Use of titanium, already a well-known material among the metal product manufacturing sector, is expected to boom by 2020 according to a new research report by Persistence Market Research.
As most in the industry know, titanium is used in production of super light high speed aircrafts, satellites and spacecrafts, and ships. Apart from aerospace and aviation, some other major end user industries of titanium products include paper, plastic, and paints & coatings.
Titanium products are also popular in various healthcare applications such as pacemakers, and defibrillators due to chemical properties of titanium such as inertness to UV rays and self-cleaning properties.
Based on the different product type, the global titanium products market can be broadly categorized as titanium concentrate, titanium tetrachloride, titanium sponge, ferrotitanium, titanium pigment and other. Based on the various applications of the titanium product, the market can be segmented in seven broad categories namely, aerospace & marine, industrial, medical, energy, pigments, additives & coatings, and others.
Rising demand of titanium products in aircraft carriers, defense equipments and various other chemical processing industries such as oil and gas is driving the global titanium product market. Moreover, the recent development in cost effective manufacturing technology coupled with superior weight-to strength ratio compare to some of the other traditional product such as steel is expected to boost the market in upcoming years.
Unavailability of raw material, fluctuating price of input materials, and high cost of titanium product are some of the major challenge for the titanium product market.
North America is the largest market of titanium product followed by the Europe and Asia pacific. Asia Pacific is the fasted growing market. The major end user industry such as healthcare, power, automotive and aerospace industries of the titanium product is growing which in turns helping the titanium product market in this region.
Some of the major companies operating in global titanium products market include, Huntsman International, DuPont, Ineos, Iluka Resources Ltd., Sumitomo Corporation VSMPO-AVISMA Corporation., Toho Titanium Co., Ltd., RTI International Metals, Allegheny Technologies Incorporated, Titanium Metal Corporation., Tronox Limited (U.S)., Indian Rare Earths Limited (India)., and Sierra Rutile Limited (U.K)