New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Titanium Global Market Report 2023" - https://www.reportlinker.com/p06466465/?utm_source=GNW
, VSMPO-AVISMA Corporation, Huntsman Corporation, Global Titanium Inc., Kenmare Resources Plc., ADMA Products Inc., AMETEK Inc., INEOS Group Limited, Iluka Resources, Sumitomo Corporation, Norsk Titanium AS, and VV Titanium Pigments Private Limited (VVTi).
The global titanium market is expected to grow from $24.59 billion in 2022 to $26.07 billion in 2023 at a compound annual growth rate (CAGR) of 6.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The titanium market is expected to reach $32.40 billion in 2027 at a CAGR of 5.6%.
The titanium market consists of sales of titanium dioxide and titanium metal.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Titanium is a lustrous, silver-gray metal that is highly resistant to corrosion, with low density, and strong and lightweight. Titanium is used in a variety of industries including power generation, utilities, automotive, and healthcare, due to its excellent strength-to-weight ratio and resistance to extreme temperatures and chemicals.
Asia-Pacific was the largest region in the titanium market in 2022. The regions covered in the titanium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of titanium are industrial grade and medical grade.Industrial grade titanium is a grade 4 titanium which is lightweight and has a high tensile strength.
Industrial grade titanium is used in the applications of aircraft components, hydraulic systems, and engine components. Various products include titanium concentrate, titanium tetrachloride, titanium sponge, ferrotitanium, titanium pigment, and others used in paints and coatings, aerospace and defense, chemicals, electric power, and other applications.
Increasing use of titanium metal in the aerospace industry is expected to propel the growth of the titanium market.Titanium has a high strength-to-weight ratio, making it ideal for aircraft structures that need to be both strong and light.
Titanium is also resistant to high temperatures, making it suitable for jet engines.Titanium in turbine engines is utilized to produce components including compressor blades, disks, hubs, spacers, inlet cases, and seals.
For instance, in 2021, according to forecast from the vice president of metallic material procurement of Airbus, a France-based multinational aerospace corporation, overall demand for titanium at Airbus would increase by 80–100% by 2025. Thus, the rising use of titanium metal in the aerospace industry will drive the market in the future.
Technological innovation is a key trend gaining popularity in the titanium market.Major companies operating in the market are focused on developing technologically advanced and innovative products to strengthen their position in the market.
For instance, in February 2023, Norsk Titanium, a Norway-based aerospace and defense parts manufacturer, introduced its first additively manufactured near-net-shape titanium component for the semiconductor manufacturing industry.The 80kg titanium carrier tray is designed in association with Hittech Group, a Netherlands-based machine industry company.
The additively manufactured titanium carrier tray replaces a forged plate and saves 140 kg (64%) in raw materials for semiconductors while also allowing the customer to use its existing supply chain and expand their current capacity without any additional capital investment.
In April 2022, Kymera International, a US-based specialty materials company, acquired AmeriTi Manufacturing Company for an undisclosed amount.Through this acquisition, Kymera extended its product lines and grew into the aerospace, medical, defense, and industrial markets.
AmeriTi Manufacturing Company is a US-based manufacturer of ferrotitanium, titanium sponge, titanium powders, and specialty forms.
The countries covered in the titanium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The titanium market research report is one of a series of new reports that provides titanium market statistics, including titanium industry global market size, regional shares, competitors with a titanium market share, detailed titanium market segments, market trends and opportunities, and any further data you may need to thrive in the titanium industry. This titanium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466465/?utm_source=GNW
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