Global Titanium Market Overview
The global titanium market is expected to grow at a CAGR of XXXX% during the forecast period 2019-2025. The market has witnessed significant growth owing to increasing demand from various end-user industries, such as the automotive and aviation sectors.
On the basis of type, the global titanium market is segmented into Ti-6Al-4V (XX% share) and Ti-8Al-3V (XX% share). Ti-6Al-4V is dominant in terms of revenue as it accounts for over three quarters of the total market volume. However, Ti-8Al-3V is expected to witness significant growth during the forecast period due to its increased applications in renewable energy technologies.
Based on region, the Asia Pacific titanium market is expected to exhibit highest growth rate during the forecast period owing to rising demand from key countries such as China and India. North America Titanium Market is anticipated to register high growth owing to increasing demand from the industrial sector. Latin America Titanium Market is also projected to grow at a robust pace owing to rising industrialization in Brazil and other countries in this region. Europe Titanium Market is estimated to be smaller than Asia Pacific and North America markets, but it is anticipated to grow at a higher rate owing to increased investment by major players in this region.
Global Titanium Market Size & Trends
The global titanium market is expected to grow at a CAGR of XXXX% during the forecast period 2016-2021. The growth can be attributed to increasing demand from the automotive and aerospace industries, as well as the growing trend of using titanium in medical applications.
In terms of region, the Asia-Pacific market is projected to account for the largest share of the overall market during the forecast period 2016-2021. This is due to high growth rates in China and other Southeast Asian countries. North America is also expected to witness significant growth over this period, owing to strong demands from the automotive industry. The Europe market is anticipated to register moderate growth during this period, as major countries such as Germany and France are increasingly replacing metals such as aluminium with titanium.
The key vendors in the global titanium market are Alcoa (US), Carpenter Technology Corporation (US), Duro Executive SRL (Italy), Harbin Titanium Engineering Co., Ltd. (China), JFE Steel Corp. (Japan), Lockheed Martin Corp. (US), Rohm & Haas Co., LLC(US) and Sumitomo Metal Mining Co., Ltd. (Japan).
Global Titanium Market Drivers & Restraints
The global titanium market is projected to grow at a CAGR of XXXX% during the forecast period 2019-2025. The factors that are expected to drive the growth of this market include increasing demand from automotive and aerospace industries, rising deployment of renewable energy resources, and increasing government spending on initiatives such as clean energy and smart cities. However, the market faces several restraints including high price volatility, limited supply, and environmental concerns.
Global Titanium Market Future Prospects
The global titanium market is expected to grow at a CAGR of XXXX% during the period 2016-2021. The growth is mainly attributed to the increasing demand from the automotive and aerospace sectors.
Various factors are responsible for the growth of the titanium market, including rapid urbanization and increasing number of automobiles on the roads, increasing investment in new and innovative technologies, as well as increase in awareness about environmental sustainability.
The automotive sector is estimated to be the largest user of titanium products, followed by aerospace. Increasing demand from these two industry segments is anticipated to drive the overall growth of the titanium market. However, restraint from key players such as China and Russia will restrain the market growth somewhat.
Titanium Market Segment Forecasts
The titanium market is expected to reach USD XXXX billion by 2022, growing at a CAGR of XXXX% during the forecast period. The key factors driving the growth of this market are increasing demand from automotive and aviation industries due to their longer life spans, rising demand for medical titanium products owing to their therapeutic benefits, and increasing investment in infrastructure across various countries.
This market is divided into primary and secondary applications. The primary application segment dominates the global titanium market with a share of almost two-thirds. This is mainly due to high demand in aerospace and automotive industry. The secondary application segment is expected to grow at a higher rate than the primary application segment due to its potential for versatile uses such as dental implants, artificial joints, eyeglasses, musical instruments, and more.
The major regions that are expected to witness highest growth in the global titanium market include North America, Europe, Asia Pacific (APAC), and Latin America. The North American region is projected to be the fastest-growing market in terms of revenue during the forecast period owing to increased investment in research & development (R&D) activities by various companies in this region. The Asia Pacific region is expected to be the second-fastest-growing market, owing to increasing demand for titanium products from the automotive and aviation industries in this region.
Some of the key vendors in the global titanium market are Alcoa, Axiom Materials Corporation, Evraz Plc., Itron Inc., JFE Steel Corporation, Mitsubishi Materials Corp., Nippon Sheet Metal Company Ltd., POSCO, Rio Tinto Group, and Sumitomo Metal Mining Co. Ltd.
Conclusion of the Global Titanium Market
The global titanium market is set to grow at a CAGR of XXXX% during 2020-2026 owing to the increasing demand from the automotive and aerospace industries. The growth in these sectors will be supported by the rise in production of armoured vehicles, aircrafts, and other high-value products that require titanium alloys. Other factors driving the market are rising preference for titanium due to its strength and corrosion resistance properties in various applications such as medical devices, marine engineering, oil & gas exploration, and others.