Titanium Market worth $33.5 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Sept. 30, 2021 /PRNewswire/ -- According to the new market research report "Titanium Market by Product Type (Titanium Dioxide, Titanium Metal), Titanium Dioxide By End-use Industry, Titanium Metal By End-use Industry and Region (North America, Europe, Asia-Pacific, MEA & South America) - Global Forecast to 2026", published by MarketsandMarkets™, the global Titanium Market size is expected to grow from USD 24.7 billion in 2021 to USD 33.5 billion by 2026, at a CAGR of 6.3% during the forecast period. Titanium dioxide is extensively being used in the paints & coatings, plastics & rubber, paper, other end-use industries. Titanium metals get widely used in aerospace & defense, chemical & process industry, energy & power, desalination, and other industries.

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Titanium Dioxide a major share of the Titanium market in terms of value.

The titanium dioxide find wide uses in various end-use industries. Some of the major industries include the paints & coatings, plastics & rubber, paper, and others. The increasing demand from these industries is expected to drive the titanium dioxide market during the forecasted period.

The COVID-19 pandemic resulted in a decline in industrial activities in the first half of 2020 across the globe. It resulted in reduced demand for titanium dioxide from various end-use industries. 

The paints & coatings end-use industry accounts for the largest market share in the global titanium dioxide market during the forecasted period in terms of value and volume

Paints & coatings is the largest end-use industry of titanium dioxide used for variety of applications. Titanium dioxide is utilized in paints and coatings for better coverage, brightness, whiteness, opacity, and durability. It finds applications in architectural coatings, automotive OEM coatings, general industrial finishes, powder coatings, waterborne paints, protective coatings, wood finishes, and other coatings. The rapidly growing housing & construction sector, increasing gross domestic product (GDP), ongoing rapid urbanization, and increasing disposable income propel the paints & coatings market. In addition, technological advancements in the automotive, wood, and other industrial sectors support market growth.

The COVID-19 pandemic has resulted in reduced demand for titanium dioxide from major end-use industries such as paints & coatings, plastics & rubber, paper, and others. These factors have reduced the demand for titanium dioxide in 2020. The titanium dioxide consumption is expected to recover post the pandemic.

The aerospace & defense end-use industry accounted for the largest market share in the global titanium metal market during the forecast period in terms of value and volume.

The aerospace & defense end-use industry accounted for the largest market share by end-use industry in titanium metal market. Titanium metal is majorly used in the production of turbine engines apart from airframes and other components. In turbine engines, titanium is used to manufacture components such as inlet cases, compressor blades, disks, and hubs, as well as spacers and seals. By weight, these turbine engines constitute about 25% of titanium and its alloys. Apart from engine components, titanium is also utilized to manufacture fasteners, landing-gear supports, springs, fail-safe straps, and numerous internal bulkhead and wing-support components in the aerospace industry.

The demand for titanium metal from various industries is have declined in 2020 due to halts in the first half of 2020. Also, major manufacturers temporarily closed their plants during the lockdown. The demand is expected to recover after the COVID-19 pandemic is under control.

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APAC estimated to account for the highest share of the global string wound filter materials market

APAC is projected to lead the global string wound filter materials market from 2020 to 2025. The market in the region is expected to witness a growing demand from the water & wastewater treatment, oil& gas, food & beverages, and chemical & petrochemical industries. The growth of the APAC chemical sector is also creating opportunities for the string wound filter materials market. According to the CEFIC, the total chemical sales in the APAC was USD 1.9 trillion in 2019. The growing desalination industry is also driving the string wound filter materials market in the region.

Due to the COVID-19 pandemic, several countries economic growth has been declining due to the suspension of manufacturing facilities, declining demand for the oil & gas and industrial product, and disruption of the supply chain. Therefore, the growth in demand for string wound filter materials is expected to decrease in several end-use industries in 2020.

Key players such as Coats (US), Johns Manville Corp (US), MMP Filtration (India), W. Barnet (Germany), SWM International (US) have a broad geographical reach or have adopted various strategies to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the string wound filter materials market. Expansions, acquisitions, joint ventures, and new product developments are effective strategies adopted by these key players to enhance their positions in the string wound filter materials market.

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Browse Adjacent Markets: Mining, Minerals and Metals Market Research Reports &Consulting

Related Reports:

Titanium Dioxide Market by Grade (Rutile, Anatase), Process (Sulfate, Chloride), Application (Paints & Coating, Plastics, Paper, Inks), & Region (North America, Europe, Asia Pacific, MEA, South America) - Trends and Forecasts up to 2026

https://www.marketsandmarkets.com/Market-Reports/titanium-dioxide-market-225276554.html

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