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The Global Titanium Market size is estimated to increase by USD 8.07 billion and grow at a CAGR of 5.72% between 2022 and 2027. The market is experiencing growth due to the increasing use of weight reduction in vehicles. However, concerns about the potential carcinogenic effects of titanium dioxide (TiO2) present a significant challenge. Companies can overcome these challenges by capitalizing on emerging applications of these alloys and other market trends.
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This market report extensively covers market segmentation by application, product type, and geography. The application segment is categorized into aerospace and marine, industrial, medical, and others. The product type segment is classified into titanium dioxide and titanium metal, and the geography includes key regions such as APAC, North America, Europe, South America, and the Middle East and Africa.
Titanium is a chemical element with the symbol Ti and atomic number 22. It exists only as an oxide in nature and, upon reduction, produces a lustrous, silvery, low-density, corrosion-resistant, and high-strength transition metal. It is the ninth most common element on Earth. It is usually mined from various minerals within the Earth's crust, such as ilmenite, sphene, and rutile. It is an exotic metal with a unique combination of mechanical, chemical, and physical properties.
The titanium dioxide segment is estimated to witness significant growth during the forecast period. Titanium dioxide (TiO2), also known as titania, is primarily used in the paper and plastics industry and the paints and varnishes industry. These two industries together account for 70% of the world's TiO2 consumption. It is also used in cosmetic products, printing inks, production of rubber, fibers, electrical ceramics, glass and glass ceramics, and electric conductors.
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The titanium dioxide segment was the largest segment and was valued at USD 17.23 billion in 2017. The discovery of nanostructured TiO2 has particularly gained interest due to its diverse applications. It is used in various applications in electronic materials, energy, environment, health and medicine, and catalysis industries. Moreover, the presence of numerous vendors like Chemours, CRISTAL, Huntsman International, and Tronox also contributes to the growth of this segment during the forecast period.
Based on product type, titanium dioxide holds the largest market share. It also known as titania, is a naturally occurring oxide of titanium derived from minerals like ilmenite and rutile. TiO2 finds extensive applications in various industries, with the paper and plastics industry and paints and varnishes industry being the largest consumers, accounting for over 70% of global consumption. TiO2 is also used in cosmetic products, printing inks, rubber, fibers, food, technical pure production, electrical ceramics, glass, electric conductors, metal patinas, catalysts, chemical intermediates, and nanostructured forms with potential applications in electronic materials, energy, environment, health and medicine, and catalysis. The widespread use of TiO2 makes it a dominant segment with expected growth in the forecast period.
APAC is estimated to contribute 55% 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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During the forecast period, APAC is anticipated to remain the largest consumer. China plays a significant role in the regional market, with numerous vendors like Shanghai Nadong Metal Co., LTD, Foshan Richemical Industry Co. Ltd, and Dinayen Enterprise Management contributing to its revenue. The demand is also growing in key countries like Japan, India, and Australia, further driving market growth in the region.
It is highly preferred by architects and the construction industry due to its lightweight, strength, ease of processing, and corrosion resistance. It meets various performance requirements for building materials and offers a durable, metallic appearance. Its applications extend to exterior wall decoration, roofs, harbor buildings, bridges, tunnels, railings, anti-corrosion coatings, and more. The rising focus on commercial and residential construction, coupled with infrastructure investments, will drive the demand in the region. China's announcement of significant investments in construction projects will fuel the demand in applications such as paints and coatings in the construction sector.
The market is propelled by its versatile applications across various industries. With its remarkable attributes like corrosion resistance, thermal stability, and lightweight nature, titanium finds extensive use in aerospace, military, and medical sectors. This transition metal is a crucial component in high-performance alloys, enhancing the durability and efficiency of jet engines, spacecraft, and military equipment. Its utilization extends to jewelry, prosthetics, sports equipment, and cutting-edge products, owing to its exceptional properties. Rutile, a primary source of titanium, undergoes refining processes to produce titanium alloys for diverse applications. As demand surges across sectors like wind and solar power, titanium's role in constructing durable components underscores its significance in modern industrial advancements.
The market is experiencing rapid growth, propelled by the increasing adoption of lower vehicle weight. As the demand for lightweight vehicles rises, driven by the need for fuel efficiency and enhanced handling, titanium emerges as a key solution. Titanium coatings are utilized to address the drawbacks associated with lightweight materials like polycarbonates. These coatings enhance stability, durability, scratch resistance, and resistance to various environmental factors such as light, heat, and weather. With applications spanning aerospace, automotive, jewelry, prosthetics, and high-performance products like jet engines and spacecraft, titanium plays a crucial role in modern industries. Its corrosion-resistant and thermally stable properties make it indispensable in critical applications ranging from military equipment and naval vessels to medical implants and renewable energy technologies like wind and solar power.
