TITANIUM SPONGE MARKET ANALYSIS

Titanium Sponge MarketSize and Trends

Market Dynamics

Titanium sponge is majorly used in air and space vehicles in air frames and engine parts. Growing aerospace industry is one of the major factors driving growth of the global titanium sponge industry. According to India Brand Equity Foundation, domestic and international aircraft movements grew by 14.40% Y-o-Y and 9.40 % Y-o-Y during 2017-2018 in India, which in turn is expanding the aerospace industry thereby, fuelling growth of the titanium sponge market.

Growing demand for titanium sponge from energy sector including oil & gas and power generation is aiding growth of the global titanium sponge market. According to the U.S. Energy Information Administration, world energy consumption was 575 quadrillion British thermal units (Btu) in 2015, which is estimated to reach 736 quadrillion Btu in 2040.

Market Outlook

• North America held significant market share in 2017, in the global titanium sponge market. According to the U.S. Geological Survey, 2018, the consumption of titanium sponge in the U.S. was 31,200 tons in 2015, which increased to 37,000 tons in 2016.
• Growing demand for titanium sponge is attributed to growing aerospace and defense industry in North America. For instance, according to Aerospace Industries Association (AIA), the aerospace and defense industry in the U.S. generated US$ 872.1 billion in sales in 2016.
• Asia Pacific is expected to be the fastest growing titanium sponge market during the forecast period (2019-2026), owing to increasing demand from China, India, Japan, and South Korea. In 2011, titanium sponge plant was set up in Kerala, India to cater demand of titanium sponge from the defense and aerospace sector in the country.
• Expansion in aviation, defense, and marine sectors is supporting growth of the titanium sponge market in Asia Pacific. According to International Trade Administration, in 2016 China's civil aviation transportation was 96 billion tons km and increased by 12.8% from 2015.
• China is a major producer of titanium sponge and produced 160 thousand metric tons of titanium sponge in 2015, while the production increased to 170 thousand metric tons in 2016, according to the U.S. Geological Survey.