Market Research Future (MRFR) estimates the Global Titanium Metal Market size to touch USD 1,823 million by 2023. It can exhibit 6.17% CAGR from 2018 to 2023 (forecast period).
The market is set to soar thanks to heavy demand from the aerospace industry. This can be attributed to characteristics of high corrosion resistance, capacity to handle high temperatures, and high tensile strength to density ratio. Moreover, demand of titanium for the production of lightweight and fuel-efficient military aircraft can fuel the titanium metal market.
The corrosion resistant nature of titanium has provided the market scope to expand in the medical industry. Devices and equipment such as toe implants, breast implants, retractors, tweezers, and others are produced using the metal owing to its natural compatibility with the human body. Furthermore, the uptick noticed in cosmetic surgeries in 2017 owing to affordability and rise in per capita income of consumers can spur the titanium metal market growth.
Get Free Sample Now @https://www.marketresearchfuture.com/sample_request/7482
Geographically, the titanium metal market is segmented into Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East & Africa (MEA).
The APAC region accounted for 41% share in the titanium metal market owing to demand in major industries such as aerospace, medical, construction, and chemicals. The boom in the aerospace sector due to demand for titanium in civilian and military aircraft is likely to bolster market demand in the region. The region can contribute USD 792.2 million by 2023.
The North America titanium metal market can touch a size of USD 498.4 million by 2023 owing to the boom in aerospace and defense sectors. Border tensions coupled with rise in terrorist activities are expected to fuel the market demand exponentially. The region can accumulate a demand of 56.2 KT by 2023.
The Global Titanium Metal Market Size is segmented by type and application.
By type, industrial grade accounted for 49% of the titanium metal market in 2017. This can be attributed to heavy demand from aerospace, electronics, power generation, petroleum, and chemical processing sectors. The segment is predicted to touch a valuation of USD 881.9 million by 2023. On the other hand, the medical grade segment can exhibit 6.65% CAGR during the forecast period to accumulate close to USD 715.3 million by 2023. It can accrue close to 79.8 kilotons (KT) by 2023, at a CAGR of 5.68% during the assessment period.
By application, the aerospace segment held nearly 62% share of the titanium metal market in 2017. It can reach a valuation of USD 1,154.6 million and command a demand of 130.3 KT by 2023. Meanwhile, medicinal materials can exhibit 6.17% CAGR over the forecast period to generate USD 237.1 million by 2023.
Expansions, agreements, and partnerships are prime strategies of these players. For instance, OSAKA decided to expand its production capacity to meet the demand for titanium alloy powders in November 2018. The plant can produce 100 tons annually.
- ADMA Products Inc.
- AMETEK Inc.
- Global Titanium Inc.
- OSAKA Titanium Technologies Co.Ltd.
- TOHO TITANIUM CO.LTD.
- Precision Castparts Corp.
- VSMPO-AVISMA Corporation
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 Components, Application, Logistics 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.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/titanium-metal-market-7482
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.