The global titanium metal market is taking long strides ahead with several sectors boosting its pace. Reasons behind the market getting a probable chance to score 6.17% CAGR value-wise and 5.36% CAGR volume-wise during the forecast period (2020-2027) are its features. Market Research Future (MRFR) made a detailed study of the market to get a hold of the market dynamics. It has corrosion-resistance, durability, and extraordinary strength but is lightweight, which opened doors for its percolation into several associated sectors. Its symbol is Ti, and the atomic number is 22. It can be used as an alloy with iron, aluminum, vanadium, molybdenum, and others. Its strength-to-density ratio is the highest among the metallic elements.
The Titanium Metal Market Size is going to get backups from several factors that would help the progress in the coming years. The automotive sector is one major factor that can impact market growth considerably. The sector is looking for strong but lightweight products to reduce carbon footprint owing to which titanium has substantial traction from the region. It also increases the fuel-efficiency of cars which is why governments are also promoting the use of it. But the titanium metal market can get some difficult challenges in the guise of its high price. This could curb its market to reach considerably and restrain the expected growth. But its prolific use in the electronic sector can steer the titanium market out of any long-time sluggishness.
Leading companies designing the growth chart of the global titanium metal market are Precision Castparts Corp. (U.S.), ADMA Products, Inc. (U.S.), VSMPO-AVISMA Corporation (Russia), CRISTAL (Saudi Arabia), ATI (U.S.), OSAKA Titanium Technologies Co., Ltd. (Japan), AMETEK Inc. (U.S.), Global Titanium Inc. (U.S.), TOHO TITANIUM CO., LTD. (Japan), and Metalysis (U.K.).
To get a comprehensive hold over the titanium metal market, MRFR segmented it by type and application. The analysis further incorporates volume-wise and value-wise data for a holistic view of the market.
By type, the titanium metal market can be segmented into industrial grade, medical grade, and others. Growing demand from aerospace, electronics, power generation, petroleum, and chemical processing sectors are reasons owing to which the industrial grade segment secured 49% of the global titanium metal market in 2020. The segment could rise to a valuation of USD 881.9 million by 2027. The medical grade segment can scale USD 715.3 million with a 6.65% CAGR during the forecast period.
Based on the application, the titanium metal market includes aerospace, industrial, medicinal materials, and others. The aerospace segment had command over 62% of the global titanium metal market in 2020. By 2027, the segment could reach a valuation of USD 1,154.6 million and generate demand of 130.3 KT. The medicinal materials segment can achieve 6.17% CAGR over the forecast period and attain USD 237.1 million by 2027.
MRFR’s analysis of the titanium metal market has a special eye on regions, namely, Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East Africa (MEA). This type of regional segmentation would help in the identification of growth pockets.
It is the APAC region that stands out from its competitors in terms of command over the market. The region has almost 41% of the global market under its control, and it is gaining significant traction from major industries aerospace, medical, construction, and chemicals. The growing demand for aircraft in the both commercial and defense sector is bolstering the regional market where it can achieve a valuation of USD 792.2 million by 2027.
North America has an extraordinary infrastructure for defense which is continuously generating demand for aircraft. The U.S. in the region spends a large amount of their budget in the defense sector, and private investment in the sector can assure huge growth in the coming years. The regional market can gain USD 498.4 million by 2027. The market is also getting triggered by the growing terrorist activities across the world.
Browse More Related Reports: