Overview:
The
global titanium metal market is taking long strides ahead with several
sectors boosting its pace. Reasons behind the market getting a probable chance
to score 6.17% CAGR value-wise and 5.36% CAGR volume-wise during the forecast
period (2018-2023) are its features. Market Research Future (MRFR) made a
detailed study of the market to get a hold of the market dynamics. It has
corrosion-resistance, durability, and extraordinary strength but lightweight,
which opened doors for its percolation into several associated sectors. Its
symbol is Ti, and the atomic number is 22. It can be used as an alloy with iron, aluminum, vanadium, molybdenum,
and others. Its strength-to-density ratio is the highest among the metallic elements.
The
titanium metal market is going to get backups from several factors that would
help the progress in the coming years. The automotive
sector is one major factor that can impact market
growth considerably. The sector is
looking for strong but lightweight
products to reduce carbon footprint owing to which titanium has substantial
traction from the region. It also increases the fuel-efficiency of cars which
is why governments are also promoting the use of it. But the titanium metal
market can get some difficult challenges
in the guise of its high price. This could curb its market to reach considerably
and restrain the expected growth. But its prolific use in the electronic sector can steer the titanium market
out of any long-time sluggishness.
@Get a Free Sample Report on Titanium
Metal Market https://www.marketresearchfuture.com/sample_request/7482
Segmental Analysis:
To get a comprehensive
hold over the titanium metal market, MRFR segmented it by type and application.
The analysis further incorporates volume-wise and value-wise data for a
holistic view of the market.
By type, the titanium metal market can be segmented into the industrial grade, medical grade, and others. Growing demand from
aerospace, electronics, power generation, petroleum, and chemical processing
sectors are reasons owing to which the industrial grade segment secured 49% of
the global titanium metal market in 2017. The segment
could rise to a valuation of USD 881.9 million by 2023. The medical grade
segment can scale USD 715.3 million with a 6.65% CAGR during the forecast
period.
Based on the application, the titanium metal market
includes aerospace, industrial, medicinal materials, and others. The aerospace
segment had command over 62% of the global
titanium metal market in 2017. By 2023, the segment
could reach a valuation of USD 1,154.6 million and generate demand of 130.3 KT.
The medicinal materials segment can achieve 6.17% CAGR over the forecast period
and attain USD 237.1 million by 2023.
Regional Analysis:
MRFR’s analysis of the titanium
metal market has a special eye on
regions, namely, Europe, Asia Pacific (APAC), North America, Latin America, and
the Middle East & Africa (MEA). This type of regional segmentation would
help in the identification of growth pockets.
It is the APAC region that stands out from its
competitors in terms of command over the market. The region has almost 41% of the global market under its control, and it is gaining significant traction from
major industries aerospace, medical, construction, and chemicals. The growing
demand for aircraft in the both
commercial and defense sector is bolstering the regional market where it can
achieve a valuation of USD 792.2 million by 2023.
North America has an extraordinary infrastructure for
defense which is continuously generating demand for aircraft. The U.S. in the region spends a large amount of their
budget in the defense sector, and private investment in the sector can assure huge growth in the coming years. The regional market can gain USD 498.4 million by 2023. The market
is also getting triggered by the growing terrorist activities across the world.
Get More Professional
and Technical Industry Insights @ https://www.marketresearchfuture.com/reports/titanium-metal-market-7482
Competitive Landscape:
Leading
companies designing the growth chart of the global titanium metal market are
Precision Castparts Corp. (U.S.), ADMA Products, Inc. (U.S.), VSMPO-AVISMA
Corporation (Russia), CRISTAL (Saudi Arabia), ATI (U.S.), OSAKA Titanium
Technologies Co., Ltd. (Japan), AMETEK Inc. (U.S.), Global Titanium Inc.
(U.S.), TOHO TITANIUM CO., LTD. (Japan), and Metalysis (U.K.).
NOTE: Our Team of Researchers is Studying Covid19 and its
Impact on Various Industry Verticals and wherever required we will be
considering Covid19 Footprints for Better Analysis of Market and Industries.
Cordially get in Touch for More Details.
About Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw
Research Reports (3R), Continuous-Feed Research (CFR), and Market Research
& Consulting Services.
MRFR
team have supreme objective to provide the optimum quality market research and
intelligence services to our clients. Our market research studies by products,
services, technologies, applications, end users, and market players for global,
regional, and country level market segments, enable our clients to see more,
know more, and do more, which help to answer all their most important
questions.
Contact
Market
Research Future
Office
No. 528, Amanora Chambers
Magarpatta
Road, Hadapsar,
Pune -
411028
Maharashtra,
India
+1 646
845 9312
Email: sales@marketresearchfuture.com