The Titanium Mill Products Market is estimated at 197.8 thousand tons in 2023. Further, the market is expected to grow from 204.7 thousand tons in 2024 to 259.3 thousand tons in 2031 at a CAGR of 3.4%.
Titanium Mill Products Market Overview
Titanium is a silver color lustrous transition metal with atomic number 22 and the symbol Ti. Titanium metal is produced by the reduction of titanium mineral concentrates into the primary metal stage called “sponge,” a porous form. Subsequent refinement of titanium metal includes the melting of sponge, and scrap, along with a dominant alloy metal to form an ingot or slab. Primary fabrication occurs when an ingot or slab is converted into general mill products. Titanium mill products are then formed by using various techniques such as drawing, forging, and rolling titanium into products of different sizes and shapes ranging from bars and rods to wires, slabs, foil, and pipe.
Titanium Mill Products possess unique characteristics such as high melting point, low specific gravity, and high specific strength. These products offer wide advantages of great toughness, anti-fatigue, corrosion resistance, low thermal conductivity, temperature tolerance, and less stress under rapid temperature differences. Titanium-milled products are kinds of titanium alloys that are produced by milling raw titanium into various shapes, such as sheets, plates, bars, and tubes. These products are used in various end-use industries including aerospace, defense, medical, chemicals, consumer goods, and automobile owing to their high strength-to-weight ratio, excellent corrosion resistance, and biocompatibility.
Latest Trends in Titanium Mill Products Market
Ability to absorb supply chain disruptions
The titanium-milled products market is represented by long-term contracts between a limited number of suppliers and a limited number of consumers. Consolidation on the buyer side and supply side bound by supply contracts ensures a consistent market. Further, in aircraft manufacturing involving high industry stocks and very long production cycles, the market presents enough cushion to sustain any temporary or short-term supply disruption.
Recent developments arising from the Russia-Ukraine war leading to sanctions on Russia, a leading supplier of Titanium milled products can potentially impact the market in the long term. Top consuming companies from US and Europe will not be very interested in renewing their supply contracts with VSMPO–AVISMA Corp. Further, the market is well shielded from unforeseen supply disruptions arising from COVID kind of health emergencies or any other geo-political issues. However, the Titanium mill product manufacturers are susceptible to disturbances in raw material procurement.
Driving Factors
Growing demand in the aerospace and defense industry:
Titanium-milled products are widely used in the aerospace industry due to their high strength-to-weight ratio, corrosion resistance, ability to withstand high temperatures, and high mechanical properties. The increasing demand for lightweight aircraft and fuel-efficient engines are driving factors for the growth demand of the market. The defense sector is also a significant user due to its strength, durability, and corrosion resistance. The increasing defense budget helps to drive the demand for titanium-milled products.
Market Challenges
High raw material cost
Titanium offers performance as well as mass-saving benefits in automotive components subjected to reciprocating and suspension loads and in components subjected to extreme temperatures and gradients. However, the use of titanium is limited due to the high cost of the raw material and the requirement for special handling. Higher costs are the major drawback for titanium to compete with other light metals. Titanium-milled product manufacturing requires specialized equipment resulting in higher production costs. This can limit the adoption of titanium-milled products in cost-sensitive industries.
Companies Mentioned
- Titanium Metal Corp. (TIMET)
- Allegheny Technologies Inc. (ATI)
- RTI International Metals (RTI) / Alcoa Corp.
- VSMPO-AVISMA Corporation
- Baoji Titanium Industry Co. Ltd. (Baoti Group)
- Arconic
- Nippon Steel Corporation
- Kobe Steel
- Osaka Titanium Technologies Co. Ltd.
- Norsk Titanium
- PCC Structurals (Precision Castparts Corp.)
