Selbyville, Delaware, March 27, 2023 (GLOBE NEWSWIRE) --
Titanium powder market size is projected to reach USD 4.5 billion by 2032, According to the latest report by Global Market Insights Inc.
The increasing automotive production worldwide is expected to have a positive impact on the titanium powder market outlook. Over the past few years, the automotive manufacturing output has registered dynamic boost driven by the rising disposable incomes and higher consumer spending capacities across developing and developed regions. The rapid integration of smart technologies, the growing consumer preference for luxury cars, and the ongoing innovation in the field of autonomous vehicles will spur the demand for titanium powders in automotive applications.
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Rising demand for pure titanium powders in automotive & medical 3D printing to favor industry demand
Titanium powder market valuation from pure powder is anticipated to reach over USD 1.4 billion by the end of 2032. Pure titanium powders are widely used in thermal spraying and different metallurgy applications, such as hip joint coatings, and medical implants among others. The increasing focus on the development of novel vehicle systems has propelled the need for pure titanium powders to make lightweight high-performance aerospace and automotive parts. The surging demand for these powders can also be attributed to their high biocompatibility and suitability in customizing dental and medical implants. Moreover, the growing emphasis on 3D printing (additive manufacturing) for industrial and medical innovation will augment the demand for pure titanium powders, thus driving the market expansion.
Browse key industry insights spread across 277 pages with 433 market data tables & 38 figures & charts from the report, “Titanium Powder Market Size By Product, Grade, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/titanium-powder-market
Growing popularity of grade 2 titanium powder in superior mechanical products to foster market development
Titanium powder market revenue from the grade 2 segment is projected to register 14.3% CAGR between 2023-2032. Grade 2 titanium offers numerous advantages including exceptional strength, weldability, formability, and ductility. Hence, they are suitable for use across a wide range of applications, including power generation, medicine, construction, hydrocarbon processing, desalination, marine, chemical processing, and exhaust pipe covers. Grade 2 titanium powders are corrosion-resistant and can withstand harsh environments, such as marine ecosystems or salt water.
Key reasons for titanium powder market growth:
- Growing automotive industry will propel the market size
- Increasing applications of titanium powder in the aerospace sector
Need for new 3D printed titanium implants to accelerate product adoption in medical applications
Titanium powder market share from medical applications is estimated to surpass USD 1.2 billion by 2032. Titanium is extensively used in medical and dental implants, such as bone fixators, artificial joints, and spinal fixators. Moreover, the increasing R&D activities have discovered novel properties of titanium, including osseointegration characteristics of 3D-printed titanium implants. For instance, in April 2021, Orthofix, a leading orthopedics company, announced the FDA approval for the first patient implant of the FORZA™ Ti TLIF Spacer System. The titanium implant is designed to improve transforaminal lumbar interbody fusion (TLIF) procedures. Furthermore, the emergence of titanium as a promising material in implants will positively influence the industry outlook.
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Hefty investments in 3D printing technologies to favor North America industry expansion
North America titanium powder market is anticipated to register 15.5% CAGR from 2023-2032 driven by the rapid penetration of additive manufacturing. Additionally, the region is home to countries such as the U.S. and Canada with extensive industrial activities, thus offering lucrative application scope across the automotive, medical, aerospace & defense, and electronic component manufacturing. These economies are investing heavily in boosting the adoption of 3D-printed components and teaming up with international entities to spur technological capabilities. For instance, in January 2023, the U.S. Navy installed its first Phillips additive hybrid metal 3D printing solution designed in collaboration with Spanish 3D printing technology expert, Meltio. The U.S. intends to support the onboard manufacturing of spare parts and repairs with the help of AM.
Mergers & acquisitions to boost titanium powder industry expansion
Advanced Metallurgical Group, N.V., ADMA Products Inc., Sandvik AB, ECKART TLS, North Steel Co., Kymera International, MEPCO, AP&C, Praxair S.T. Technology, Inc., OSAKA Titanium Technologies Co., Ltd., Global Titanium Inc, Tronox Inc. (Cristal Metals), and IperionX are some of the leading companies in the global titanium powder market. These players are focusing on strategic ventures including mergers, and acquisitions to achieve a competitive lead.
Partial chapters of report table of contents (TOC):
Chapter 3 Titanium Powder Industry Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Raw material analysis
3.4 Technology landscape
3.5 Regulatory landscape
3.6 Pricing analysis
3.7 Titanium powder production
3.8 Industry impact forces
3.9 Growth potential analysis, 2022
3.10 Porter’s analysis
3.11 PESTEL analysis
3.12 Impact of Russia-Ukraine war on the titanium powder market
3.13 Overview of titanium powder in 3D printing applications
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
