The global titanium metal market is expected to grow from USD 24 billion in 2022 to USD 44.75 billion by 2032, at a CAGR of 6.43% from 2023-2030. The growing applications of titanium metal and its alloys will augment the growth of the global titanium metal market.

Market Introduction:

Titanium is amongst the most common metals found in the earth’s crust. The chemical formula of titanium is Ti. There are several uses for titanium. It is a bright, grey metal with low corrosion and excellent strength. It is a biocompatible element, making it ideal for several medicine implants. Its high strength-to-weight ratio allows the user to use less titanium and achieve the same durability and strength. It has high melting and boiling temperature. It resists strong liquids like sulfuric acid, wet chlorine gas, chloride solutions, and hydrochloric acid. Due to its biocompatibility, titanium is prominent in the medical sector. its non-toxic nature is also a significant factor in its growth in the medical sector. When titanium is processed into titanium dioxide, a durable white pigment is produced in paint, plastics, toothpaste, and paper. High tensile strength, strength-to-weight ratio, high corrosion and crack resistance, and high-temperature tolerance are all characteristics of titanium. It is thought to be the best material for making armour plating, missiles, and aeroplanes. Crucial structural components, landing gear, exhaust ducts, firewalls, and hydraulic systems are all produced using it. the various applications of titanium metal in defence, aerospace, chemical processing, construction, medical and jewellery will propel its growth in the forecast period.

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Recent Development

February 2023 - The semiconductor manufacturing sector has received the first additively made near-net-shape titanium components from Norsk Titanium, Norway. The 80 kg carrier tray was created in collaboration with the Den Haag, Netherlands-based Hittech Group and is an essential part of the lithography system used by ASML, a maker of semiconductors. The company is supplying the Ti-6Al-4V preforms into an established supply chain that provides the carrier tray to ASML. The preforms are made utilizing Norsk Titanium's Rapid Plasma Deposition technology, a proprietary wire-based Directed Energy Deposition (DED) type. The customer can use the present supply chain, increase its current capacity, and save 140 kg (64%) in raw material costs by switching to the additively made titanium carrier tray instead of a forged plate. This is all done without needing to make any additional capital investments.

Market Dynamics:

Drivers

The increasing demand for titanium metal from the aerospace and defence industry – The civil aviation sector is starting to recover from the devastating economic slowdown brought on by the COVID-19 pandemic. Air traffic is expected to increase in the near future, given the rise in consumer demand as their per-capita income rises. Furthermore, the public and private players in the civil aviation industry are assisting the industry in gaining back its pre-covid 19 operational levels with incentives, funding and supportive policy measures. The aim to improve mobility will augment well for the civil aviation industry. The unveiling of China's indigenously developed aircraft is a case in point. Similarly, Air India's deal with Airbus and Boeing for new aircraft will augment the industry's growth in the coming decade. The manufacture of passenger aircraft uses a significant amount of titanium metal given its high-strength-to-weight ratio, high-temperature resistance and anti-corrosive properties. The high strength-to-weight ratio also enables the manufacturers to make the aircraft lighter which is fuel-efficient, thereby, positive for the climate change in the world. The outer-space exploration and associated research, design and development of better satellite carriers, rockets etc., have also gained traction recently, given the increase in technological advancements, government spending and entry of private players in the industry. The Russia-Ukraine war has highlighted the importance of having a robust army, air force, navy, and the latest weapons systems. Governments worldwide have pushed for increased defence expenditure. The increased defence expenditure will be utilized to acquire new aircraft, missiles, arms, ammunition, missile defence systems, etc., all of which utilize titanium metal or alloys. Therefore, the thriving aerospace and defence industry will grow the global titanium metal market.

Restraints:

High cost of titanium metal – Any metal or mineral is extracted from its ore mined from the earth's lithosphere crust. Mining is an expensive process as it involves identifying the land in which the mineral ore of titanium is found, getting environmental clearances from the relevant authorities and the expensive machinery and equipment used in mining. Extracting titanium from its mineral ore is also an expensive, arduous and long process. The long process and multiple stages add to the final cost of titanium metal. The process used to extract titanium metal alloy produces a lot of heat and undesirable by-products, which are harmful to the environment. The rising climate change concerns have made these processes more expensive, given the several environmental costs the manufacturers have to pay for the negative externalities they cause. Furthermore, the grading and certification of titanium metal offered by relevant authorities add to the manufacturer's costs. The certification and grading enable the sellers to authenticate their titanium, making it easier to sell. Titanium metal is used in several industries and has a wide variety of applications; this vast demand increases its price in the market. Therefore, the high cost of titanium metal will hamper the market's growth.

