Global titanium powder market would witness substantial growth through 2027 due to an upsurge in product demand from diverse industries such as automotive and aerospace production basically owing to its characteristics like high strength, lightweight, and corrosion resistance.
Titanium powder is generally used as an alloying additive for diverse applications. Technological developments in the production and use of titanium powder have opened up new avenues into the fields of metal injection molding and powder metallurgy. Parts produced via titanium metal injection molding extensively used nearly 100% of the metal powder, in turn generating more cost savings. Besides, the process is considered to be nearly 20% to 50% more cost effective than other production processes.
Factors like fluctuations in the price of the upstream product and high production cost of titanium powders would restrict the growth of overall titanium powder market over the analysis period. However, ongoing research and developments in the field for production low cost titanium powders are expected to further drive the titanium powder market growth further over 2021-2027.
Based on the type, high purity titanium powders are gaining ground worldwide. This can be ascribed to the extra low chlorine and low oxygen concentration in these powders. This offers satisfactory flowability and green strength. Owing to these factors, high purity titanium powders are being highly used for biomedical applications. The powder is molded in a complex mold, pressed at high pressure and heated at over 1300qC thus obtaining the required strength. Besides, the recent advances make use of 3D printers in order to obtain complex shapes with high purity titanium powders.
The demand for titanium powders is expected to come from the aerospace industry. Titanium components are ideally suited for advanced aerospace systems owing to their exceptional combination of high specific strength at diverse temperature ranges. Meanwhile, they also boast robust corrosion resistance, enabling different companies to commercialize and distribute these powders to support the rising need from the aerospace industry.
Regionally, Asia Pacific titanium powder market growth is touted to amass significant gains through the ensuing years driven by the increasing defense expenditure by various Asian countries. According to SIPRI report, China’s military spending rose to US$261 billion in 2019, while India’s defense spending was worth US$71.1 billion. In addition, expanding aerospace sector, developing end-user industries, and increased titanium production are further likely to influence APAC titanium powder industry over the forecast period.
Praxair S.T. Technology, Inc., Global Titanium Inc., OSAKA Titanium Technologies Co., Ltd., Cristal Metals, ADMA Products Inc., Reade International Corp, and Advanced Metallurgical Group, N.V. amongst others are some of the prominent faces operating in the global titanium powder market. These players have been pushing their limits to develop and bring forth novel advancements in space.
COVID-19 pandemic analysis on the titanium powder market forecast
The global outbreak of coronavirus pandemic has had a severe impact on the overall titanium powder market growth. The market had been negatively impacted during 2020, mainly due to the sluggish growth in the aerospace, automotive, and petrochemical industries. This can be reasoned to the temporary halt in production and movement restriction imposed by various central governments. However, ongoing research and developments in the biomedical space are expected to offer impetus to the overall titanium powder industry even amidst the COVID-19 pandemic.