Titanium is a chemical element with the symbol Ti and atomic number 22. It is a transition metal with high strength and low density. Titanium mill products are manufactured from the drawing, forging, and rolling of titanium ingot or slab into products of various shapes and sizes. Allied Titanium offers a broad variety of mill products that include pipe & tube, plate, rod & bar, sheet, and wire. Titanium, with a high strength-to-weight ratio and corrosion resistance, is widely used by the general public. Titanium mill products exhibit high melting point, low specific gravity, high specific strength, good toughness, anti-fatigue, corrosion resistance, low thermal conductivity, high and low temperature tolerance, and little stress under rapid cooling and hot conditions.
COVID-19 Impact analysis
- COVID-19 pandemic has shut down the production of various products in the titanium mill products market attributed to the lockdown in countries worldwide. This has hampered the growth of titanium mill products market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of titanium mill products in the first quarter of 2021 and is anticipated to cause a negative impact on the market growth throughout the year.
- The major demand for titanium mill products was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand for titanium mill products.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Titanium mill products market manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID-19 health crisis
- Titanium mill products market are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
The titanium mill products market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. The growth in the aerospace industry is expected to fuel the growth of the titanium mill products market size. The passenger travel demand is also anticipated to grow over the next 20 years, contributing to the increase in aircraft production. These factors and the rise in development of new-generation aircraft are projected to drive the demand for titanium mill products in the aerospace industry. The market is witnessing a huge demand for titanium over copper-nickel in seawater service applications due to its intrinsic corrosion resistance and high-density properties. In addition, titanium metal is considered more economical than copper-nickel due to its weight and space considerations on floating production systems. Furthermore, titanium is increasingly used in power generation projects in seawater due to its high tensile strength.
Market Trends
- The various policies and regulations formulated by Governments highly impacts the business, be it of any kind. For instance, with heightened national security threats, defence budgets in nations such as the U.S., France, the UK, the Middle East, and Japan are increasing at a rapid pace. Thus the global revenue in the defence sector is expected to continue to experience growth during the forecast period as governments equip their armed forces with futuristic and advanced defence weapons and next-generation technologies such as intelligence gathering, including cyber, defence electronics, and precision strike capabilities. This is thus expected to have a positive impact on the titanium mill products market.
- Titanium is used as a roofing material due to its high quake resistance characteristics Ancient buildings such as temples and shrines need to be protected to preserve them for future generations. Titanium has been highly evaluated as the best roofing material because it has high corrosion resistance, is very light, and does not dissolve and harm moss. Thus these days Titanium is widely used in the construction and manufacturing industries.
- Collaborative marketing is a marketing strategy that involves working in unison with similar companies to promote brand, minimize costs, and increase sales. Collaborative marketing increases exposure through side-by-side advertisement with competitors. For instance, Sierra Alloys, TSI Titanium and Sierra Precision Rolled Products are three companies, when combined, provide a wide range of products serving diverse market needs. The three companies joined together offer a comprehensive line of products and services that are delivered efficiently and cost-effectively.
- Titanium is used in engine applications such as rotors, compressor blades, hydraulic system components and nacelles. Due to their high tensile strength to density ratio, high corrosion resistance, and ability to withstand moderately high temperatures without creeping, titanium alloys are used in aircraft, armour plating, naval ships, spacecraft, and missiles. For instance, Titanium 6AL-4V alloy manufactured by Continental steel and tube company accounts for almost 50% of all alloys used in aircraft applications.
Key Benefits of the Report
- This study presents the analytical depiction of the titanium mill products market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the titanium mill products market share.
- The current market is quantitatively analysed to highlight the titanium mill products market industry growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed titanium mill products market analysis based on competitive intensity and how the competition will take shape in coming years.
Key Market Segments
- By Product Volume
- Sheets & Plates
- Billets & Bars
- Others
- By Application
- Aviation Industry
- Chemical Industry
- Ocean Engineering
- Ship
- Others
- By Region
- North America
- Europe
- France
- Germany
- Italy
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- RIT,
- Baosteel Group,
- Pangang Group,
- Toho Titanium,
- VSMPO-AVISMA,
- ATI,
- OSAKA Titanium,
- Zhongbei Tai Ye,
- Western Superconducting Technologies
- Western Metal Materials,
- BaoTi,
- Timet ,
- KV-Titan,