Reports and Data’s latest research study on the Titanium market gives a thorough analysis of it. In this report, the global Titanium market is analyzed historically and currently to assess its potential future development. In order to identify opportunistic business opportunities for stakeholders, the study provides detailed information on the key growth factors, restraints, and key trends that are paving the way for future growth in the Titanium market.
The global titanium market demonstrated significant strength in size throughout 2021 and is projected to exhibit a high compound annual growth rate (CAGR) during the forecast period. Key drivers of the market’s revenue growth include the escalating use of titanium in the chemicals industry for the production of anodes and electrolytic cells, as well as its increasing adoption in the electronics sector for manufacturing capacitors and resistors.
Titanium, symbolized as Ti, is a corrosion-resistant metal with low density, naturally occurring in oxide form. Commercially, it is primarily extracted using the Kroll and Hunter processes, with rutile and ilmenite being the major mineral ores. The Hunter process is particularly cost-efficient and serves as a metallurgical method for industrial-scale titanium production. This method employs heat to extract the metal from ore containing titanium tetrachloride. The beta type variant of the product, known for its strength achieved through alloying with molybdenum, aluminum, and niobium, is preferred. Consequently, alloys like Ti-6Al-4V are favored over pure material due to their heat and corrosion resistance. The combination of low density and high strength makes titanium highly suitable for various applications in aviation, such as the creation of airframes and landing gear. Additionally, the production of chemicals like chlorine, urea, and magnesium involves the use of titanium. The material finds application in anodes and anode baskets, enhancing the efficiency of electrolytic power-generating cells. Consequently, titanium boasts a wide range of applications across industries, including electronics and aerospace.
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Enterprises within the chemicals and materials sectors exhibit diversity in terms of size, geographical reach, business strategies, and their emphasis on target markets. They form essential components of a broader ecosystem that encompasses raw materials such as oil, gas, coal, minerals, and bio-based products, as well as a wide array of application industries. Traditionally, the chemical industry has been broadly categorized into three main groups: petrochemicals, diversified manufacturers, and specialized industries.
While the overarching trends mentioned earlier are relevant to the entire sector, the nuances in distinctions among various players highlight the significance of examining trends within specific segments of the industry. Deloitte, as part of its multiverse series, has categorized stakeholders in the chemical sector into three groups: natural owners, distinctive commodities, and solution providers. Each of these groups typically pursues its own strategic imperatives. Vertically integrated natural owners typically prioritize continuous improvement over innovation in their business operations. Differentiated commodities excel in a highly fragmented and complex industry by focusing on supply chain efficiency, market innovation, and cost optimization. Solution providers, on the other hand, concentrate on maximizing the value of their unique products, coupled with their application expertise and services.
Strategies and objectives of major companies
- In April 2019, Tronox Inc. (U.S.) completed the acquisition of titanium dioxide business of Cristal Global (Saudi Arabia), one of the world’s top titanium producers. This move is expected to increase supply of this metal rapidly, resulting in an efficient supply chain globally.
- As of November 2020, UKTMP Ust Kamenogorsk Titanium Magnesium Plant JSC (Kazakhstan) signed an MoU with IREL (India), which is a government owned company in the field of rare earth metals. This move is beneficial to increase production of titanium slag in India. As a result, it strengthens value chain for this product in the Asian region.
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Moreover, the report provides insight into how the Titanium market will develop between 2024 and 2030. Companies operating in the Titanium market can benefit from the in-depth dynamics presented in the report, thereby making strategic development decisions that will help them succeed. During the forecast period, the Titanium market is expected to undergo significant changes that will highly configure its growth.
Furthermore, the report highlights the growth prospects of the Titanium market and estimates market progress in terms of value (USD million) and volume (thousand units).
Major companies in the market include:
- Yunnan Titanium Industry Co., Ltd. (China)
- BaoJi Titanium Industry Co., Ltd. (China)
- Titanium Metals Corporation (U.S.)
- RTI International Metals Ltd. (U.S.)
- VSMPO-AVISMA Corporation (Russia)
- Allegheny Technologies Incorporated (U.S.)
- Toho Titanium Company Limited (Japan)
- UKTMP Ust Kamenogorsk Titanium Magnesium Plant JSC (Kazakhstan)
- Kronos Worldwide, Inc. (U.S.)
- Baosteel Special Materials Co., Ltd. (China)
- Tronox Inc. (U.S.)
Type (Revenue, USD Million; 2019-2030)
- Pure Titanium
- Beta Type Titanium
Application/ End Use Outlook (Revenue, USD Million; 2019-2030)
- Machinery & Equipment
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Key Questions Answered in This report on the Titanium Market
The report provides detailed information about the Titanium market on the basis of comprehensive research on various factors that play a key role in accelerating the growth potential of the market. The information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the Titanium market, so as to help them formulate successful strategies and take target-driven decisions.
- How are key market players successfully earning revenue from the advantages of the product?
- What will be the Y-o-Y growth of the Titanium market between 2024 and 2030?
- What are the winning imperatives of market frontrunners in the Titanium market?
- Which end-user is expected to undertake maximum adoption of the product during the forecast period?
Research Methodology: Titanium Market
The research methodology adopted by analysts to compile the Titanium market report is based on detailed primary as well as secondary research. With the help of in-depth insights of industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the Titanium market.
During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews with genuine resources, analysts have emphasized the changing scenario of the Titanium market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, import and export data of major countries around the world, industrial production index, industry association publications, and company websites to obtain the necessary understanding of the Titanium market.
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