Global titanium industry expected to reach $ 33.5 billion by 2026


DUBLIN, October 12, 2021– (BUSINESS WIRE) – The “titanium market by product type (titanium dioxide, titanium metal), by end-use sector and by region (North America, Europe, Asia-Pacific, MEA and America South) – Global Forecast to 2026 “the report was added to ResearchAndMarkets.com offer.

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

Titanium dioxide is in demand in various end-use industries including paints and coatings, plastics and rubber, paper and others, while metallic titanium is widely used in aerospace and defense, industrial chemical and processing, energy and electricity, desalination and others, due to its properties of advantages such as high durability, temperature resistance, lightness and high rigidity. However, the global pandemic disease COVID-19 has disrupted the operations of the titanium industries, which has decreased the demand for titanium in 2020.

The titanium metallic product type is the fastest growing type of titanium product, in terms of value.

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

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

Titanium dioxide is used in paints and coatings for better coverage, gloss, whiteness, opacity and durability. It finds applications in architectural coatings, automotive OEM coatings, general industrial finishes, powder coatings, water-based paints, protective coatings, wood finishes and other coatings. The rapidly growing housing and construction sector, increasing gross domestic product (GDP), on-going rapid urbanization and increasing disposable income are propelling the paints and coatings market. In addition, technological advancements in the automotive, lumber and other industrial sectors are supporting the growth of the market.

Aerospace and Defense is the fastest growing end-use industry for titanium metal, in terms of valuee.

Titanium metal is mainly used in the production of turbine engines apart from airframes and other components. In turbine engines, titanium is used to make components such as intake housings, compressor vanes, discs and hubs, as well as spacers and gaskets. By weight, these turbomachines constitute approximately 25% of the titanium and its alloys. Besides engine components, titanium is also used to make fasteners, landing gear brackets, springs, safety straps, and many internal bulkhead and wing bracket components in the aerospace industry.

APAC is the fastest growing titanium market

APAC is expected 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 of end-use industries and the advancement of industrial technology solutions for various industries.

Due to COVID-19, titanium producers and many companies have shut down production sites in various countries, resulting in reduced demand for titanium dioxide and titanium metal, which has affected demand for titanium in APAC countries. The recovery in end-use industries with catering in the supply chain would boost demand for titanium during the forecast period.

Market dynamics

Conductors

  • Aerospace market recovery

  • Growing number of aircraft deliveries

  • A thriving construction sector in the world

  • Growing tendency to develop light vehicles

Constraints

  • High cost of titanium metal

  • Strict environmental policies of governments regarding the production of titanium dioxide

  • Growing restrictions on the sulfate process

Opportunities

  • Growing adoption of titanium powder in additive manufacturing

  • Improved Fly-To-Buy ratio

  • High adoption of ultrafine titanium dioxide particles in cosmetics and construction industries

Challenges

  • Uncertainty about the safety of titanium dioxide

  • Fluctuations in commodity prices

  • Maintain an uninterrupted supply chain due to COVID-19

Companies mentioned

  • Allegheny Technologies Incorporated (Ati Metals)

  • American elements

  • Amg Advanced Metallurgical Group Nv

  • Avicnet Cie Inc

  • Baoji Titanium Industry Co., Ltd.

  • Cinkarna Celje DD

  • Evonik Industries AG

  • Grupa Azoty Sa.

  • Iluka Resources Limited

  • Ineos SA Group

  • 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 Company

  • Toho Titanium Co. Ltd.

  • Tronox Holdings, plc

  • Ust-Kamenogorsk Titanium and Magnesium Plant Jsc (Uktmp)

  • Materials Venator, plc

  • Vsmpo-Avisma

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

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211012006021/en/

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