Titanium Sponge

The Global Titanium Sponge Market Is Expected To Witness High Growth Owing To the Increasing Defense Activities in the World

SEATTLE, WA, US, January 13, 2022 /EINPresswire.com/ -- The Global Titanium Sponge Market Is Expected To Witness High Growth Owing To the Increasing Defense Activities in the World, The global titanium sponge market is benefiting from rising demand for titanium sponge from the energy sector, which includes oil & gas and power generation. World energy consumption was 575 quadrillion British thermal units (Btu) in 2015, according to the US Energy Information Administration, and is expected to reach 736 quadrillion Btu in 2040.

Market Overview:

Titanium sponge is a malleable type of titanium derived from the second stage of processing the material for use in the automotive, electronics, aerospace, marine, and sports industries. Titanium is also utilized in residential products and infrastructure such as residential water heaters, air conditioning units, and hot water heaters. In addition, titanium is utilized in the manufacturing of watches, space shuttles, parachutes, and other aviation and space vehicle parts. Titanium is employed in the production of a wide range of precision bearings and hubcaps, mechanical seals and pulleys, seals and clutches, ball bearings, and many more. The material's durability and ductility make the titanium sponge an extremely dependable alloy with a unique biological resistance to corrosion. It exhibits excellent tensile strength and is versatile both as a solid and soft metal. It has the ability to maintain its original mechanical and physical properties regardless of the temperature or conditions. Due to this property, titanium sponge is used to build parts that are frequently exposed to wear and tear such as connecting threads and pins in components such as hubcaps.

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Competitive Landscape:

Major players operating in the global titanium sponge market include Kobe Steel, Arconic, TIMET, Allegheny Technologies Incorporated (ATI), RTI International Metals, Inc., VSMPO-AVISMA, Toho Titanium Co., Ltd., Baoji Yongshengtai Titanium Co. Ltd., Western Metal Material Co. Ltd., and Zunyi Titanium Co., Ltd.

Key Market Drivers:

Increasing defense activities in the world are the main factor that is expected to drive the growth of the global titanium sponge market. For instance, according to International Civil Defence Organization, the global defense market is expected to increase at a CAGR of 1.9% to reach around US$ 446.59 billion in 2021. Titanium sponge is extreme flexibility enables manufacturers to use small amounts of titanium to achieve the required stiffness and strength. It is important to note that titanium does not form a smooth sheet but rather is formed by the combination of powdery, homogenous titanium powder, and byproduct magnesium chloride. In the third and fourth stages of manufacturing titanium sponges, the titanium flakes are extruded and shaped into a rough, thick, round, and clear finished product. From the third stage of manufacturing, the titanium flakes are formed into a fine powder by the successive process of heating and grinding. The fine powder is then sprayed with liquid aluminum to achieve the final product. It has now been successfully incorporated into various applications including military, automotive, and industrial applications in which high wear resistance, toughness, extreme ductility, and low density are required. Increasing product launches by key market players are estimated to augment the growth of the global titanium sponge market.

Covid-19 Impact Analysis:

Increasing COVID positive cases in the world is the main factor that posed a challenge to the growth of the global titanium sponge market. For instance, according to Our World in Data, in March 2021, the 7-day average of COVID positive cases in the world was around 550,110. Moreover, increasing transport restrictions in several nations

Key Takeaways:

North America is expected to hold a major share of the global titanium sponge market, owing to increasing defense activities in the region. For instance, according to Congressional Budget Office, the U.S. Army operates more than 1200 reconnaissance or attack helicopters.

The Asia Pacific is estimated to witness high growth in the global titanium sponge market, owing to the increasing investments in the defense sector in developing nations. For instance, according to Indian Express Limited, in 2021 India's military expenditure was around US$ 72.9 billion.

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Titanium sponge is commonly found in airframes and engine parts of aircraft and spacecraft. One of the major factors driving the global titanium sponge industry's growth is the expanding aerospace industry. Domestic and international aircraft movements grew 14.40 percent Y-o-Y and 9.40 percent Y-o-Y in India during 2017-2018, according to the India Brand Equity Foundation, which is expanding the aerospace industry and fueling growth in the titanium sponge market.

𝐓𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲 𝐨𝐛𝐣𝐞𝐜𝐭𝐢𝐯𝐞𝐬 𝐟𝐨𝐫 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭:

✤ SWOT Analysis is used to define, assess, and analyse market competition by focusing on the world's major manufacturers. The market is defined, described, and forecasted by type, application, and region.

✤ Examine the potential and advantages of global and major regional markets, as well as the opportunities and challenges, as well as the constraints and risks.

✤ Determine whether market growth is being aided or hampered by trends and factors.

✤ Stakeholders will be able to assess market potential by identifying high-growth categories.

✤ Conduct a strategic analysis of each submarket's growth trends and contribution to the market.

✤ Competitive developments in the market include expansions, agreements, new product launches, and acquisitions.

✤ To develop a strategic profile of the major players and to thoroughly examine their growth strategies.

Key Reasons to Purchase the Titanium Sponge Market Report :

➸The report is chock-full of data, including market trends and projections.

➸ The report's segments and sub-segments include quantitative, qualitative, value (USD Million), and volume (Units Million) data.

➸ At the regional, sub-regional, and country levels, data on demand and supply forces, as well as their effects on the market, can be found.

➸ The competitive landscape has changed dramatically in the last three years as a result of new developments, strategies, and market share gains by key players.

➸ Companies that offer a diverse range of services, including financial data, news, SWOT analyses, and strategies.

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𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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