Rockville, April 06, 2023 (GLOBE NEWSWIRE) -- According to the latest estimates by Fact.MR, a market research and competitive intelligence provider, the global titanium market is valued at US$ 28 billion in 2023 and is predicted to increase at a CAGR of 6.5% from 2023 to 2033.
Titanium is a chemical element with exceptional strength and durability that is used in several industries, including chemical processing, building, aircraft, and vehicles. Titanium is mostly used in the manufacturing of consumer products including sports equipment, buildings, and automobiles. During the next 10 years, demand for titanium alloys from the aerospace sector is expected to increase at a rapid pace.
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The aviation and defense sectors have been the main consumers of titanium due to its high tensile strength and endurance. Over the forecast period, increasing defense spending around the globe is anticipated to be a major market growth factor. Due to its superior performance as an alternative to carbon fibers, titanium has greater commercial acceptance.
Key Takeaways from Market Study
- The titanium market is expected to reach US$ 52.5 billion by 2033.
- In North America, demand for titanium pigments is anticipated to be driven by their high application in the manufacturing of medical products such as IV bags.
- The titanium market in Asia Pacific is expected to experience rapid growth as several governments in emerging economies in the region are increasingly investing in the aerospace & defense sectors.
- Sales of titanium pigments in Europe are increasing rapidly due to their high use in construction paints and coatings.
“Growing use of titanium dioxide in cosmetic and skin care products is boosting overall titanium market growth,” says a Fact.MR analyst.
Key Segments Covered in Titanium Industry Research
- By Type :
- Titanium Dioxide
- Titanium Metal
- Titanium Concentrate
- Titanium Tetrachloride
- Titanium Sponge
- Ferrotitanium
- Titanium Pigments
- By Application :
- Aerospace & Marine
- Industrial
- Medical
- Energy
- Pigments
- Additives & Coatings
- Paper & Plastic
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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| Report Attributes | Details |
| Market Size (2023E) | US$ 28 Billion |
| Forecasted Market Value (2033F) | US$ 52.5 Billion |
| Global Market Growth Rate (2023 to 2033) | 6.5% CAGR |
| No. of Pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Recent Market Developments
- The Houston, Pennsylvania-based Perryman Corporation intended to dramatically increase its titanium melting capacity in July 2022 by adding more vacuum arc remelt furnaces and electron beams. These furnaces would double Perryman's current capacity for melting titanium to 42 million pounds and add an extra 16 million pounds of capacity, securing Perryman's position as a world leader in titanium melting for aerospace and biomedical applications.
- Chemours began mining at its newest sand mine in Florida in August 2022, which is expected to enhance the company's output of titanium oxide. Ilmenite, which Chemours needs for their chloride-based TiO2 production method, would be obtained from the mine.
Key Companies Profiled
- Adma Products Inc.
- Precision Castparts Corp.
- Ametek Inc.
- Vsmpo-avista Corporation
- Cristal
- ATI
- Toho Titanium Co. Ltd.
- Global Titanium Inc.
- Osaka Titanium Technologies
- Metalysis
- Nippon Steel Corporation
- CRS Holdings Inc.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global titanium market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on type (titanium dioxide, titanium metal, titanium concentrate, titanium tetrachloride, titanium sponge, ferrotitanium, titanium pigments) and application (aerospace & marine, industrial, medical, energy, pigments, additives & coatings, paper & plastic), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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