Titanium Market to Register a Spectacular Rise of $33.5 billion by 2026 | MarketsandMarkets™
The global titanium market size is expected to grow from USD 24.7 billion in 2021 to USD 33.5 billion by 2026, at a CAGR of 6.3% during the forecast period. Titanium metal is majorly used in the aerospace industry along with chemical & process, energy & power, Desalination, medical marine, construction, and consumer goods. The increasing demand from the aviation industry drives the demand for Titanium metal. Due to the outbreak of COVID-19, the aviation industry was heavily affected and saw a great fall but is eying an upward turn with the passing of 2021.
Titanium metal is majorly used in the production of turbine engines apart from airframes and other components. In turbine engines, titanium is used to manufacture components such as inlet cases, compressor blades, disks, and hubs, as well as spacers and seals. By weight, these turbine engines constitute about 25% of titanium and its alloys. Apart from engine components, titanium is also utilized to manufacture fasteners, landing-gear supports, springs, fail-safe straps, and numerous internal bulkhead and wing-support components in the aerospace industry. These are the major applications of titanium metal. So when the aerospace industry was struggling, the titanium metal market stumbled as well.
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Titanium is a very stable and economical substitute to aluminum and offers the most efficient weight-to-strength ratio. Although most of the players in the titanium metal landscape are backward-integrated, the lack of demand has disrupted production. The pandemic has hit nearly all the industries apart from the medical industry, which remained almost stable during the last couple of years. The growth although seems a bit slow which could take more than a couple of years to reattain the pre covid market size.
Titanium has gained acceptance as preferred metal for the manufacturing of piping systems, coolers, vessels, heat exchangers, tanks, and agitators for applications in the chemical & process industry. The metal is also suitable for application in undersea piping as it is capable of handling high temperatures. These properties have proven to be a great aiding factor for the growth of the titanium metal market in the chemical industry. The fact that titanium metal is lighter than steel and stronger than aluminum gives it an added advantage. The metal is used in the chemical industry for the development of chemical processing equipment, including titanium containers, heat exchangers, and titanium anodes, Titanium is able to form a protective oxide layer especially in the presence of oxygen (stable oxide), which gives it its strong inertness to most chemicals and corrosion. These properties are the reason that titanium is a preferred material in the chemical & process industry.
In nuclear waste storage, it is crucial that the storage container material does not react with the surroundings as well as the waste stored in the container itself. The excellent corrosion resistance property of titanium make it ideal for the job. Titanium is also used to manufacture nuclear reactor shields that increase the life of the reactor as well as protect the operator from the radiation emitted by the reactor.
VSMPO-AVISMA (Russia), ATI Metals (US), Titanium Metal Corporation (US), are some of the major players in the titanium metal landscape. The companies are involved in mergers and acquisitions along with new product development and capacity expansions. The titanium metal manufacturing process has many regulations as well regarding to the raw materials and intermediaries involved. Also, the availability of ores like rutile, ilmenite, and leucoxene have a huge impact on the titanium production of the region.
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VSMPO-AVISMA is the among the world’s largest titanium producers. Located in Verkhnyaya Salda, Russia, VSMPO-AVISMA also operates facilities in Ukraine, England, Switzerland, Germany, and the US. The company produces titanium, aluminum, magnesium, and steel alloys. The company serves industries such as aerospace, shipbuilding and underwater depths developing, energy, transportation, natural resources extraction, armor protection, chemical engineering, air and water cleaning, medicine, and sports & leisure.
Titanium Metals Corporation was established in 1950 and provides nearly one fifth of the world’s total titanium. It is among the industry leaders in mill and melted products. The company has a wide global presence with manufacturing plants in both North America and Europe. The company is the sole manufacturer of titanium sponge in the US. It manufactures titanium sponge, which is a critical element of titanium metal, the highest quality of which is used to make parts for aircraft structures and engines, munition systems, ground combat vehicles, and ships.
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