What Does the Historical and Current Titanium Market Size Trend Indicate?
The titanium market has seen considerable growth due to a variety of factors.
• In recent years, the titanium market has witnessed robust growth. It is projected to expand from $27.23 billion in 2024 to $28.68 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.3%. The historical growth of this market is largely credited to advances in aerospace, usage in military and defense sectors, industrial growth, applications in medical implants and devices, and the evolution of sports equipment.
What Is the Forecasted Market Size and Growth Rate for The Titanium Market Size?
The Titanium market is expected to maintain its strong growth trajectory in upcoming years.
• The titanium industry is predicted to experience robust expansion in the coming years, ballooning to $36.96 billion in 2029 with a compound annual growth rate (CAGR) of 6.5%.
This projected growth during the forecast period can be ascribed to factors like initiatives in space exploration, advancements in infrastructure, developments in the automotive sector, medical implants and prosthetics, and an increased focus on renewable energy. The forecast period will also witness significant trends such as industrial and chemical processing, efforts in space exploration, applications in architecture and design, automotive industry movements, and the rise of additive manufacturing.
What Factors Are Driving Growth In The Titanium Market?
The expansion of the automobile sector is anticipated to fuel the advancement of the titanium market. The automobile sector encompasses the creation, manufacturing, and marketing of vehicles like cars, trucks, motorcycles, among others. Titanium's excellent resistance to corrosion and high strength make it ideal for the construction of engine parts like valves, valve springs, bearing seats for valve springs, and connecting rods. For example, as per the European Automobile Manufacturers Association (ACEA), a trade association based in Belgium, there was a 5.7% boost in the global production of motor vehicles in 2022, amounting to 85.4 million units, a rise from the 2021 production statistics. Consequently, the proliferating automobile industry is catalyzing the growth of the titanium market.
What Are The Main Segments Of The Global Titanium Market?
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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What Emerging Trends Are Influencing The Growth Of The Titanium Market?
Technological advancements are increasingly influencing the titanium market, a trend that several major businesses involved in the market are leveraging. The aim of these advancements is to create innovative and technically superior products in order to establish a solid market presence. Notably, in February 2023, Norsk Titanium – an aerospace and defense parts manufacturer hailing from Norway, took strides in this direction by unveiling its inaugural near-net-shape titanium component made using additive manufacturing for the semiconductor manufacturing industry. Collaboration with the Netherlands-based machine industry company, Hittech Group, resulted in an 80kg titanium carrier tray. This freshly manufactured tray supersedes a forged plate, reducing raw materials used in semiconductors by 140 kg (64%), maintaining continuity in the customer's supply chain, and bolstering their existing capacity without the need for further capital input.
Who Are the Key Players In The Titanium Market?
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
What Is The Most Dominant Region In The Titanium Market?
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
