Press release
2025 Titanium Market Outlook: Key Indicators Shaping Growth Through 2034
Titanium
What Will the Titanium Industry Market Size Be by 2025?
The titanium market size has grown strongly in recent years. It will grow from $27.23 billion in 2024 to $28.68 billion in 2025 at a compound annual growth rate (CAGR) of 5.3%. 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.
What's the Long-Term Growth Forecast for the Titanium Market Size Through 2029?
The titanium market size is expected to see strong growth in the next few years. It will grow to $36.96 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. 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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What Are the Key Growth Drivers Fueling the Titanium Market Expansion?
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, in May 2023, according to the European Automobile Manufacturers Association (ACEA), a Belgium-based trade association, the production of global motor vehicles increased by 5.7% in 2022, reaching a total of 85.4 million units compared to the production figures from 2021. Therefore, the growing automotive industry is driving the titanium market.
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What Are the Key Trends Driving Titanium Market Growth?
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.
How Is the Titanium Market Segmented?
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
Subsegments:
1) By Industrial Grade: Commercially Pure Titanium (CP Titanium), Titanium Alloys
2) By Medical Grade: Titanium Alloys, Porous Titanium
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Which Companies Are Leading the Charge in Titanium Market Innovation?
Major companies operating in the titanium market include 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, Global Titanium Inc., Sumitomo Corporation, Norsk Titanium AS, VV Titanium Pigments Private Limited, Daido Steel Co. Ltd., Kobe Steel Ltd., AMG Advanced Metallurgical Group N.V., Otto Fuchs Company, Mishra Dhatu Nigam Limited, Howmet Aerospace Inc., Perryman Company, Eramet SA
Which Regions Are Leading the Global Titanium Market in Revenue?
Asia-Pacific was the largest region in the titanium market in 2024. The regions covered in the titanium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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