Titanium Sponge for Aerospace and Defense market report is a comprehensive overview of the market’s situation thoroughly examined and compiled by Stratview Research. This new report provides past progress, current market conditions, and a future prospect from the year 2021 to 2026. It also offers accurate overview of the growth strategies, market size, mergers & acquisitions, and upcoming products/services of leading key players in this market.
Market Insights
The report analyses the market thoroughly and collects data in order to offer reliable data to the users. The Titanium Sponge for Aerospace and Defense market is projected to grow from USD 1,674.2 million in 2020 to USD 2,168.7 million by 2026 at a CAGR of over 4.5% during the forecast period. Rising material requirement with low weight, high tensile strength, and superior corrosion resistance for improved durability & performance of the aircraft is likely to augment the market growth. Growing emphasis on enhancing the performance of commercial & military aircraft while reducing the total aircraft weight and improving the fuel efficiency further propels the product usage. However, the easy availability of low-cost substitutes in the form of scrap is likely to hamper the market growth during the review period.
Market Segments' Analysis
According to Stratview Research, the Titanium Sponge for Aerospace and Defense market is segmented By Material (High Grade, Medium Grade, Low Grade), By End Use (Commercial Aircraft, Military Aircraft), and Region.
Based on material, the titanium sponge for the aerospace and defense market has been classified into high grade, medium grade, and low grade. Under these, the high-grade segment held the largest market share in 2020 and is likely to grow at a considered CAGR during the forecast period. High-grade titanium sponge has purity levels over 99.7%, which is regarded as an aerospace grade. The rising need to cater to the increasing demand for high-grade titanium in aviation & military sectors further bolsters the segment growth.
By region, the North American market held a significant market share in 2020 and is projected to grow at a healthy CAGR in the coming years. This is mainly ascribed to a strong presence of aircraft manufacturers such as Boeing, Lockheed Martin, etc., and strong military expenditure. Also, stringent regulations on improving the fuel efficiency of commercial aircraft further proliferate the regional market growth in the coming years.
Top key vendors in the market:
The report mentions a list of key players in the Titanium Sponge for Aerospace and Defense market. Some of them are mentioned below –
· Allegheny Technologies Incorporated (US)
· BAOJI TITANIUM INDUSTRY (China)
· Luoyang Shuangrui Wanji Titanium Industry (China)
· OSAKA Titanium (Japan)
· Solikamsk (Russia)
· Tangshan Tianhe Titanium Industry (China)
· Timet (US)
· Toho Titanium (Japan)
· VSMPO AVISMA (Russia)
· Zunyi Titanium (China)
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