Press release
Titanium Market 2024-2033: Future Outlook, Industry Share, Global Trends And Key Players Analysis
Titanium Market
The Business Research Company offers in-depth market insights through Titanium Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The titanium market size has grown strongly in recent years. It will grow from $26.07 billion in 2023 to $27.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to aerospace advancements, military and defense applications, industrial expansion, medical implants and devices, sports equipment development..
The titanium market size is expected to see strong growth in the next few years. It will grow to $34.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to space exploration initiatives, infrastructure development, automotive industry trends, medical implants and prosthetics, expanding renewable energy sector.. Major trends in the forecast period include industrial and chemical processing, space exploration endeavors, architectural and design applications, automotive industry trends, additive manufacturing growth..
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Market Segmentation:
The titanium market covered in this report is segmented -
1) By Type: Industrial Grade, Medical Grade
2) By Product Type: Titanium Concentrate, Titanium Tetrachloride, Titanium Sponge, Ferrotitanium, Titanium Pigment, Other Products
3) By Application: Paints And Coatings, Aerospace And Defense, Chemicals, Electric Power, Other Applications
Major Driver - Automotive Industry Accelerates Growth In Titanium Market
The growing automotive industry is expected to propel the growth of the titanium market going forward. The automotive industry refers to the production, manufacturing, and sales of vehicles, including cars, trucks, motorcycles, and other vehicles. Titanium is used to manufacture engine parts such as valves, valve springs, valve spring bearing seats, and connecting rods due to its superior corrosion resistance and high strength. For instance, the National Automobile Dealers Association (NADA), a US-based trade association issued its analysis of 2022 US auto sales and the economy, indicating that new light-vehicle sales reached 13.7 million units. Therefore, the growing automotive industry is driving the titanium market.
Competitive Landscape:
Major companies operating in the titanium market report are Allegheny Technologies Incorporated, National Titanium Dioxide Company Ltd., CRS Holdings Inc., Nippon Steel Corporation, Osaka Titanium Technologies Co. Ltd., Precision Castparts Corp., Toho Titanium Co. Ltd., VSMPO-AVISMA Corporation, Huntsman Corporation, Global Titanium Inc., Kenmare Resources plc, ADMA Products Inc., AMETEK Inc., INEOS Group Limited, Iluka Resources Ltd., Sumitomo Corporation, Norsk Titanium AS, VV Titanium Pigments Private Limited, Daido Steel Co. Ltd., Kobe Steel Ltd., Des Raj Bansal Group, AMG Advanced Metallurgical Group N.V., Otto Fuchs Company, Mishra Dhatu Nigam Limited, Howmet Aerospace Inc., Perryman Company, Admat Inc., A. M. Castle & Co., Eramet SA, Brismet LLC .
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Top Trend - Innovative Advancements Propel Titanium Market
Technological innovation is a key trend gaining popularity in the titanium market. Major companies operating in the market are focused on developing technologically advanced and innovative products to strengthen their position in the market. For instance, in February 2023, Norsk Titanium, a Norway-based aerospace and defense parts manufacturer, introduced its first additively manufactured near-net-shape titanium component for the semiconductor manufacturing industry. The 80kg titanium carrier tray is designed in association with Hittech Group, a Netherlands-based machine industry company. The additively manufactured titanium carrier tray replaces a forged plate and saves 140 kg (64%) in raw materials for semiconductors while also allowing the customer to use its existing supply chain and expand their current capacity without any additional capital investment.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Titanium Market Characteristics
3. Titanium Market Trends And Strategies
4. Titanium Market - Macro Economic Scenario
5. Titanium Market Size And Growth
…..
27. Titanium Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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