Titanium Market 2024 : Industry Analysis, Trends, Segmentation, Regional Overview And Forecast 2033

The Titanium by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Titanium, The titanium market size has grown strongly in recent years. It will grow from $26.07 billion in 2023 to $27.62 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to aerospace advancements, military and defense applications, industrial expansion, medical implants and devices, sports equipment development..

The titanium market size is expected to see strong growth in the next few years. It will grow to $34.41 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to space exploration initiatives, infrastructure development, automotive industry trends, medical implants and prosthetics, expanding renewable energy sector.. Major trends in the forecast period include industrial and chemical processing, space exploration endeavors, architectural and design applications, automotive industry trends, additive manufacturing growth..

The growing automotive industry is expected to propel the growth of the titanium market going forward. The automotive industry refers to the production, manufacturing, and sales of vehicles, including cars, trucks, motorcycles, and other vehicles. Titanium is used to manufacture engine parts such as valves, valve springs, valve spring bearing seats, and connecting rods due to its superior corrosion resistance and high strength. For instance, the National Automobile Dealers Association (NADA), a US-based trade association issued its analysis of 2022 US auto sales and the economy, indicating that new light-vehicle sales reached 13.7 million units. Therefore, the growing automotive industry is driving the titanium market.

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The titanium market covered in this report is segmented –

1) By Type: Industrial Grade, Medical Grade

2) By Product Type: Titanium Concentrate, Titanium Tetrachloride, Titanium Sponge, Ferrotitanium, Titanium Pigment, Other Products

3) By Application: Paints And Coatings, Aerospace And Defense, Chemicals, Electric Power, Other Applications

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.

The titanium market report table of contents includes: