
Report ID: SQMIG15J2079
Report ID:
SQMIG15J2079 |
Region:
Global |
Published Date: December, 2024
Pages:
202
|
Tables:
65 |
Figures:
75
Global Titanium (Ti) Metal Market size was valued at USD 26.5 billion in 2023 and is poised to grow from USD 28.22 billion in 2024 to USD 46.71 billion by 2032, growing at a CAGR of 6.5% during the forecast period (2025-2032).
The global Titanium (Ti) Metal Market has seen substantial growth in the recent years, mainly driven by increasing demand from various end-use industries. As it is ninth most abundant element and the fourth most abundant metal accounting for about 0.62% of the earth crust. The material is transformed from created from titanium metal and formed into sheets, billets, ingots, plates, pipes, forgings, blocks, bars, fasteners, or tubings that are prepared for further use in industry. One of its major uses is in alloying it with other metals. Titanium with the addition of metals such as aluminum, molybdenum, vanadium, nickel, zirconium, copper, and iron, is light, does not corrode, and can withstand high temperatures and is used in aircraft, naval ships, spacecraft, golf clubs, laptops, bicycles, crutches, and missiles.
Aerospace & Defense is the largest industry using Titanium and Titanium Alloys in manufacturing of Spacecrafts, and equipments. The most popular and widely utilized titanium alloy in aerospace industry is 6Al-4V, which is used for applications that demand higher strength and corrosion resistance. Grade 4 titanium alloy is also used in many aerospace and chemical industry applications such as jet engines because of its corrosion resistance and low weight. Also, Grade 6 is a titanium alloy that is welded containing aluminum and tin in the components that are exposed to high temperatures.
The United States accounts for about 4 percent of the total world production of titanium minerals and is heavily dependent on imports of titanium mineral concentrates to meet its domestic needs. As it has a significant share of total titanium minerals, it also has a largest in the consumption of the titanium metals and titanium alloys by holding around 28.3% of the total market of Titanium (Ti) Metals market. The growing dominance of United States in Aerospace & Defense industry, ruled it as a leading country in within the market.
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Report ID: SQMIG15J2079