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Global Titanium Market 2024 : Trends, Business Growth And Major Driving Factors | Allegheny Technologies Incorporated, National Titanium Dioxide Company Ltd., CRS Holdings Inc., Nippon Steel Corporation
Titanium Global Market Report 2024
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..
Market Overview -
Titanium is a lustrous, silver-gray metal that is highly resistant to corrosion, with low density, and strong and lightweight. Titanium is used in a variety of industries including power generation, utilities, automotive, and healthcare, due to its excellent strength-to-weight ratio and resistance to extreme temperatures and chemicals.
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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 .
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.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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