According to the latest market study released by Technavio, the global titanium mill products market is expected to reach 91.8 thousand metric tons by 2021, growing at a CAGR of nearly 4%.
This research report titled 'Global Titanium Mill Products Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. Europe is anticipated to see the highest growth over the forecast period due to development in the commercial and regional aircraft markets. The titanium market in the jet engine segment should remain strong over the next five to seven years.
Titanium has been conventionally used as a strong, lightweight, and corrosion-resistant material in aircraft, seawater desalination plants, heat exchangers, and electric power plants. In recent times, it has found usage in sporting goods, IT equipment, and consumer products by making use of its visual surface appearance and luxurious feel. There is a dissimilarity between countries on titanium applications.
Technavio's analysts categorize the global titanium mill products market into three major segments by end-user. They are:
- Industrial or Consumer
- Commercial aerospace
Global titanium mill products market in industrial/consumer segment
With its distinctive and desirable physical properties, titanium can be used in several end-use markets. Established industrial uses for titanium include power, healthcare, chemical plants, desalination plants and pollution control equipment. The rapid growth of Southeast Asia and China has created a robust market for titanium-intensive industrial equipment.
According to Ajay Adhikari, a lead metals and minerals research analyst from Technavio, "The oil and gas market, a moderately new and potentially large growth area, utilizes titanium in certain critical riser components, down-hole casing, tapered stress joints, saltwater-cooling systems, and fire suppression water pump systems."
Global titanium mill products market in commercial aerospace segment
The global titanium mill products market in the commercial aerospace segment is derived from both jet engine components like discs, blades, discs, engine cases, and rings and airframe components such as tail sections, bulkheads, wing supports, fasteners, and landing gear. Titanium is usually used for fastening airplane parts.
"Titanium is beneficial to produce gas turbine engines while it is also used for other parts such as the casings, compressor blades, heat shields, and engine cowlings. The development in the use of titanium within the commercial aerospace market can be attributed to several factors, such as the increased composition of CFRP for newer aircraft designs," says Ajay.
Global titanium mill products market in defense segment
The use of titanium in the defense sector is largely driven by government defense expenditure in Europe and North America. Military aerospace programs were the first to utilize titanium's distinctive properties on a large scale. Based on its performance and physical properties, titanium has been extensively accepted for use in applications for naval vessels as well as in ground combat vehicles.
Strategic military environment demands greater lift and mobility. Therefore, the military needs more airlift capacity and capability. Airframe programs are expected to drive the defense market demand for titanium mill products through 2021. Some of the active US military programs such as the F-15, C-17, F-16, and F/A-18 are currently expected to continue production into the middle of the current decade.
The top vendors highlighted by Technavio's research analysts in this report are:
- BAOJI TITANIUM INDUSTRY
- Honeywell International