Los Angeles, January 9, 2020 - Titanium sponge is considerably used in a wide range of defense applications due to its high corrosion resistant structure therefore, its market is expected to augment during the forecast period. QY Research has recently added a report titled “Global Titanium Sponge Market Research Report 2019” predicting the growth opportunities lying in the global market. According to the report, the global titanium sponge market was worth US$1949.51 mn during 2018 and is expected to reach US$ 2588.07 mn by the end of 2025, registering a CAGR of 2.80% during the forecast period.
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Growing Commercial Applications to Boost Demand for Titanium Sponge
Demand for titanium sponge is rising as it is extensively used for engines, fighter jet airframes, tank armour, and helicopter blades used in defense. Titanium sponge is used to produce titanium metal from which almost all other titanium products are manufactured.
Titanium is utilized in a variety of strategic articles such as munitions, missiles, naval vessels, satellites, space vehicles, and military aircrafts. It is also incorporated in commercial applications and critical infrastructure such as bio medical devices, automobile products, building structures, desalination plants, electric power, oil and gas plants, chemical plants, and civilian aircrafts.
However, the growth of global titanium sponge market is expected to face restraints as they are difficult to store for long period of time. Titanium sponge has the tendency to degrade quickly. This hinders its preference in most demanding aerospace and military applications.
Demand for Efficient and Cheaper Power Generation to Boost the Energy Power Segment
Energy power segment is expected to rise in demand during the forecast period as need for cheaper and sustainable renewable energy power is rising. Demand for efficient solar cell power to generate power for standby storage device will likely boost the demand for titanium sponge market.
USA will Lead the Global Titanium Sponge Market as it is Technological Advanced Compared to other Regions
USA is expected to lead the global market as this region as it has the highest number of manufacturers from aerospace and defence industry. It also has the highest number of chemical manufacturers due to technological advancements.
Titanium metal derived from titanium sponge is largely used in the aerospace industry to reduce weight and fuel consumption. Therefore, key players in the market are constantly improving the quality of titanium metal. They are engaging in significant efforts to reduce the cost of producing alloys. This will help in transforming the demand from military and commercial sectors.
The key players operating in the global titanium sponge market are AVISMA, UKTMP, ZTMC, Timet, ATI, OSAKA Titanium, Toho Titanium, Zunyi Titanium, Pangang Titanium, Luoyang Shuangrui Wanji Titanium.
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