Titanium powder is a result of processing the metal in various ways to produce a fine metal powder. A silvery metal, titanium is vastly valued for its unmatched corrosion resistance and great strength. It has numerous specifications with purity range from 95% to 99.98%. It is mainly produced by the hydride-dehydride method, in which, hydrogen is used to make the product hard. It is usually used in various industries due to its characteristics like corrosion resistance, high strength and lightweight. It is generally used in automobile industry, aerospace industry, petrochemical industry and others.
According to study, “World Titanium Powder Market Research Report 2024(Covering USA, Europe, China, Japan, SEA and India)” the key companies operating in the world titanium powder market are ATI, Fengxiang Titanium Material & Powder, Cristal Metals, Reading Alloys, ADMA Products Inc., Carpenter Technology Corporation, TLS Technik GmbH & Co. Spezialpulver KG, MTCO, OSAKA Titanium Technologies Co. Ltd., Global Titanium Inc., TIPRO International, Toho Titanium Co. Ltd., Gesellschaft für Elektrometallurgie (GfE), AP&C, Praxair S.T. Technology Inc., AMETEK Inc., Advanced Metallurgical Group, N.V., Puris, Metalysis. Various companies are directing on organic growth strategies and inorganic growth strategies for expansion of business. Organic growth strategies include product launches, product approvals and others (patents & events). Inorganic growth strategies include acquisitions, and partnership & collaborations.
Based on product type, titanium powder market is segmented into high purity titanium powder (CPTP) and alloyed titanium powder (ATP). High purity segment is available in several particle sizes with melting point reaching more than 1600°C. High purity titanium powder is expected to grow at a significant CAGR owing to its wide applications over the forecast period. Based on raw material, market is segmented into titanium sponge, titanium tetrachloride (TiCl4), H2, and other auxiliary chemicals. In addition, based on end-use, market is segmented into aerospace, marine, construction, defense, chemical, medical, and others (power generation and sports & leisure). Chemical segment holds major share in market due to its usage electric tanks, pipes and heat-exchange equipment’s. Medical segment is projected to grow at a significant CARG on account of rise in product usage in manufacturing surgical instruments, wheelchairs and crutches during the forecast period.
The titanium powder market is driven by increase in production for automotive & automotive parts, followed by rise in demand from end-use industries, presence of many small & large titanium powder producing companies and growth in technological advancements. However, increase in investments in research & development (R&D) and high investment for manufacturing of titanium powder may impact the market.
Based on geography, India and China countries hold major share in titanium powder market owing to rise in defense expenditure, high titanium production, large consumer base, and growth in development of end-use industries in the countries. USA and Europe are expected to witness beneficial growth due to rise in demand from aerospace & medical sector and increase in government expenditure for defense over the forecast period. It is predicted that the market will be reached at rapid pace because of growth in defense budget during the forecast period. The global market is likely to grow at a CAGR of approximately 0.2% over the next five years, will reach US $3310 million in 2024, from US $3270 million in 2019.
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Ankur Gupta, Head Marketing & Communications