London, 15 March 2016: Technavio, the independent tech-focused global research firm, has published a report on the global titanium mill products market, which is envisaged to grow moderately at a CAGR of around 4% by 2020.
Segmentation of global titanium mill products market
Source: Technavio
The market research analysts at Technavio predict that the growth of the power generation (nuclear, thermal, and combined cycle gas), healthcare, and chemical processing segment will foster the prospects for growth in the global titanium mill products market. Titanium’s high resistance to chlorine and acid makes it a suitable material for use in chemical processing. Properties like corrosion resistance and high tensile strength make it an ideal material for producing piping. Titanium is also utilized in the production of prosthetic dental and bone implants as it exhibits a high biocompatibility profile with human tissues.
“Recently, it has been observed that most new-generation aircraft use CFRPs in the manufacture of airframe components. Since CFRPs are well suited with titanium, it will remain an essential material for the production of aircraft components. Passenger aircraft like A350 and A380 from Airbus and the B787 from Boeing also use CFRPs for their airframe components. As CFRPs are not very compatible with other metals like aluminum, the demand for titanium from the aircraft manufacturing sector will increase rapidly over the next four years,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
“Titanium is also used in anodic spark deposition, a technology that holds potential for expanding titanium’s suitability for automotive, biomechanical, marine, and industrial applications. In industries that prefer longer equipment life with reduced maintenance and downtime, the demand for commercially pure titanium is high as it can be used for equipment construction purposes due to its corrosion resistance properties.”
Market drivers –
- Growth in aerospace industry
- Increased use in power, healthcare, and chemical sectors
- Distinct properties of titanium
Market trends –
- Increased use of carbon fiber composites
- Emerging applications of titanium
- Demand supply outages
Key market trends –
- Alcoa
- Allegheny Technologies
- Baoji Titanium
- Precision Castparts
- VSMPO-AVISMA
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global Titanium Mill Products Market 2016-2020, please send an e-mail to media@TechNavio.com.
Related reports-
