The global titanium metal market is estimated to touch a size of USD 1,823 million by 2023. It can expand at 6.17% CAGR from 2018 to 2023 (forecast period). The market is primarily driven by the rising production of aircraft and benefits of titanium. Immense demand for lightweight components in aviation and space sectors is projected to work in favor of the market. Stringent regulations rolled out by governments such as the Clean Air Act to curtail emission rates can support this trend.

The elastic and biocompatible nature of titanium has increased its scope of applications in the medical industry. Rise in number of surgeries and impending need for implants among the elderly populace can fuel the titanium market demand till 2023. Popularity of various sporting goods and equipment owing to rise in health consciousness among consumers are factors predicted to facilitate market growth.

The electronics and automotive sectors offer an abundance of opportunities for the titanium metal market. The use of titanium as a replacement for aluminum owing to its ability to withstand high temperatures and non-magnetic nature which prevents interference with data storage is likely to elicit demand for the transition metal. The automotive industry uses titanium parts for wrist parts, valves, springs, and camshafts which ensure the smooth functioning of the engine. Moreover, regulations by the U.S. Environmental Protection Agency (EPA) and the European Chemicals Agency (ECHA) which emphasize on the production of fuel-efficient vehicles can create demand in the titanium metal market.

By type, the global titanium metal market is segmented into medical grade, industrial grade, and others. The industrial grade segment accounted for a majority of the market owing to its application in rotors, compressors, airframes, and chemical equipment manufacturing. Rapid industrialization in economies of Asia Pacific is expected to augur well for the segment growth till 2023. On the flip side, the medical grade segment can display a strong growth rate due to the use of metal in implants and surgical instruments.

By application, the titanium metal market is segmented into aerospace, medicinal materials, industrial, and others. The aerospace segment accounted for a large market share in 2017 owing to the need for titanium due to its lightweight nature and extensive use manufacture of rotors, compressor blades, and heat shields. The accelerated production of aircraft is expected to spur growth in the segment. On the flip side, medicinal materials can be the second-biggest application of the titanium metal market thanks to its use in producing implants and surgical equipment.

Geographic segmentation of the titanium metal market comprises North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).

Among these, the APAC region is projected to boom owing to heavy demand from aerospace, construction, chemicals, and automotive sectors. The titanium metal market in the region can thrive owing to the medical sector which can produce implants for the geriatric populace. Rapid industrialization and urbanization are other factors which can fuel the market demand exponentially.

The North America region is the second-largest owing to the growth of aerospace and defense sectors. The growing passenger volume can boost the demand for aircraft which can bode well for the titanium metal market. In addition, concerns of border security owing to prevalence of terrorist incidents is projected to drive the market demand.

OSAKA Titanium Technologies Co., Ltd. (Japan), TOHO TITANIUM CO., LTD. (Japan), CRISTAL (Saudi Arabia), Global Titanium Inc. (U.S.), VSMPO-AVISMA Corporation (Russia), ATI (U.S.), Metalysis (U.K.), AMETEK Inc. (U.S.), ADMA Products, Inc. (U.S.), and Precision Castparts Corp. (U.S.) are some of the noteworthy players in the titanium metal market.

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