Los Angeles, January 9, 2020 - Titanium ore is rising in demand as it is extensively used to make a variety of high performance alloys. QY Research has recently published a report titled “Global Titanium Ore Market Research Report 2019” predicting the opportunities that lie in the global market. According to the report, the global aluminium ore market was worth US$5102.08 mn during 2018 and is expected to reach US$7567.67 mn by the end of 2025, with a CAGR of 5.79% during the forecast period.
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Demand from Aerospace and Military Sectors to Boost the Demand for Titanium Ore
The largest uptake of titanium ore is seen in production of titanium oxide, which is extensively used for making pigments, polishing, and whiting abrasives. It also finds application in production of manufacturing titanium metal. Titanium metal is used in a variety of high performance tools and parts such as sports equipment, artificial joints for humans, and aircraft parts as it is light weight, high-strength, and provide durability. It is also used to produce white, high-reflective pigments, which are used in food, toothpaste, plastics, adhesives, paper, and paint due to its colour and brightness.
Titanium ore is used to make powders with a controlled particle size range. They are used as inexpensive polishing abrasives in multiple lapidary work such as faceting, sphere making, cabbing, lapping, and rock tumbling. It is light weight and highly corrosion resistant hence, it is used in aerospace, military, and industrial sectors. It is also incorporated in automotive, agriculture, medical prostheses, orthopaedic implants, sporting goods, jewellery, mobile phones, and other applications.
Titanium Metal Segment Expected to Rise in Owing to its Properties
The titanium metal segment is expected to flourish in the market during the forecast period as it is substantially used in a majority of industries due to its light weight and corrosion resistant properties.
North America to Lead due to Rise in Investment for Research and Development Activities
North America has the highest number of key players in the global market. This region is also witnessing increasing number of investments in research and development activities that are focussed on innovating new products in the market. Therefore, this region is likely to lead the global market.
The key players operating in the global titanium ore market are Rio Tinto, Tronox, Kenmare Resources, Pangang Group Vanadium Titanium & Resources, Lomon Billions Group, Iluka Resources, Indian Rare Earths Ltd, Base Resourse, TiZir Limited, and Chongqing Iron & Steel Group.
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