Home > Pressrelease > Titanium Powder Market size to surpass $4.5 Billion by 2032
Titanium Powder Market size to surpass $4.5 Billion by 2032
- Published Date: March 14, 2023
Titanium Powder Market value is projected to reach USD 4.5 billion by 2032, as per a recent research report announced by Global Market Insights Inc.
The increasing automotive production worldwide is expected to have a positive impact on the titanium powder industry outlook. Over the past few years, the automotive manufacturing output has registered dynamic growth driven by the rising disposable incomes and higher consumer spending capacities across developing and developed regions. The rapid integration of smart technologies, the growing consumer preference for luxury cars, and the ongoing innovation in the field of autonomous vehicles will spur the demand for titanium powders in automotive applications.
Rising demand for pure titanium powders in automotive & medical 3D printing
Titanium powder market valuation from pure powder is anticipated to reach over USD 1.4 billion by 2032. Pure titanium powders are widely used in thermal spraying and different metallurgy applications, such as hip joint coatings, and medical implants among others. The increasing focus on the development of novel vehicle systems has propelled the need for pure titanium powders to make lightweight high-performance aerospace and automotive parts. The surging demand for these powders can also be attributed to their high biocompatibility and suitability in customizing dental and medical implants. Moreover, the growing emphasis on 3D printing (additive manufacturing) for industrial and medical innovation will augment the demand for pure titanium powders.
Browse key industry insights spread across 277 pages with 433 market data tables & 38 figures & charts from the report, “Titanium Powder Market Size By Product (Pure Powder, Alloyed Powder), By Grade (Grade 2, Grade 5, Grade 23), By Application (Medical, Automotive, Aerospace & Defense, Electronics) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Landscape & Forecast, 2023 - 2032”, in detail along with the table of contents:
Growing popularity of grade 2 titanium powder in superior mechanical products to foster market development
Titanium powder market share from the grade 2 segment is projected to register 14.3% CAGR between 2023-2032. Grade 2 titanium offers numerous advantages including exceptional strength, weldability, formability, and ductility. Hence, they are suitable for use across a wide range of applications, including power generation, medicine, construction, hydrocarbon processing, desalination, marine, chemical processing, and exhaust pipe covers. Grade 2 titanium powders are corrosion-resistant and can withstand harsh environments, such as marine ecosystems or salt water.
Need for new 3D printed titanium implants to accelerate product adoption in medical applications
The titanium powder market revenue from medical applications is estimated to surpass USD 1.2 billion by 2032. Titanium is extensively used in medical and dental implants, such as bone fixators, artificial joints, and spinal fixators. The titanium implant is designed to improve transforaminal lumbar interbody fusion (TLIF) procedures. Furthermore, the emergence of titanium as a promising material in implants will positively influence the industry outlook.
Hefty investments in 3D printing technologies to favor North America industry growth
North America titanium powder industry is anticipated to register 15.5% CAGR from 2023-2032 driven by the rapid penetration of additive manufacturing. Additionally, the region is home to countries such as the U.S. and Canada with extensive industrial activities, thus offering lucrative application scope across the automotive, medical, aerospace & defense, and electronic component manufacturing. These economies are investing heavily in boosting the adoption of 3D-printed components and teaming up with international entities to spur technological capabilities.
Mergers & acquisitions to boost titanium powder market expansion
Advanced Metallurgical Group, N.V., ADMA Products Inc., Sandvik AB, ECKART TLS, North Steel Co., Kymera International, MEPCO, AP&C, Praxair S.T. Technology, Inc., OSAKA Titanium Technologies Co., Ltd., Global Titanium Inc, Tronox Inc. (Cristal Metals), and IperionX are some of the leading companies in the global titanium powder industry. These players are focusing on strategic ventures including mergers, and acquisitions to achieve a competitive lead.