The Global Titanium Alloys And Ultrafine Titanium Dioxide Market Will Be Driven By Growth In The Premium Automobiles And Medical Equipment Industry
The global titanium alloys and ultrafine titanium dioxide market will grow from $2.7 billion in 2018 to $3.2 billion in 2023 at an annual growth rate of around 3.5%. The titanium alloys and ultrafine titanium dioxide market is expected to benefit from the growth in the luxury sports cars and racing automobiles market during the forecast period. Titanium alloys are used in premium and racing automobiles for reducing weight of parts such as valves, springs, exhaust systems and engine parts. For instance, consumption of titanium in the automobile industry for manufacturing of luxury cars and sport cars is expected to grow at a growth rate of 3.3% up to 2023. This growth in the demand for luxury sports and racing cars market is likely to drive the demand for titanium alloys and ultrafine titanium dioxide market during the forecast period.
Growth in the global medical equipment market and increased demand for implants is also expected to increase the demand for titanium alloys and drive the market during the forecast period. Titanium alloys are used in the manufacturing of medical equipment such as orthopedic pins, screws and cables, bone fixation devices, orthodontic appliances, joint replacements and cryogenic vessels.
Titanium is a strong and lightweight refractory (resistant to heat and wear) metal. It is the 9th most common element on the planet and is found in both oxide and silicate minerals. Titanium alloys are metals that contain a mixture of titanium and other chemical elements such as aluminum, vanadium, palladium, zirconium, molybdenum and others. Titanium alloys have excellent corrosion resistance and a high strength-to-weight ratio. Recently, titanium alloys and ultrafine titanium dioxide companies have been adopting and implementing IoT (Internet of Things) technology to improve efficiencies and drive productivity. IoT refers to a network comprised of devices, machines, and services enabling the flow of information and real-time decisions. IoT technology offers benefits such as increased asset uptime, efficient predictive maintenance and faster processing and delivery time. According to KPMG, 72% executives of global metals companies are willing to invest in IoT technologies. Major companies using IoT technologies for producing titanium-based products are Kobe Steel and Nippon Steel & Sumitomo Metal Corporation. Nippon Steel & Sumitomo Metal Corporation is also among the top five largest competitors in the titanium alloys market. It is involved in the manufacture and trade of steel products. The company was established in 2012 by the merger of Nippon Steel Corporation and Sumitomo Metal Industries, Ltd., and is headquartered in Tokyo, Japan.