Titanium is a lightweight, strong, lustrous, corrosion-resistant transition metal with a white-silvery-metallic color. Titanium has a high melting point and high strength to weight ratio. Titanium occurs in the interior of a number of mineral deposits. It is most exclusively found in rutile and ilmenite, commonly distributed in the earth's crusts. Titanium products are primarily used in the aerospace & aviation industry where lightness in weight and high strength are essential. Titanium is broadly used in the manufacturing of high speed aircraft, spacecraft, satellites, and ships. Furthermore, due to its chemical inertness to UV rays and self-cleaning properties, titanium is also used in various health care applications such as defibrillators and pacemakers. Demand for titanium has been rising constantly since the last few years due to the growth in aviation, power, and oil & gas industries. Titanium offers the same level of strength as steel at half the weight and also allows the products to endure high temperatures. However, fluctuation in prices of raw materials and high cost of titanium products are likely to hinder its demand in other end-user segments such as automobiles and the industrial sectors. The recent developments in cost effective manufacturing technology and unavailability of a substitute material for high working temperature are likely to generate positive outlook for the titanium age during the forecast period.
Titanium can be alloyed with many other elements, particularly for usage in the aviation industry. The most common titanium compound is titanium dioxide, a widely used photocatalyst. Other compounds include titanium tetrachloride and titanium trichloride; these are widely used in industrial applications. The titanium age market can be segmented on the basis of application and region. Apart from use in the aviation sector, titanium has found numerous application in various other end-user industries. It is used in chemical processing and power generation equipment. In the automotive industry, titanium is used in engine parts, suspension bridges and exhaust pipes. Titanium is also finds application in medical, pigments, additives & coatings etc. Constant increase in demand for titanium and its products in such applications is likely to drive the global titanium market over the next eight years.
Asia Pacific is anticipated to be the fastest growing market for titanium alloys in the next few years. The most significant reason for this is the growing demand for titanium alloys in developing Asian countries owing to the rise in industrial globalization. This is expected to rise demand in the health care and power sector. North America is still the largest market for titanium due to the presence of global leaders in the aviation sector in the region. Europe and Middle East & Africa have also been showing speedy economic growth since the last few years. These factors are ultimately generating positive outlook for the overall industrial dynamics. Moreover, there is remarkable market potential for automobiles and the health care sector in rapidly developing nations such as China, India, and Brazil. Major players operating in the titanium alloys market are largely focusing on emerging economies for their market potential. These companies are expanding production facilities in developing nations to meet the rapidly rising demand for titanium alloys from different end-user industries. Therefore, the global titanium age market is expected to experience significant growth in the near future.
Major companies operating in the global titanium market include Huntsman International LLC, Ineos AG, DuPont, Iluka Resources Ltd., Toho Titanium Co., Ltd., Sumitomo Corporation, RTI International Metals, Titanium Metal Corporation., Allegheny Technologies Incorporated, and Tronox Limited.
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