Newark, March 20, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 24 billion in 2022 titanium metal market will reach USD 44.75 billion by 2032. Rising territorial disputes between states, and an increase in non-state terrorists and radical organizations, both of which have access to sophisticated military equipment and missiles, have all increased the security risk to any sovereign nation. As a result, there has been a surge in defence spending worldwide to protect the nation and its citizens. The increased spending will support the development and modernization of defence equipment, devices, systems, weapons, aircraft fleets etc. the renewed push for defence modernization is primarily focused on upgrading the ageing air fleet and inducting modern aircraft.
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Defence aircraft utilize titanium to a greater extent, given its high-strength-to-weight ratio, low corrosion and durability. Furthermore, the expansion of civil aviation will propel the global titanium metal market's growth. The Air India deal with Airbus and Boeing for purchasing around 500 new passenger and cargo planes over the next decade is a positive development highlighting the potential growth of civil aviation and, thereby, the titanium metal market in the future.
Key Insight of the Global Titanium metal Market
Asia Pacific is expected to dominate the market during the forecast period.
The market for titanium metal will benefit from India and China's rising defence spending. Furthermore, the push for space exploration research and development will drive the regional titanium metal market. The market for titanium metal will expand as a result of the expansion of building and construction due to the increased demand for homes and utilities. Similarly, the substantial use of titanium in the expanding automobile sector would support the market's expansion by enhancing fuel efficiency for environmental sustainability. The region's high-end and cutting-edge medical infrastructure has increased demand for its medicines globally, substantially boosting the use of titanium in the sector.
In 2022, the industrial grade segment dominated the market with the largest market share of 68% and market revenue of 16.32 billion.
The product type segment is divided into industrial grade, medical grade and others. In 2022, the industrial grade segment dominated the market with the largest market share of 68% and market revenue of 16.32 billion.
In 2022, the aerospace and defence segment dominated the market with the largest market share of 45% and market revenue of 10.80 billion.
The application segment is divided into energy and power, aerospace and defence, industrial, medicinal materials and others. In 2022, the aerospace and defence segment dominated the market with the largest market share of 45% and market revenue of 10.80 billion.
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Advancement in market
February 2023 - During the recent "Aero-India 2023" show in Bengaluru, Midhani or Mishra Dhatu Nigam Limited, the defence public sector metallurgy unit, will be showcasing its most recent five nickel and titanium metal alloy products with high strength, lightweight, anti-corrosive, and malleable properties for use in strategic sectors of defence and aerospace as well as various other civilian uses. The Hyderabad company will display the special grade alloy materials of approximately 14 different varieties used in the production of domestic Light Combat Aircraft (LCA) Mark 1 and Mark 2 by Hindustan Aeronautics Limited (HAL).
Market Dynamics
Driver: The aerospace and defence industries' rising demand for titanium metal
Given the surge in consumer demand as their per capita income improves, aviation traffic is anticipated to increase soon. Through incentives, subsidies, and supportive policy measures, the public and commercial stakeholders in the civil aviation sector are also helping the sector regain its pre-COVID-19 operational levels. A large amount of titanium metal is used in constructing passenger aeroplanes due to its high strength-to-weight ratio, high-temperature resistance, and anticorrosive qualities. Furthermore, given the surge in technological breakthroughs, government expenditure, and the introduction of commercial companies in the business, space exploration and related research, design, and development of better satellite carriers, rockets, etc., have also gained traction recently. The importance of having a strong army, air force, and navy, together with the newest weaponry, has been brought to light by the Russia-Ukraine conflict. Governments around the world have urged increased defence spending. The additional defence spending will be used to buy new weapons, ammunition, missile defence systems, missiles, and other items that use titanium metal or titanium alloys. As a result, the expanding aerospace and defence sectors will propel the expansion of the worldwide titanium metal market.
Restraint: Titanium is an expensive metal
Finding the site where the titanium mineral ore is found, obtaining environmental approval from the appropriate authorities, and using expensive machinery and equipment all contribute to the high extraction cost of titanium. Separating titanium from its mineral ore is extremely costly and time-consuming. The lengthy procedure and numerous steps raise the final price of titanium metal. The extraction procedure for titanium metal alloy generates a lot of heat and unfavourable by-products that are bad for the environment, which attract numerous environmental costs that manufacturers must bear for the adverse externalities they produce. Therefore, the growing concerns about climate change have increased the expense of these procedures. Also, the producer's cost is increased by the grading and certification of titanium metal provided by appropriate authorities. Due to its extensive use and wide range of applications, titanium is in high demand, which drives up market prices. Hence, the market's expansion will be hampered by titanium metal's high price.
Opportunities: The numerous uses for titanium metal
The automotive, industrial, chemical, energy and power, pharmaceutical, building and construction, and marine industries all employ titanium metal. There is a wide range of applications given titanium's excellent strength-to-weight ratio, which enables manufacturers to replace more titanium with less while preserving the original attributes of the product. For instance, using titanium in the automobile industry enables manufacturers to lighten the product weight and thus increase the fuel efficiency of their vehicles. The environment, producers, and consumers benefit from engine efficiency. It is perfect for use in the marine ecosystem because of its excellent temperature resistance and chemical stability under harsh environmental conditions of heat and wetness. Their durability and anticorrosive properties increase the longevity of items. Thus, the numerous industries where titanium metal and its alloys are used will present profitable prospects for market players during the projection period.
Challenge: The strict government rules and requirements
The governments have adopted sustainable regulatory policies for significant polluting economic sectors like mining, metal and chemical processing, and the automotive industry due to the accelerating speed of climate change. The mining industry is suffering due to the structural, organizational, and bureaucratic barriers to obtaining environmental clearances to begin operations. The cost of production for market participants also rises due to the ban on some metal extraction methods. Such challenges may deter new market participants from entering the market, which will impede the market's expansion.
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Some of the major players operating in the Global titanium metal market are:
• ADMA Products Inc.
• AMETEK Inc.
• ATI Metals
• CRISTAL
• CRS Holdings Inc.
• Nippon Steel Corporation
• Osaka Titanium Technologies
• Precision Castparts Corporation
• Toho Titanium
• VSMPO-AVISMA
Key Segments cover in the market:
By Product Type
• Industrial Grade
• Medical Grade
• Others
By Application
• Energy and Power
• Aerospace and Defence
• Industrial
• Medicinal Materials
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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