Titanium Scrap Market Trends, Size, Growth Insight, Share, Competitive Analysis, Regional and global Industry Forecast To 2029
The titanium scrap market size is expected to grow due to the increasing adoption of lightweight vehicles coupled with rapid growth in the aerospace industry. Fortune Business InsightsTM has presented this information in its upcoming report titled, “Titanium Scrap Market, 2022-2029”. Furthermore, titanium scrap is light in weight and has a high level of corrosion resistance.
COVID-19 Impact –
The COVID-19 pandemic market has affected almost every industry globally. The sudden outbreak led the regional governments to take stringent actions such as imposing a lockdown to contain the virus from spreading. Such instances created obstacles in every business around the globe, leaving individuals in distress. In addition, work-from-home mandates and reducing staff to maintain social distance for physical work caused a stoppage in the supply chain, hurting the market.
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On the basis of type, the market is segmented into titanium sponge/residues, rutile scraps, mixed titanium solids, titanium turnings, titanium sworf, and others. On the basis of application, the market is divided into aerospace, chemical industry, automobile, biomedical, and others. Geographically, the market is classified into Europe, Latin America, Asia Pacific, North America, and the Middle East & Africa.
Report Coverage –
- The report covers detailed information on the titanium scrap industry.
- It covers vital developments such as mergers, partnerships, and acquisitions.
- It covers data on the latest technological advancements.
- The report covers insights on the COVID-19 impact on the market.
- The report highlights the regional growth of the market.
- It covers the driving and restraining factors of the market.
Drivers & Restraints –
Aerospace Industry to Proliferate; Increasing Number of Lightweight Vehicles to Contribute Market Growth
The growing number of lightweight vehicles, the aerospace industry is experiencing rapid growth, which will lead to increased titanium scrap consumption. Ferrotitanium is highly produced from titanium scrap. Generally, ferrotitanium is consumed in high amounts by the automotive industry. It is used in stainless steel, auto-grade steel, automotive tools, and parts. Furthermore, owing to its ability to resist corrosion, it replaces aluminum in aircraft manufacturing. These factors will fuel the titanium scrap market growth during the forecast timeline. However, the overall demand for titanium scrap is being influenced by raw material price fluctuations. As a result, market growth is expected to be hampered.
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Regional Insights –
Titanium Scrap Demand in Biomedical Applications is Expected to Drive Asia Pacific’s Growth at a Steady Pace
The industry is expected to increase steadily in Asia Pacific; the growth is attributable to increased demand for the product in biomedical applications. Furthermore, the growing demand for titanium turnings from various sectors would boost the titanium scrap market share in this region. In Europe, market growth will be fueled by rising product usage in the vehicle industry. The increased use of titanium sworf in the aerospace industry drives market expansion in North America. Due to the rapid growth of the chemical sector, the Middle East & Africa region is expected to experience significant growth, resulting in a rise in product demand in this region.
Key Players to Focus on Initiatives Like New Product Developments
Prominent players in the industry such as Monico Alloys, TIMET, and others to work on strategies involving new product development & introduction, collaborations, agreements, joint ventures, partnerships, and geographic growth to boost the company’s global and regional market position.
List of Key Players in the Market:
- Global Titanium Inc.
- Metraco NV
- Monico Alloys
- Phoolchand Bhagatsingh
- Mega Metals
- United Alloys and Metals
- Globe Metal
- Grandis Titanium
- Goldman Titanium
- Wolfram Metal Recyclers
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