Market Research Future (MRFR) estimates the Global Titanium Metal Market size to touch USD 1,823 million by 2023. It can exhibit 6.17% CAGR from 2018 to 2023 (forecast period).
The market is set to soar thanks to heavy demand from the aerospace industry. This can be attributed to characteristics of high corrosion resistance, capacity to handle high temperatures, and high tensile strength to density ratio. Moreover, demand of titanium for the production of lightweight and fuel-efficient military aircraft can fuel the Titanium Metal Market.
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The corrosion resistant nature of Titanium has provided the market scope to expand in the medical industry. Devices and equipment such as toe implants, breast implants, retractors, tweezers, and others are produced using the metal owing to its natural compatibility with the human body. Furthermore, the uptick noticed in cosmetic surgeries in 2017 owing to affordability and rise in per capita income of consumers can spur the Titanium Metal Market growth.
Sports and recreational equipment can induce the demand in the Titanium Metal Market owing to popularity of sports made possible by televised events. Awareness of benefits of sports coupled with rising health-consciousness levels among consumers can drive the market growth. The use of titanium in chemical processing equipment such as reactors, electric tanks, and pressure vessels due to the ability of the metal in handling high temperatures can spur market growth.
Major players in the Titanium Metal Market include Metalysis (U.K.), ADMA Products, Inc. (U.S.), CRISTAL (Saudi Arabia), AMETEK Inc. (U.S.), Global Titanium Inc. (U.S.), OSAKA Titanium Technologies Co., Ltd. (Japan), ATI (U.S.), TOHO TITANIUM CO., LTD. (Japan), Precision Castparts Corp. (U.S.), and VSMPO-AVISMA Corporation (Russia).
Expansions, agreements, and partnerships are prime strategies of these players. For instance, OSAKA decided to expand its production capacity to meet the demand for titanium alloy powders in November 2018. The plant can produce 100 tons annually.
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The Global Titanium Metal Market is segmented by Type and Application.
By Type, industrial grade accounted for 49% of the Titanium Metal Market in 2017. This can be attributed to heavy demand from aerospace, electronics, power generation, petroleum, and chemical processing sectors. The segment is predicted to touch a valuation of USD 881.9 million by 2023. On the other hand, the medical grade segment can exhibit 6.65% CAGR during the forecast period to accumulate close to USD 715.3 million by 2023. It can accrue close to 79.8 kilotons (KT) by 2023, at a CAGR of 5.68% during the assessment period.
By Application, the aerospace segment held nearly 62% share of the Titanium Metal Market in 2017. It can reach a valuation of USD 1,154.6 million and command a demand of 130.3 KT by 2023. Meanwhile, medicinal materials can exhibit 6.17% CAGR over the forecast period to generate USD 237.1 million by 2023.
Geographically, the Titanium Metal Market is segmented into Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East & Africa (MEA).
The APAC region accounted for 41% share in the Titanium Metal Market owing to demand in major industries such as aerospace, medical, construction, and chemicals. The boom in the aerospace sector due to demand for titanium in civilian and military aircraft is likely to bolster market demand in the region. The region can contribute USD 792.2 million by 2023.
The North America Titanium Metal Market can touch a size of USD 498.4 million by 2023 owing to the boom in aerospace and defense sectors. Border tensions coupled with rise in terrorist activities are expected to fuel the market demand exponentially. The region can accumulate a demand of 56.2 KT by 2023.
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