Titanium & Titanium Alloy Scrap Market: Overview
Titanium and its alloys are used in a wide range of applications in industries such as biomedical, aerospace, and chemical due to their properties such as high corrosion and mechanical resistance and low density. With technological advantages in the titanium machining processes, the quality of titanium by-products, such as Ti chip has also been increasing at a fast rate, which is anticipated to drive the demand for titanium in the near future. Demand for titanium scrap and titanium alloy scrap is high due to their properties such as excellent corrosion resistance, excellent strength-to-weight ratio, and high melting temperature. Titanium scrap are generated while manufacturing titanium or during equipment fabrication. Aerospace industry is a major source for titanium scrap. These scrap are obtained from engines and structural components of aircrafts. Additionally, titanium is an environment friendly metal. It is used in various applications due to its corrosion resistant properties.
Titanium & Titanium Alloy Scrap Market: Trends & Developments
Titanium scrap are extensive employed in the biomedical industry. This is anticipated to drive the titanium & titanium alloy scrap market in the near future, which is encouraging companies to invest more in research and development of new recycling technologies. Furthermore, increasing production of commercial aircrafts is anticipated to boost the demand for titanium & titanium alloy scrap during the forecast period.
Companies operating in the global titanium & titanium alloy scrap market strive to develop new and better methods of recycling titanium scrap. Development of new processes to recycle titanium scrap is estimated to propel the titanium & titanium alloy scrap market during the forecast period.
Titanium & Titanium Alloy Scrap Market: Key Segments
In terms of grade, the titanium & titanium alloy scrap market can be divided into mixed titanium solids, titanium turnings, rutile scrap, titanium sponge/residues, and others. The mixed titanium solids segment is estimated to expand at a considerable pace in the next few years due to the rise in production of aircraft in developed countries such as the U.S., Germany, and France.
In terms of end-use industry, the titanium & titanium alloy scrap market can be divided into biomedical, aerospace, and chemical. The chemical end-use industry segment is estimated to expand at a considerable pace in the next few years due to increasing use of titanium for manufacturing anodes for electrolysis process across the globe.
Titanium & Titanium Alloy Scrap Market: Regional Outlook
Based on region, the global titanium & titanium alloy scrap market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America and Europe are anticipated constitute major share of the global titanium & titanium alloy scrap market during the forecast period. The titanium & titanium alloy scrap market in Asia Pacific is likely to expand at a significant pace due to the rise in per capita income in developing economies such as China and India. Rise in per capita income is increasing the spending power of consumers. This, in turn, is estimated to propel the demand for high-quality biomedical products in Asia Pacific. Additionally, increasing use of titanium in the chemical industry, fuels the titanium & titanium alloy scrap market in Asia Pacific. Middle East & Africa is expected to be an attractive region for the titanium & titanium alloy scrap market during the forecast period due to the rise in demand for titanium scrap in the region for the use in biomedical applications.
Titanium & Titanium Alloy Scrap Market: Key Players
Prominent players operating in the global titanium & titanium alloy scrap market include Monico Alloys Inc, METRACO NV, Global Titanium Inc., and Gold Metal Recyclers. These players engage in research & development activities, strategic alliances, and mergers & acquisitions to gain market share.
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