Titanium is a high strength and durable chemical element employed in various industries including aerospace, automobiles, construction and chemical processing among others. Consumer applications such as sports equipments, architecture, and automotives dominate the global consumption of titanium. Aviation and defense applications are expected to be the fastest growing application segments during the next six years.
High tensile strength and durability of titanium have been a major factor driving the market growth mainly in the aviation and defense segment. Growing defense budget of various nations is expected to be another key driver for market growth over the next few years. Titanium is a more effective substitute for carbon fibers on account of which titanium has higher acceptance in the market. Innovation and research & development are factors that are expected to increase the application scope of titanium, which in turn is expected to contribute towards market growth. However, higher cost has restrained the market growth mainly in consumer applications. Growing demand in the aircraft industry is expected to offer huge growth opportunity in the market.
North America dominates the global demand for titanium and the trend is expected to continue in the near future. North America and Europe are expected to grow at a sluggish rate mainly owing to market maturity. Demand for titanium for use in chemicals such as titanium dioxide is expected to drive the market in North America and Europe. Asia Pacific region is expected to be the fastest growing region for titanium mainly owing to the developing economies and increasing defense budgets of major economies in the region.
Major players in the phosphate rock market include BHP Billiton Ltd, Kronos Worldwide, Huntsman Corporation, Osaka Titanium Technologies Co., Ltd, Allegheny Technologies Inc., Baoji Titanium Industry Co., Ltd and E.I. du Pont de Nemours & Company among others.
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Titanium Market
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