- Western Titanium
- CITIC Titanium
- Midhani (Mishra Dhatu Nigam Limited)
- ZIRCOT Products
- TW Metals
*The companies above are listed in no particular order.
|
Report Scope |
Details |
|
Market Value- $ Million,2024 |
204.7 thousand tons |
|
Market Growth (Value), (2024-2030)- % |
3.4 |
|
Leading Region |
Xx |
|
Base Year |
2023 |
|
Forecast Period |
2024 to 2031 |
|
Segments Covered |
By End-Use Industry, By End-Use Industry |
|
Geography Covered |
North America, Europe, Asia-Pacific, South and Central America, and Middle East & Africa |
Market Segmentation
Titanium Mill Products Market, By End-Use Industry
- Aerospace
- Industrial
- Others
Titanium Mill Products Market, By Product Type
- Sheets & Plates
- Billets & Bars
- Tubes & Pipes
- Others
Titanium Mill Products Market, by Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, South Korea, Indonesia, Malaysia, Vietnam, Rest of APAC)
- The Middle East and Africa (Saudi Arabia, South Africa, UAE, Iran, Egypt, Rest of MEA)
- South and Central America (Brazil, Argentina, Chile, Rest of SCA)
TABLE OF CONTENTS
1. GLOBAL TITANIUM MILL PRODUCTS INDUSTRY
1.1. Market Scope and Definition
1.2. Study Assumptions
2. GLOBAL TITANIUM MILL PRODUCTS MARKET REVIEW, 2023
3. TITANIUM MILL PRODUCTS MARKET INSIGHTS
3.1. Titanium Mill Products Market Insights, 2023-2031
3.1.1. Leading Titanium Mill Products, by End-User Industry, 2023-2031
3.1.2. Leading Titanium Mill Products, by Product Type, 2023-2031
3.1.3. Fast-Growing Geographies for Titanium Mill Products, 2023-2031
4. TITANIUM MILL PRODUCTS MARKET TRENDS, DRIVERS, AND RESTRAINTS
4.1. Titanium Mill Products Market Latest Trends
4.1.1. Increasing Demand from Aerospace Industry
4.1.2. Ability to absorb supply chain disruptions
4.1.3. Surging Demand from Chemical and Petro-chemical industries
4.1.4. Advancement in titanium alloys:
4.1.5. Growing focus on sustainability:
4.1.6. Potential consolidation:
4.1.7. Government initiations and policies:
4.1.8. Adoption of New marketing strategy:
4.1.9. Higher use of carbon fiber compatible with titanium:
4.2. Titanium Mill Products Market Drivers to 2031
4.2.1. Growing demand in the aerospace and defense industry:
4.2.2. Increased usage in medical implants:
4.2.3. The rapid growth of industrial applications:
4.2.4. Growing demand in the Automobile sector:
4.2.5. Technological advancements in manufacturing industries:
4.2.6. Increasing demand for Renewable energy:
4.2.7. Development of new alloys and manufacturing techniques:
4.3. Titanium Mill Products Market Restraints to 2031
4.3.1. High raw material cost
4.3.2. Stringent regulations:
4.3.3. Dependency on Russia
4.3.4. Volatility in raw material prices:
5. FIVE FORCES ANALYSIS FOR GLOBAL TITANIUM MILL PRODUCTS MARKET
5.1. Porter’s Five Forces Analysis
6. GLOBAL TITANIUM MILL PRODUCTS MARKET DATA - INDUSTRY SIZE, SHARE, AND OUTLOOK
6.1. Global Titanium Mill Products Market Overview, Tons, 2023
6.2. Global Titanium Mill Products Market Size and Share Outlook, By End-User Industry, 2023-2031
6.2.1. Aerospace
6.2.2. Industrial
6.2.3. Other End-User Industries
6.3. Global Titanium Mill Products Market Size and Share Outlook, By Product Type, 2023-2031
6.3.1. Sheets & Plates
6.3.2. Billets & Bars
6.3.3. Tubes & Pipes
6.3.4. Other Products
6.4. Global Titanium Mill Products Market Size and Share Outlook by Region, 2023-2031
7. GLOBAL TITANIUM MILL PRODUCTS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
7.1. Global Titanium Mill Products Market Overview, $ Million, 2023
