Titanium Market Future Trends, Top Key Players and Forecast to 2030

Titanium Market Overview:
The titanium market experienced significant growth in 2021 and is expected to continue to do so with a high compound annual growth rate (CAGR) over the forecast period. The increased use of titanium in the chemical industry for the production of anodes and electrolytic cells, and its adoption in the electronics industry for the manufacturing of capacitors and resistors are the main factors driving revenue growth in the market.

Titanium is a naturally occurring metal in its oxide form, which is resistant to corrosion and has a low density. The primary method of extracting titanium commercially is through the Kroll and Hunter processes, with rutile and ilmenite being the major mineral ores. The Hunter process is the most cost-effective method and is a metallurgical process used for the industrial-scale production of titanium.

It uses heat to extract the metal from its ore containing titanium tetrachloride. The product's beta type variant is preferred due to its strength, which is produced by alloying with molybdenum, aluminum, and niobium. These alloys, including Ti-6Al-4V, are preferred over pure titanium due to their heat and corrosion resistance. Its low density and strength make it highly suitable for aviation applications such as the creation of airframes and landing gear. Additionally, chemicals such as chlorine, urea, and magnesium are also prepared using titanium. Anodes and anode baskets are other applications of this material, where they enhance the efficiency of electrolytic power generating cells. Therefore, titanium has numerous applications across various industries, including electronics and aerospace.

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Titanium Market Segments:
The global titanium market is segmented into three categories: type, application/end-use outlook, and regional outlook. In terms of type, the market is divided into pure titanium and beta type titanium. Pure titanium is a high strength and low-density metal that is resistant to corrosion. Beta type titanium is preferred due to its strength, which is produced by alloyed versions by adding molybdenum, aluminum, and niobium. These alloys, including Ti-6Al-4V, are preferred to pure material due to their heat and corrosion resistance.

In terms of application/end-use outlook, the market is segmented into electronic, chemical, jewelry, machinery & equipment, and others. The increasing use of titanium in the chemicals industry for the production of anodes and electrolytic cells is a major factor driving market revenue growth. The adoption of titanium in the electronics sector, particularly in the manufacturing of capacitors and resistors, is also contributing to the growth of the market. In the jewelry industry, titanium is used for making lightweight and durable jewelry. In the machinery & equipment industry, titanium is used in aviation for the creation of airframes and landing gear due to its low density and high strength.

Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In North America, the United States, Canada, and Mexico are the major markets. In Europe, Germany, the United Kingdom, France, Italy, Spain, and BENELUX are the major markets. In the Asia Pacific, China, India, Japan, South Korea, and other countries in the region are the major markets. In Latin America, Brazil and other countries in the region are the major markets. In the Middle East & Africa, Saudi Arabia, the UAE, South Africa, and other countries in the region are the major markets.

Titanium Market Strategic Developments:
One of the top global titanium producers, Cristal Global's titanium dioxide business was acquired by Tronox Inc. (U.S.) in April 2019. This acquisition is expected to lead to a significant increase in the supply of titanium, thus resulting in an efficient global supply chain for the metal. In November 2020, UKTMP Ust Kamenogorsk Titanium Magnesium Plant JSC (Kazakhstan) signed a Memorandum of Understanding (MoU) with IREL (India), a government-owned company that specializes in rare earth metals. The purpose of this agreement is to enhance the production of titanium slag in India and strengthen the value chain for this product in the Asian region.

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Titanium Market Competitive landscape:
The global titanium market is highly competitive, with a significant number of companies operating in this space. Some of the major players in the market include Yunnan Titanium Industry Co., Ltd. and BaoJi Titanium Industry Co., Ltd., both based in China. These companies are involved in the production of titanium products, including titanium bars, plates, and sheets, as well as titanium alloys, among others.

Titanium Metals Corporation and Allegheny Technologies Incorporated, both based in the United States, are also major players in the market. These companies are involved in the production and distribution of a wide range of titanium products, including commercial pure titanium, titanium alloys, and titanium sponge.

VSMPO-AVISMA Corporation, based in Russia, is one of the largest titanium producers in the world. The company is involved in the production of titanium products for use in various industries, including aerospace, industrial, and medical applications. Toho Titanium Company Limited, based in Japan, is another major player in the market, involved in the production of high-quality titanium products for use in a wide range of applications.

Other notable companies in the titanium market include UKTMP Ust Kamenogorsk Titanium Magnesium Plant JSC in Kazakhstan, which is involved in the production of titanium slag and sponge, and Kronos Worldwide, Inc. in the United States, which is involved in the production and sale of titanium dioxide pigments.

In addition, Tronox Inc. in the United States is a major player in the market, having completed the acquisition of the titanium dioxide business of Cristal Global in Saudi Arabia in 2019. This move is expected to increase the supply of titanium globally, resulting in a more efficient supply chain for the metal.

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