Titanium Metal Industry Key Trends and Opportunities to 2027

Overview:

The global titanium metal market is taking long strides ahead with several sectors boosting its pace. Reasons behind the market getting a probable chance to score 6.17% CAGR value-wise and 5.36% CAGR volume-wise during the forecast period (2021-2030) are its features. Market Research Future (MRFR) made a detailed study of the market to get a hold of the market dynamics. It has corrosion-resistance, durability, and extraordinary strength but is lightweight, which opened doors for its percolation into several associated sectors. Its symbol is Ti, and the atomic number is 22. It can be used as an alloy with iron, aluminum, vanadium, molybdenum, and others. Its strength-to-density ratio is the highest among the metallic elements.

The Titanium Metal Industry is going to get backups from several factors that would help the progress in the coming years. The automotive sector is one major factor that can impact market growth considerably. The sector is looking for strong but lightweight products to reduce carbon footprint owing to which titanium has substantial traction from the region. It also increases the fuel-efficiency of cars which is why governments are also promoting the use of it. But the titanium metal market can get some difficult challenges in the guise of its high price. This could curb its market to reach considerably and restrain the expected growth. But its prolific use in the electronic sector can steer the titanium market out of any long-time sluggishness.

Competitive Landscape:

• ADMA PRODUCTS INC. (U.S.)
• PRECISION CASTPARTS CORP. (U.S.)
• AMETEK INC. (U.S.)
• VSMPO-AVISTA CORPORATION
• CRISTAL (SAUDI ARABIA)
• ATI (U.S.)
• TOHO TITANIUM CO. LTD. (JAPAN)
• GLOBAL TITANIUM INC. (U.S.)
• OSAKA TITANIUM TECHNOLOGIES
• METALYSIS (UNITED KINGDOM)
• NIPPON STEEL CORPORATION
• CRS HOLDINGS INC.

Segmental Analysis:

To get a comprehensive hold over the titanium metal market, MRFR segmented it by type and application. The analysis further incorporates volume-wise and value-wise data for a holistic view of the market.

By type, the titanium metal market can be segmented into industrial grade, medical grade, and others. Growing demand from aerospace, electronics, power generation, petroleum, and chemical processing sectors are reasons owing to which the industrial grade segment secured 49% of the global titanium metal market in 2021. The segment could rise to a valuation of USD 881.9 million by 2030. The medical grade segment can scale USD 715.3 million with a 6.65% CAGR during the forecast period.

Based on the application, the titanium metal market includes aerospace, industrial, medicinal materials, and others. The aerospace segment had command over 62% of the global titanium metal market in 2021. By 2030, the segment could reach a valuation of USD 1,154.6 million and generate demand of 130.3 KT. The medicinal materials segment can achieve 6.17% CAGR over the forecast period and attain USD 237.1 million by 2030.

Regional Analysis:

MRFR’s analysis of the titanium metal market has a special eye on regions, namely, Europe, Asia Pacific (APAC), North America, Latin America, and the Middle East Africa (MEA). This type of regional segmentation would help in the identification of growth pockets.

It is the APAC region that stands out from its competitors in terms of command over the market. The region has almost 41% of the global market under its control, and it is gaining significant traction from major industries aerospace, medical, construction, and chemicals. The growing demand for aircraft in the both commercial and defense sector is bolstering the regional market where it can achieve a valuation of USD 792.2 million by 2030.

North America has an extraordinary infrastructure for defense which is continuously generating demand for aircraft. The U.S. in the region spends a large amount of their budget in the defense sector, and private investment in the sector can assure huge growth in the coming years. The regional market can gain USD 498.4 million by 2030. The market is also getting triggered by the growing terrorist activities across the world.

Acrylic Sheets Market Growth 2020-Industry Growth Revenue, Business Size, and Opportunities Forecast to 2028

Market Scope

MRFR (Market Research Future) expects the acrylic sheets market to record a growth rate of more than 5.83% between 2020 and 2028. It is also likely that the global market will reach close to USD 6.89 Billion by 2028.