7.2. Global Titanium Mill Products Market Size and Share Outlook, By End-User Industry, 2023-2031
7.2.1. Aerospace
7.2.2. Industrial
7.2.3. Other End-User Industries
7.3. Global Titanium Mill Products Market Size and Share Outlook, By Product Type, 2023-2031
7.3.1. Sheets & Plates
7.3.2. Billets & Bars
7.3.3. Tubes & Pipes
7.3.4. Other Products
7.4. Global Titanium Mill Products Market Size and Share Outlook by Region, 2023-2031
8. ASIA PACIFIC TITANIUM MILL PRODUCTS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
8.1. Asia Pacific Titanium Mill Products Market Overview, 2023
8.2. Asia Pacific Titanium Mill Products Market Size and Share Outlook, By Product Type, 2023-2031
8.3. Asia Pacific Titanium Mill Products Market Size and Share Outlook, By End-User Industry, 2023-2031
8.4. Asia Pacific Titanium Mill Products Market Size and Share Outlook by Country, 2023-2031
8.4.1. China
8.4.2. Japan
8.4.3. India
8.4.4. Rest of Asia Pacific
9. EUROPE TITANIUM MILL PRODUCTS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
9.1. Europe Titanium Mill Products Market Overview, 2023
9.2. Europe Titanium Mill Products Market Size and Share Outlook, By Product Type, 2023-2031
9.3. Europe Titanium Mill Products Market Size and Share Outlook, By End-User Industry, 2023-2031
9.4. Europe Titanium Mill Products Market Size and Share Outlook by Country, 2023-2031
9.4.1. Germany
9.4.2. France
9.4.3. UK
9.4.4. Italy
9.4.5. Spain
9.4.6. Rest of Europe
10. NORTH AMERICA TITANIUM MILL PRODUCTS MARKET VALUE, MARKET SHARE, AND FORECAST TO 2031
10.1. North America Titanium Mill Products Market Overview, 2023
10.2. North America Titanium Mill Products Market Size and Share Outlook, By Product Type, 2023-2031
10.3. North America Titanium Mill Products Market Size and Share Outlook, By End-User Industry, 2023-2031
10.4. North America Titanium Mill Products Market Size and Share Outlook by Country, 2023-2031
10.4.1. United States
10.4.2. Canada
10.4.3. Mexico
11. SOUTH AND CENTRAL AMERICA TITANIUM MILL PRODUCTS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
11.1. South and Central America Titanium Mill Products Market Overview, 2023
11.2. South and Central America Titanium Mill Products Market Size and Share Outlook, By Product Type, 2023-2031
11.3. South and Central America Titanium Mill Products Market Size and Share Outlook, By End-User Industry, 2023-2031
11.4. South and Central America Titanium Mill Products Market Size and Share Outlook by Country, 2023-2031
11.4.1. Brazil
11.4.2. Argentina
11.4.3. Rest of South and Central America
12. MIDDLE EAST AFRICA TITANIUM MILL PRODUCTS MARKET VALUE, MARKET SHARE AND FORECAST TO 2031
12.1. Middle East Africa Titanium Mill Products Market Overview, 2023
12.2. Middle East Africa Titanium Mill Products Market Size and Share Outlook, By Product Type, 2023-2031
12.3. Middle East Africa Titanium Mill Products Market Size and Share Outlook, By End-User Industry, 2023-2031
12.4. Middle East Africa Titanium Mill Products Market Size and Share Outlook by Country, 2023-2031
12.4.1. Middle East
12.4.2. Africa
13. TITANIUM MILL PRODUCTS MARKET STRUCTURE AND COMPETITIVE LANDSCAPE
13.1. Titanium Metal Corp. (TIMET)
13.2. Allegheny Technologies Inc. (ATI)
13.3. RTI International Metals (RTI) / Alcoa Corp.
13.4. VSMPO–AVISMA Corp. (VSMPO)
13.5. KOBE STEEL, LTD.
14. LATEST NEWS, DEALS, AND DEVELOPMENTS IN TITANIUM MILL PRODUCTS MARKET
15. APPENDIX
15.1. About Us
15.2. Sources
15.3. Research Methodology
15.4. Research Process
15.5. Research Execution
15.6. Contact Information
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