Global Titanium Powder Market is slated to expand exponentially through 2032 owing to the prevailing use of the product in the aerospace industry. Titanium powder helps in producing lightweight parts resulting in reducing the overall weight of the airplane.
Manufacturers and researchers are concentrating on delivering titanium powder products and initiatives that are carbon-neutral and sustainable. For example, Hyperion Metals Limited, Belmont, inked a contract to offer a sustainable, carbon-free supply chain for titanium spherical metal powder in the United States. This development focuses on creating spherical titanium metal powders utilizing Granulation-Sintering-Deoxygenation (GSD) technology from Blacksand. Through the implementation of the approach, titanium metal component costs and carbon dioxide emissions will be significantly reduced.
The titanium powder market has been divided in terms of product, grade, application, and region.
Based on grade, the grade 23 segment is expected to amass over USD 740 million market share by 2032. The product finds applications in areas where high strength, lightweight, excellent resistance to corrosion, and high toughness are required. Compared to other alloys, it exhibits superior damage resistance. Its employment in biological applications, including implantable components, is made possible by its biocompatibility, superior fatigue strength, as well as low modulus.
With respect to application, the automotive segment is estimated to grow substantially through the forecast period fueled by the use of titanium powder-based additive production for quick prototyping and manufacture of vehicle parts. In order to offer high customization and the optimum cost savings, the technique is used to make a variety of automobile parts and technical tools. Several industry conglomerates including BMW, Rolls Royce, and Ford are employing this technique for applications varying from fixtures and jigs to concept models and functional prototypes.
From the regional perspective, the Latin America titanium powder market is speculated to grow at more than 12.5% CAGR from 2023 to 2032 driven by the growing adoption and strong implementation of titanium powder in the healthcare industry, especially in nations such as Brazil. Growing healthcare spending in the country would improve the regional market dynamics. As per OECD projections, health spending in Brazil is anticipated to increase to more than 12.5% of GDP by 2040.
Moreover, Uruguay, which was recently recognized as a high-income nation, has started making investments in additive manufacturing expertise and advances, in turn fostering regional demand.