Market Boosters and Restraints

Significant strength, clarity, light weight, anti-fogging, glare reduction and resistance proof are a few essential benefits offered by acrylic sheets and are expected to be the top factors for the strong market demand. Acrylic sheet’s easily moldable characteristic helps it reach any shape also drives its use across a number of industries. Rise in industrialization as well as urbanization, particularly in emerging regions like Asia Pacific will foster market growth.

Acrylic sheets also find use in interior and furniture and in the automotive sector along with hospitals since they impart high gloss and hard surface and are easy to clean and maintain at lower price. These factors are deemed to benefit the global industry in subsequent years.

Companies active in the Acrylic sheets Market Growth spend considerably on bolstering their product lines and also foster their distribution networks. They frequently adopt competitive strategies like product innovation, mergers and acquisitions, expansions, and joint ventures to meet with the growing demand for excellence among end-users. 

Major Firms

• Lucite International (US)
• Evonik Industries AG (Germany)
• 3A Composites GmbH (Switzerland)
• Arkema (France)
• Elastin International Corp. (Taiwan)
• Asia Poly Industrial Sdn Bhd (Malaysia)
• Plaskolite (US)
• JuMei Acrylic (China)
• Aristech Surfaces LLC (US)
• Gevacril (Italy)
• PT Margacipta Wirasentosa (Indonesia)
• Shen Chuen Acrylic (Ningbo) Co. Ltd.
• Sun Acrylam Private Limited (India)

Segmental Analysis 

Type and application are the major segments as per which the global market has been studied in the MRFR report.

The types of acrylic sheets available in the worldwide market are cast and extruded. Cast acrylic sheets are impact-resistant, durable, and lightweight. These are easily fabricated into any shape, are available in varying sizes, colors, finishes, thicknesses, and are compatible with display cases, windows and more. The key segments depending on cast acrylic sheets include continuous cast acrylic sheets and cell cast acrylic sheets.

Top applications are furniture & design, electricals & electronics, sanitaryware, visual communication & retail, automotive & transport, building & architecture, among others. Building & architecture applications are the most extensive with acrylic sheets mostly used in skylights, windows, doors, partitions, balcony guards and patio roofing, among others. Rising industrialization as well as growth in home renovation activities worldwide push the use of acrylic sheets in construction. Meanwhile, the automotive & transport application is expected to be the fastest advancing segment in the future, where acrylic sheets are primarily utilized in rear outer lenses, mirror housings, autonomous driving sensor lenses, badging, commercial aircraft interior window panels, motorcycle windshields, vehicle registration plates, glider & helicopter glazing, and others.

Regional Outlook

The acrylic sheets industry has been regionally considered for Europe, Latin America, North America, MEA or Middle East & Africa as well as Asia Pacific (APAC).

North America is the market leader and is the leading consumer for acrylic sheets and is likely to experience sustained growth throughout the review timeframe. Large-scale investments in the upgradation of the existing infrastructure as well as new ones benefit the regional market. The thriving construction and building sector in the region, especially in the United States, is expected to present significant opportunities in the coming years.

Asia Pacific can expect to procure the fastest growth in the following years, thanks to the rise in consumer spending and the expanding working population. Evolving lifestyles and the surge in industrialization have catapulted China and India to the top in the region while the growth of the architecture & interior design, sanitary ware and automotive & transportation industries also foster market expansion in these countries.  Increasing FDIs in construction and automotive sectors in developing countries like Malaysia, Japan and South Korea should be favorable for the APAC market during the given period. 

The MEA market stands to profit from the mounting purchasing capacity of people in the UAE, Qatar, and Saudi Arabia. These countries have emerged as prominent markets for sanitary ware products, which bolsters the need for acrylic sheets while the expanding construction industry also adds to the growth. 

Opportunities

Cast acrylic sheet usage are cost-effective alternative for polycarbonate sheets, which are used in display and signage applications. They are also known for their lightweight nature, and are therefore, the ideal substitutes for glass. Cast acrylic sheets escalating use in points-of-purchase to enhance brand awareness, sales, and product credibility, should present lucrative opportunities to the global market over the ensuing years.