Titanium Market worth $33.5 billion by 2026

(IT-NEWSWIRE.COM, April 26, 2022 ) The report "Titanium Market by Product Type (Titanium Dioxide, Titanium Metal), Titanium Dioxide By End-use Industry, Titanium Metal By End-use Industry and Region (North America, Europe, Asia-Pacific, MEA & South America) - Global Forecast to 2026" 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 dioxide is extensively being used in the paints & coatings, plastics & rubber, paper, other end-use industries. Titanium metal get widely used in aerospace & defense, chemical & process industry, energy & power, desalination, and other industries.

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Titanium Dioxide a major share of the Titanium market in terms of value.

The titanium dioxide find wide uses in various end-use industries. Some of the major industries include the paints & coatings, plastics & rubber, paper, and others. The increasing demand from these industries is expected to drive the titanium dioxide market during the forecasted period.

The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for titanium dioxide from various end-use industries.

The paints & coatings end-use industry accounts for the largest market share in the global titanium dioxide market during the forecasted period in terms of value and volume

Paints & coatings is the largest ens-use industry of titanium dioxide used for variety of applications. Titanium dioxide is utilized in paints and coatings for better coverage, brightness, whiteness, opacity, and durability. It finds applications in architectural coatings, automotive OEM coatings, general industrial finishes, powder coatings, waterborne paints, protective coatings, wood finishes, and other coatings. The rapidly growing housing & construction sector, increasing gross domestic product (GDP), ongoing rapid urbanization, and increasing disposable income propel the paints & coatings market. In addition, technological advancements in the automotive, wood, and other industrial sectors support market growth.

The COVID-19 pandemic has resulted in reduced demand for titanium dioxide from major end-use industries such as paints & coatings, plastics & rubber, paper, and others. These factors are have reduced the demand for titanium dioxide in 2020. The titanium dioxide consumption is expected to recover post the pandemic.

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The aerospace & defense end-use industry accounted for the largest market share in the global titanium metal market during the forecast period in terms of value and volume.

The aerospace & defense end-use industry accounted for the largest market share by end-use industry in titanium metal market. 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.

The demand for titanium metal from various industries is have declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.

APAC is expected to account for the largest market share in the titanium market during the forecast period.

Europe accounts for the biggest share of the global titanium market. Europe is the second major consumer of titanium dioxide and titanium metal.
However, the COVID-19 outbreak has affected the demand for titanium in the region. On the positive side, support packages offered by governments of various countries will help to maintain the liquidity in titanium market. Such initiatives coupled with recovery in the application areas will increase the demand for titanium in APAC and European region.

The key players in the titanium market are VSMPO-AVISMA (Russia), ATI Metals (US), Titanium Metal Corporation (US), Chemours Company (US), Venator Materials, Plc. (UK), are some of the key players in the titanium market. Tronox Holdings, Plc (US), Lomon Billions Group (China), and Kronos Worldwide Inc. (US) are among others. These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the titanium market. These players have taken different organic and inorganic developmental strategies over the past five years.

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Titanium Market worth $33.5 billion by 2026