, and other mega-projects in different countries across the region, are expected to increase the demand for titanium mill products. Thus, the above-mentioned advantages are expected to increase the demand for titanium mill products, which will propel the growth of the industrial segment in the global titanium mill products market during the forecast period.
APAC is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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North America also plays a significant role in the global titanium mill products market, both as a producer and consumer of titanium mill products. The region's robust aerospace, defense, medical, and industrial sectors drive the demand for titanium mill products. One of the key factors influencing the market in focus in North America is the increased demand for titanium mill products in the aerospace industry. Titanium's exceptional strength-to-weight ratio and corrosion resistance make it ideal for aircraft components. Major aerospace manufacturers in the region, such as Boeing and Airbus, rely on titanium mill products for the production of critical components like engine parts, landing gears, and structural elements.
In the medical industry, North America is a leading market for titanium mill products used in medical implants. Titanium's biocompatibility and corrosion resistance make it suitable for applications such as dental implants, joint replacements, and spinal implants. The region has a high demand for these medical implants due to factors like the ageing population and advancements in medical technology. Such factors are expected to drive the regional market growth during the forecast period.
Distinct properties of titanium are notably driving the market growth. Titanium is an essential raw material that accounts for a significant portion of the structural weight of many military airframes. It offers an excellent set of properties, such as a high strength-to-weight ratio, high tensile strength at high temperatures, corrosion resistance, and thermal stability, that make it ideal for airframe structures. Industrial use of titanium is gaining popularity, specifically in seawater applications. Titanium, with its intrinsic corrosion resistance and high density, is rapidly gaining favour in seawater service over copper-nickel. As compared with copper-nickel, titanium is considered more economical due to its weight and space considerations on floating production systems. Titanium's corrosion resistance, coupled with high tensile strength, makes it a popular option for power generation projects in seawater.
However, for industrial processes requiring high temperatures and corrosion resistance and/or pressures, titanium-clad construction is often a cost-effective solution. It wields a layer of corrosion-resistant titanium alloy to a sheet of steel for pressure control, providing a more durable and reliable alternative to non-metallic linings. Thus, such factors are expected to hinder the growth of the market during the forecast period.
A rising focus on sustainable and eco-friendly solutions is an emerging trend shaping market growth. The global titanium mill products market is witnessing a rising focus on sustainable and eco-friendly solutions. With increasing environmental awareness and the need to reduce carbon footprints, industries are shifting towards materials that offer sustainability benefits, and titanium is emerging as a favourable choice. Furthermore, the renewable energy sector is driving the demand for titanium mill products. Titanium is being used in the production of wind turbine components, such as rotor hubs, nacelles, and tower structures. The lightweight nature of titanium allows for larger and more efficient wind turbine designs, harnessing more energy from wind resources while minimizing the environmental impact.
In addition, Titanium-based cladding systems, roofing panels, and facade materials not only offer durability and corrosion resistance but also contribute to energy efficiency. These materials can improve insulation properties, reduce energy consumption, and promote sustainable building practices. Thus, the above-mentioned factors are expected to increase the adoption of titanium mill products, which will propel the growth of the titanium mill products market during the forecast period.
The limited availability of titanium materials is a significant challenge hindering market growth. The limited availability of titanium materials poses a significant challenge in the global titanium mill products market. Titanium is not as abundant as other metals like iron or aluminum, and its extraction process is complex and energy-intensive. This limited availability creates supply chain constraints and can lead to price volatility in the market. Countries such as the US, China, Russia, Japan, and Ukraine increased the prices of stainless steel and aluminum products, which resulted in low adoption of stainless steel and aluminum products, including titanium. As a result, industries relying on titanium, including aerospace, defense, and medical sectors, had to adjust their supply chains and seek alternative sources or materials.
Moreover, in 2022, the ongoing war between Russia and Ukraine had a negative impact on the titanium materials industry due to disruptions in the supply chain and the temporary shutdown of titanium mining and refining operations. Thus, such factors are expected to negatively affect the adoption of titanium mill products, which may hinder the growth of the global titanium mill products market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acerinox SA - The company offers titanium mill products for various applications under the brand VDM metals.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Acerinox SA, Allegheny Technologies Inc., Auremo GmbH, Baoji Titanium Industry Co. Ltd., Eastern Alloys Inc., Kobe Steel Ltd., Nippon Steel Corp., Norsk Titanium AS, OSAKA Titanium Technologies Co. Ltd, Precision Castparts Corp., Reliance Steel and Aluminum Co., Rostec, Smiths Metal Centres Ltd., Supra Alloys, Titan Engineering Pte Ltd., Titanium Industries Inc., Toho Titanium Co. Ltd., Tricor Metals Inc, United Titanium Inc, and Western Superconducting Technologies Co Ltd
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Titanium Mill Products Market Customer Landscape
Titanium Mill Products Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2017-2021 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.88% |
Market growth 2024-2028 |
USD 658.59 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.0 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 34% |
Key countries |
US, China, Japan, France, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acerinox SA, Allegheny Technologies Inc., Auremo GmbH, Baoji Titanium Industry Co. Ltd., Eastern Alloys Inc., Kobe Steel Ltd., Nippon Steel Corp., Norsk Titanium AS, OSAKA Titanium Technologies Co. Ltd, Precision Castparts Corp., Reliance Steel and Aluminum Co., Rostec, Smiths Metal Centres Ltd., Supra Alloys, Titan Engineering Pte Ltd., Titanium Industries Inc., Toho Titanium Co. Ltd., Tricor Metals Inc, United Titanium Inc, and Western Superconducting Technologies Co Ltd |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
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