Titanium Alloys And Ultrafine Titanium Dioxide Market Definition
The titanium alloys and ultrafine titanium dioxide market consists of manufacturers’ sales of titanium alloy metals that contain a mixture of titanium and other chemical elements and ultrafine titanium dioxide. 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.
Titanium Alloys And Ultrafine Titanium Dioxide Market Size
The global titanium alloys and ultrafine titanium dioxide market reached a value of nearly $2.7 billion in 2018, having grown at a compound annual growth rate (CAGR) of more than 1.9% since 2014.
Factors such as growth in the aerospace and defense industry, increasing use of titanium alloys in offshore equipment, rising demand for electronic products globally and growth in the demand for premium automobiles globally are contributing to the growth of the market. The market is threatened by restraints such as the availability of alternatives, high machining costs and rising trade protectionism.
Titanium Alloys And Ultrafine Titanium Dioxide Market Drivers
The Key drivers of the titanium alloys and ultrafine titanium dioxide market include:
Growth in the Electronics Industry - The rapid growth in the demand for electronics products globally increased the consumption of titanium alloys and ultrafine titanium dioxide during the historic period. Titanium alloys and ultrafine titanium dioxide are generally used in solar cells and other electronics products. Increased access to internet globally boosted the demand for smartphones, communication devices, network hardware and computers, thereby increasing the demand for titanium alloys and ultrafine titanium dioxide. For instance, in 2017, the production for global electronics and information technology industries was estimated at $2,680 billion, a 3% increase from $2,610 billion in 2016.
Titanium Alloys And Ultrafine Titanium Dioxide Market Restraints
The key restraints on the titanium alloys and ultrafine titanium dioxide market include:
Availability of Alternatives - The titanium alloys and ultrafine titanium dioxide market was limited by the availability of cheaper alternatives for titanium alloys. Titanium-based products are expensive and there are cheaper alternatives available such as steel and aluminum alloys. For instance, as of December 2018, price of titanium was $25.58/lb., whereas price of aluminum was $1.67/lb. and price of steel was $1.47/lb. Similarly, titanium-based parts are around 40 times more expensive than a corresponding steel part and almost 20 times more expensive than an aluminum part.
Titanium Alloys And Ultrafine Titanium Dioxide Market Trends
Major trends influencing the titanium alloys and ultrafine titanium dioxide market include:
Additive Manufacturing to Reduce Production Costs - Titanium alloy companies are increasingly using additive manufacturing technologies to reduce production costs and improve efficiencies. Additive manufacturing is a 3D printing technology used to manufacture the final product by stacking layers of material. Increased investment in additive manufacturing technology is further leading to process improvements. This allows companies to lower productions costs as it reduces subcomponents and the need for joining, welding and assembling. Major companies using additive manufacturing for producing titanium alloy products include Norsk Titanium AS and Spartacus3D.
Growing Adoption of Internet of Things (IoT) - Titanium alloys and ultrafine titanium dioxide companies are adopting and implementing the IoT 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.
Opportunities And Recommendations In The Titanium Alloys And Ultrafine Titanium Dioxide Market
Opportunities – The best opportunities in the titanium alloys and ultrafine titanium dioxide market will arise in the titanium alloys segment which will add $295.2 billion of annual sales globally between 2018 and 2023, and in the USA where $126.2 billion of new yearly sales (25% of the global total) will be added by 2023. Strategies suggested by trends in the market include investing in low-cost alloys to capitalize on increasing demand for these alloys in the automobiles industry.
Recommendations – To take advantage of the opportunities, The Business Research Company recommends the titanium alloys and ultrafine titanium dioxide companies to investing in expanding manufacturing operations, improving infrastructure and in acquisitions and mergers to strengthen their product and service offerings.
Titanium Alloys And Ultrafine Titanium Dioxide Market Segmentation
The titanium alloys and ultrafine titanium dioxide market is segmented by type and by geography.
By Type -
The titanium alloys and ultrafine titanium dioxide market is segmented by type into
Ultrafine Titanium Dioxide had the highest growth rate of nearly 2% during the historic period. The fastest growth in the historic period can be attributed to the increasing demand for ultrafine titanium dioxide from the cosmetics and paints and coatings industries based in Asia Pacific, where there is strong demand from countries such as China and India due to rising disposable incomes.
- a) Titanium Alloys
- b) Ultrafine Titanium Dioxide
By Geography - The titanium alloys and ultrafine titanium dioxide market is segmented into
North America is the largest market for titanium alloys and ultrafine titanium dioxide, accounting for almost 34.9% of the global market. It was followed by Asia Pacific and Western Europe. Going forward, Asia-Pacific and Africa will be the fastest growing regions in this market.
- o North America
- o Western Europe,
- o Asia Pacific
- o Eastern Europe
- o South America
- o Middle East
- o Africa
Titanium Alloys And Ultrafine Titanium Dioxide Competitive Landscape
Major Competitors are:
Other Competitors Include:
- • Titanium Metals Corporation
- • National Industrialization Company (Tasnee)
- • Allegheny Technologies Incorporated
- • Nippon Steel & Sumitomo Metal Corporation
- • Kronos Worldwide, Inc.
- • Venator Materials Plc
- • VSMPO-AVISMA Corporation
- • Toho Titanium Co., Ltd.
- • Baoji Titanium Industry Co., Ltd.
- • AMG Advanced Metallurgical Group N.V.