Opportunities:

The extensive applications of titanium metal – Besides being used in the aerospace and defence industry, titanium metal is also used in the automotive, industrial, chemical, energy and power, pharmaceuticals, building and construction and marine industries. The wide variety of applications can be attributed to the high strength-to-weight ratio of titanium, which allows the market players to use a smaller amount of titanium as a replacement while retaining the older properties of the products. A lesser amount of titanium enables manufacturers to reduce production costs and improve product performance. For instance, using titanium in the automotive industry allows manufacturers to reduce the weight of vehicles, making them lighter and more fuel efficient. Lighter vehicles offer better fuel economy and reduce carbon emissions. The engine efficiency is good for the environment, producers and consumers. The high-temperature resistance and chemical stability in extreme environmental conditions of heat and moisture make it ideal for applications in the marine ecosystem. Its anti-corrosive property and durability increase the lifespan of products. Therefore, as mentioned above, the extensive applications of titanium metal and its alloys in multiple industries will offer lucrative opportunities for the market players in the forecast period.

Challenges:

The stringent government regulations and guidelines – The rising pace of climate change has persuaded the governments to adopt sustainable regulating policies for major polluting economic units like mining, metal and chemical processing, and automotive industries. Given the structural, organizational and bureaucratic roadblocks in getting environmental clearances to start operations, the mining sector is taking a hit. Furthermore, the ban on certain metal extraction processes increases the cost of production for the market players. Such difficulties will discourage new market players from entering the market, challenging the market's growth.

Regional segmentation analysis:

The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region emerged as the largest global titanium metal market, with a 44% market revenue share in 2022. The increasing defence expenditure of India and China will bode well for the titanium metal market. There has been a renewed push towards defence infrastructure spending and the acquisition of new arms, ammunition, technologies and indigenous defence research and development after the border clashes of April-May 2020. The border skirmishes are expected to continue; the governments have increased their defence budget in the past two years, which is a positive development for the regional titanium market. Furthermore, the push for outer-space exploratory research and development will drive the regional titanium metal market. The vast population with rising per capita income drives the demand for houses, commercial office space, utilities, automobiles and electronics. Titanium oxide is used widely in painting, coatings, and protective product manufacturing. The growth of building and construction, given the rising demand for houses and utilities, will propel the titanium metal market's growth. Similarly, the extensive use of titanium in the growing automotive industry to improve fuel efficiency for environmental sustainability will propel the market's growth. The region's high-end and advanced medical infrastructure has increased the demand for its medicine globally, thereby increasing medical tourism. The thriving medical infrastructure will push the use of titanium in the healthcare industry. The Indian government is pushing for marine research and development to exploit and conserve their marine ecosystem, augmenting the global titanium metal market. The archipelago nations in the Asia pacific have formidable marine industries and are open to new technologies which utilize titanium metal and its alloys. China and India's vast manufacturing and industrial belts will contribute to the regional titanium metal market’s growth.

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Product type segment analysis

The product type segment is divided into industrial grade, medical grade and others. The industrial grade segment dominated the market with a market share of around 68% in 2022. The industrial grade titanium metal has several grades/varieties of titanium under its ambit. They are used in the automotive, industrial, chemical, power generation, construction, aerospace and defence industries. Medical grade titanium metal is used in medicine in the form of dental implants, artificial joints, and bone fixtures; high strength-to-weight ratio, high-temperature resistance, and anti-corrosive and durable properties make titanium metals and its alloys ideal for extensive use in the previously mentioned industries. The extensive use of industrial grade in multiple economic sectors contributes to its global dominance in the market. Grades 1, 2, 3, 4, 5, and 11 among others are mainly industrial-grade titanium metals. They are used for manufacturing Aircraft turbines, Aircraft structural components, High-performance automatic parts, Engine components, Aerospace fasteners, marine applications and Sports equipment. They are also used in Chemical processing, Chlorate manufacturing, Desalination Cryogenic vessels, and Heat exchangers. The increasing aerospace and defence expenditure and expanding automotive, chemical processing, building and construction industries will propel the segment's growth in the forecast period.

Application segment analysis

The application segment is divided into energy and power, aerospace and defence, industrial, medicinal materials and others. The aerospace and defence segment dominated the market with a share of around 45% in 2022. The high strength-to-weight ratio of titanium alloy, its durability and its corrosive resistant properties make it ideal for manufacturing airframes, landing gear, fastening components and engine parts, among others. The promising civil aviation sector will increase the demand for passenger aircraft which will bode well for the segment's growth. Furthermore, the use of titanium in defence aircraft is also significant. It is used in F-22, F-16, C-17 and black hawk helicopters, to name a few. The increasing demand for fighter aircraft after the Russian invasion will propel the segment's development in the future. Titanium metal is also used in outer-space aircraft. With the increased research funding and entry of private players in the outer-space industry, the use of titanium alloy is expected to rise. The growing aerospace industry, combined with the rising production of titanium, will propel the segment's growth in the future.

Some of the Key Market Players:

• ADMA Products Inc.
• AMETEK Inc.
• ATI Metals
• CRISTAL
• CRS Holdings Inc.
• Nippon Steel Corporation
• Osaka Titanium Technologies
• Precision Castparts Corporation
• Toho Titanium
• VSMPO-AVISMA

Report Description: