Oct 13, 2021   SOURCE: BusinessWire

The Worldwide Titanium Industry is Expected to Reach $33.5 Billion by 2026 - ResearchAndMarkets.com

The "Titanium Market by Product Type (Titanium Dioxide, Titanium Metal), By End-use Industry and Region (North America, Europe, Asia-Pacific, MEA & South America) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global titanium market size is projected to grow from USD 24.7 billion in 2021 to USD 33.5 billion by 2026, at a CAGR of 6.3% between 2021 and 2026.

Titanium dioxide is demanded in various end-use industries including paints & coatings, plastics & rubber, paper, and others, whereas titanium metal get widely used in aerospace & defense, chemical & process industry, energy & power, desalination, and others, due to its advantages properties such as high durability, temperature resistance, lightweight, and highly stiff. However, the global pandemic disease COVID-19 has disrupted the operations of titanium industries which has decreased the demand for titanium in 2020.

Titanium Metal Product Type is the fastest-growing Product Type of Titanium, in terms of value.

The titanium metal finds wide uses in various end-use industries. Some of the major industries include aerospace & defense, chemical & process industry, energy & power, desalination, and others. The increasing demand from these end-use industries is expected to drive the titanium metal market during the forecasted period.

Paints & Coatings is the fastest-growing end-use industry of titanium dioxide, in terms of value.

Titanium dioxide is utilized in paints and coatings for better coverage, brightness, whiteness, opacity, and durability. It finds applications in architectural coatings, automotive OEM coatings, general industrial finishes, powder coatings, waterborne paints, protective coatings, wood finishes, and other coatings. The rapidly growing housing & construction sector, increasing gross domestic product (GDP), ongoing rapid urbanization, and increasing disposable income propel the paints & coatings market. In addition, technological advancements in the automotive, wood, and other industrial sectors support market growth.

Aerospace & Defense is the fastest-growing End-use Industry of Titanium Metal, in terms of value.

Titanium metal is majorly used in the production of turbine engines apart from airframes and other components. In turbine engines, titanium is used to manufacture components such as inlet cases, compressor blades, disks, and hubs, as well as spacers and seals. By weight, these turbine engines constitute about 25% of titanium and its alloys. Apart from engine components, titanium is also utilized to manufacture fasteners, landing-gear supports, springs, fail-safe straps, and numerous internal bulkhead and wing-support components in the aerospace industry.

APAC is the fastest-growing Titanium market

APAC is projected to register the highest CAGR in terms of value in the global titanium market during the forecast period. The growth of the titanium industry in this region is supported by the recovery in end-use industries, and the advancement of industrial technology solutions for various industries.

Due to COVID-19, titanium producers and numerous companies have halted their production sites across various countries that has led to reduced demand for titanium dioxide and titanium metal, which affected the titanium demand in APAC countries. The recovery in the end-use industries with restoration in the supply chain would drive the titanium demand during the forecast period.

Market Dynamics

Drivers

  • Recovering Aerospace Market
  • Increasing Number of Aircraft Deliveries
  • Thriving Construction Sector Worldwide
  • Increasing Trend to Develop Lightweight Vehicles

Restraints

  • High Cost of Titanium Metal
  • Stringent Environmental Policies of Governments Regarding the Production of Titanium Dioxide
  • Increasing Restrictions on the Sulfate Process

Opportunities

  • Growing Adoption of Titanium Powder in Additive Manufacturing
  • Improvement in the Fly-To-Buy Ratio
  • High Adoption of Ultrafine Particles of Titanium Dioxide in Cosmetics and Construction Industries

Challenges

  • Uncertainty About the Safety of Titanium Dioxide
  • Fluctuations in the Price of Raw Materials
  • Maintaining an Uninterrupted Supply Chain due to COVID-19

Companies Mentioned

  • Allegheny Technologies Incorporated (Ati Metals)
  • American Elements
  • Amg Advanced Metallurgical Group Nv
  • Avicnet Co. Inc
  • Baoji Titanium Industry Co., Ltd.
  • Cinkarna Celje D.D.
  • Evonik Industries Ag
  • Grupa Azoty Sa.
  • Iluka Resources Limited
  • Ineos Group Ltd
  • Ishihara Sangyo Kaisha, Ltd.
  • Kerala Minerals and Metals Ltd.
  • Kish Company, Inc.
  • Kronos Worldwide, Inc.
  • Lomon Billions Group
  • Osaka Titanium Technologies Co. Ltd.
  • Posco
  • Shanghai Jiuta Chemical Co. Ltd.
  • Swastik Interchem Private Limited
  • Tayca Corporation
  • The Chemours Company
  • Titanium Metals Corporation
  • Toho Titanium Co. Ltd.
  • Tronox Holdings, plc
  • Ust-Kamenogorsk Titanium and Magnesium Plant Jsc (Uktmp)
  • Venator Materials, plc
  • Vsmpo-Avisma

For more information about this report visit https://www.researchandmarkets.com/r/d0l65w