Titanium Powder Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3566
Titanium Powder Market size is likely to grow significantly in the upcoming years due to developments in the aerospace industry. Titanium powder are used in various industries mainly due to its characteristics like corrosion resistance, high strength and lightweight. They are majorly produced by the hydride-dehydride process, in which, hydrogen is used to make the product brittle so that it can be crushed and later this hydrogen is removed by using vacuum.
Developments in the global aerospace industry will augment the titanium powder market during the study period. The global aerospace and defense industry market size increased from around USD 570 billion in 2011 to approximately USD 670 billion in 2016. This will drive the product demand in the coming years as the industry uses titanium powder extensively. This product is a non-ferrous metal which gives aerospace components the required strength and capacity to perform at extreme temperatures. The airframe strength, ratios of engine power to weight, and other aspects critical to jet performance are possible by using this product. Increasing investments in the global aerospace sector would further escalate the demand for the titanium powder market in the coming years.
The demand for titanium powder would likely increase in the coming years owing to the growing defense budgets globally. The U.S. spent about USD 640 billion on national defense in 2018 followed by China, Saudi Arabia, India, France, Russia, United Kingdom, and Germany. Such rising government expenditure for defense would be another growth driver in titanium powder market due to its usage in the production of armors and military aircrafts. For instance, Lockheed A-12, SR-71 Blackbird, etc. are some examples of defense aircrafts where the product was used. The excellent thermal resistance, fracture toughness and temperature performance make it an ideal fit to make armored military vehicles, engine parts of warplanes, rocket and missile structures.
By product type, titanium powder market is segmented into high purity and alloyed titanium powder. High purity grade is available in various particle sizes with melting point reaching more than1600°C. High purity titanium powder is likely to grow at a significant CAGR due to its wide applications. The product is as strong as steel with only 45% of its weight, so mixing it with other metals would greatly improves the strength and the ability to withstand extreme temperature.
Based on application, the titanium powder market is further categorized into aerospace, defense, marine, construction, medical, chemical and others which include power generation, sports & leisure, etc. Medical segment is expected to grow at a significant CARG in the coming years due to the product usage in manufacturing wheelchairs, surgical instruments, crutches, etc. Its non-corrosive nature makes it compatible to be used in the biomedical industry. They can be used for making dental implants, artificial joints, pacemakers, orthopedic rods, plates, and pins. Increasing demand for these biomedical products would in turn increase the demand for titanium powder. Chemical is another significant application segment where the product is used electric tanks, heat-exchange equipment’s, pipes, etc.
Asia Pacific is a significant region which is likely to account for a majority share in this market. Increasing defense expenditure by the countries in the region would be a major driver in the global titanium powder market. For instance, China’s military spending accounted for USD 250 billion in 2018 followed by India which accounted for USD 66.5 billion. Factors like large consumer base, high titanium production and developing end-use industries would make China a significant market for titanium powder. North America would be another significant regional titanium powder market due to high demand from aerospace and medical sector.
Some of the key market players of titanium powder market are ATI, Cristal Metals, Global Titanium Inc., ADMA Products Inc., OSAKA Titanium Technologies Co., Ltd., Advanced Metallurgical Group, N.V., Praxair S.T. Technology, Inc., Reade International Corp., Toho Titanium Co., Ltd., TLS Technik, AMETEK Inc. etc.
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