Emerging applications of titanium alloys is a key market trend. The use of titanium-based alloys in industrial and marine applications is expanding due to their desirable properties such as corrosion resistance, high strength, and low density. Their acceptance is growing in new areas like scrubber systems, flue gas desulfurization, sour gas, deep-well services, and marine applications. Its alloys are increasingly being adopted as the standard construction material in various services due to their corrosion resistance, resulting in longer equipment life, reduced maintenance, and downtime. They find applications in heat exchangers, anodes for chlorine production, and bleaching equipment in the chemical and pulp and paper industries. These factors will drive the growth of the market in the forecast period.
Concerns related to the carcinogenic effect is a major challenge hindering the growth of the market. TiO2 is a widely used white pigment in various industries, but concerns have arisen about its potential carcinogenic effects. It has been classified as a carcinogen by the IARC and a suspected carcinogen by the European Commission. High levels of TiO2 nanoparticles in food and cosmetics can cause health issues, including neurological dysfunction and genetic disorders. Some countries have banned its use in food, and the reduction in its usage by manufacturers is expected to hinder the growth of the titanium market.
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.
Tronox- The company offers titanium product such as titanium round bar, titanium plate, titanium seamless pipe, and titanium rectangular bar.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Allegheny Technologies Inc., Bansal Brothers, Berkshire Hathaway Inc., Hangzhou King Titanium Co. Ltd., Huntsman International LLC, Iluka Resources Ltd., INEOS Group Holdings SA, JX Nippon Mining and Metals Philippines Inc., Kenmare Resources plc, Kobe Steel Ltd., Mukesh Steel, Rostec, Scatec ASA, Sumitomo Corp., Tayca Corp., The Chemours Co., Titanium Industries Inc., Tronox Holdings Plc, and VVTi Pigments
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 Market Customer Landscape
The market is witnessing robust growth driven by its thermally stable properties and versatility across various industries. Titanium finds extensive applications in aerospace, marine, automotive, and defense sectors due to its lightweight yet durable nature. It is a key component in high-performance products such as jet engines, spacecraft, military equipment, and body armor. Moreover, titanium alloys are favored for their exceptional strength-to-weight ratio, making them ideal for critical applications like turbine engines and aircraft components. With rising demand from the aerospace and automotive industries for efficient and advanced products, titanium continues to be a preferred choice. Companies like Boeing and Airbus rely on titanium for manufacturing airplanes, jets, and helicopters, further bolstering the titanium market's growth trajectory.
The market is witnessing robust growth driven by its versatile applications across various industries. Titanium, renowned for its exceptional properties, finds extensive use in metal alloys, jewelry, prosthetics, and sports equipment. High-performance alloys, incorporating metals like iron, aluminum, vanadium, nickel, and molybdenum, are increasingly favored for cutting-edge products in aerospace and automotive sectors. With rising demand for efficient aircraft and lightweight components, titanium's presence in aerospace and marine industries is expanding. Additionally, titanium plays a pivotal role in military applications, offering armor plating for vehicles and naval vessels, as well as contributing to cutting-edge weaponry. Its significance extends to medical implants, wind and solar power, highlighting its versatility and importance in modern manufacturing processes.
Moreover, the market is witnessing steady growth driven by its extensive applications across various industries. With its remarkable properties, titanium finds usage in aerospace, automotive, marine, and wind power sectors, among others. In aerospace, titanium alloys contribute to the production of efficient and advanced aircraft, including aircraft engines, blades, landing gear, and wing beams. Moreover, its strength-to-weight ratio makes it ideal for military vehicles and combat vehicles. In the automotive industry, titanium is utilized in components like connecting rods, engine valves, and suspension springs, enhancing performance and durability. Additionally, titanium plays a crucial role in wind power generation, contributing to the development of turbine components such as shafts and fasteners. With increasing demand and diverse applications, the titanium market is poised for sustained growth in the coming years.
Titanium Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.72% |
Market growth 2023-2027 |
USD 8.1 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.38 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 55% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Allegheny Technologies Inc., Bansal Brothers, Berkshire Hathaway Inc., Hangzhou King Titanium Co. Ltd., Huntsman International LLC, Iluka Resources Ltd., INEOS Group Holdings SA, JX Nippon Mining and Metals Philippines Inc., Kenmare Resources plc, Kobe Steel Ltd., Mukesh Steel, Rostec, Scatec ASA, Sumitomo Corp., Tayca Corp., The Chemours Co., Titanium Industries Inc., Tronox Holdings Plc, and VVTi Pigments |
Market dynamics |
Parent market analysis, Market forecasting, 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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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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