Titanium is a lustrous transition metal with a silver color, low density, and high strength. Titanium is one of the most abundant elements in the earth crust. The metal is found in forms of rutile and ilmenite in beach sand and is resilient to corrosion in sea water, aqua regia, and chlorine. It is alloyed with various elements such as iron, aluminum, vanadium, and molybdenum to produce strong, lightweight alloys for various industries such as aerospace, defense industrial processes and automotive.
Titanium has been used in various industries for manufacturing multiple equipments. In the aerospace industry, it is typically used for airplane parts and fasteners, gas turbine engines, engine cowlings and heat shields while, in the industrial process industry, it is used in the manufacture of pumps, valves and heat exchangers on the chemical production line. Titanium is also used in health care industry to manufacture of human heart implants, orthopedic hip replacements, pacemakers, defibrillators, and elbow joints.
Aerospace is the largest consumer in the Titanium market while Defence is the second largest consumer. Between 2018-2024, titanium consumption in the Medical Devices, supported by health care program provided by various governments, is expected to grow at the highest rate while titanium consumption in Defence industry, support by growing defense budget in countries such as India and China, is expected to grow at the second highest rate.
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North America, supported by increasing demand for value-added products, and technological advancements, dominated the Titanium market with a share of 40% in 2018; while Asia Pacific region is projected to become the fastest-growing market from 2018 to 2024. The Asia-Pacific region accounted for around 25% of the total market share in terms of value. The growth in the Asian Titanium market is supported by growing demand in developing countries such as China and India.
Some of the major players in the Titanium industry includes Allegheny Technologies Incorporated, Alcoa Inc., Haynes International Inc., Hitachi Metals Ltd,Carpenter Technology, Titanium Metals Corp. and VSMPO-AVISMA Corporation.
Titanium Dioxide Market
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