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New Report for 2016:
The Titanium Age: Markets, Opportunities, and New Processes

Thintri, Inc. announces the release of a new market study, The Titanium Age: Markets, Opportunities and new Processes. This report, the third version of Thintri's initial titanium study analyzes current markets in
titanium, pricing and supply issues in a range of titanium products like scrap, sponge, ingot, plate, etc., and effects of current economic and demand conditions. The report also discusses emerging market opportunities through the maturing of technologies that promise to reduce the cost of titanium extraction, manufacturing, machining and welding. Forecasts are provided for both traditional and potential new titanium markets in a number of key sectors.   

Today’s Titanium Industry

  • Background
  • Today’s titanium industry – demand drivers
    • Aerospace
    • General industry, chemical processing, etc.
      • Corrosion resistance
      • Heat exchange
      • Aluminum and steel production
    • Medical Markets
      • Orthopedic Devices
        • Implants
        • Trauma fixation
      • Surgical instruments
    • Consumer markets
    • Automotive markets
    • Others
  • Today’s titanium industry – the supply side
    • Capacity
      • Supply and price dynamics
      • Pre-melt, melt and mill products
    • Effects of demand drivers
    • Effects of supply issues
    • Effects on new markets
    • Industry contracts, price negotiations

  • Cost Issues, Lead Times, Today’s Market Outlook
  • Price behavior
    • History
    • Prices today
    • Forecasts
  • Global Demand
  • Lead times
  • Commercialization of Low Cost Titanium Processes
  • Raw material issues
  • Composition and alloying
  • Quality, purity and performance
  • Powder metallurgy
  • Manufacturing cost reduction methods
    • Fabrication
    • Machining
    • Welding
  • Commercialization
  • Effect of a new, low cost player
  • Market opportunities and latent demand for low cost titanium
  • Automotive
    • Cars
    • Trucks
    • Regulation and fuel economy
    • Economics
  • General industry
    • Chemical processing
    • Oil & gas
    • Mining
    • Energy & power
    • Pulp and paper
  • Aerospace
  • Defense
    • Vehicle armor
    • Non-vehicle armor
    • Fuel economy
    • Naval applications
  • Medical
  • Consumer
  • Architecture and construction

Background

Titanium, a resource with enormous potential in a large number of markets, has been hobbled by high costs and volatile prices, processing difficulties, supply issues and industry-wide inefficiencies.

Titanium has the highest strength to density ratio of any metal, is essentially nonmagnetic, and is highly resistant to corrosion, even in hostile environments like salt water. Furthermore, it is highly biocompatible. Titanium has become well established in aerospace, trucks and heavy vehicles, medicine, chemical processing and general industry.

In recent years titanium suppliers have worked hard to bring the benefits of titanium to new applications, but just as new markets for titanium have opened up, the supply of titanium tightened considerably, with notable effects on prices. Much of the constricting of supply was attributable to sharply rising aerospace demand as well as greater use in steel production, which reduced the supply of scrap. These factors led to an extraordinary runup in prices, where some more than doubled in a single year, and some users were simply unable to obtain the titanium they needed. The volatility dampened enthusiasm for titanium in new markets where it offers substantial long term cost savings.

In response, suppliers of titanium sponge rapidly moved to expand their output. Very soon, however, markets and prices dropped with the recession. Today, titanium demand is sluggish at best for most (but not all) applications, largely due to plunging markets in oil & gas and an economic slowdown in China. Industry experts indicate that as large aerospace consumers such as Boeing and Airbus work through inventories, expected in late 2016 or early 2017, and the oil & gas sectors bottoms out, demand will rebound.

Throughout all this, a number of low cost processing technologies have continued development that promise titanium (commercially pure and alloyed), potentially at greatly reduced cost. These processes, some of which are already commercialized, will significantly reduce costs in extraction, machining, welding and manufacture of titanium, while relieving availability problems that have plagued users in the past.

The promise of supply stability and lower prices will create an opening whereby new markets can be captured, bringing titanium to a broad range of new applications. Low cost production processes could a substantial investment opportunity.

Understand the Markets

Thintri's new market study analyzes the current state of traditional titanium markets and current economic conditions. The effects of emerging low cost titanium processes and the market forces that will determine the future of the industry are investigated in detail. New and sometimes unexpected market opportunities are analyzed and forecasts are provided for both traditional markets, some of them unaffected by low cost processes, and new market opportunities created by low cost titanium.

The report is based on more than 100 in-depth interviews with experts from industry, Government and academia, as well as a broad range of published materials.

The Titanium Industry, Markets and Forecasts

Titanium, raw materials production

Demand Drivers

Supply Side - Capacity 

Current and Historical Prices, Forecasts

Market segments:

  • Aerospace
    • Engines
    • Airframe
    • New aircraft
  • Industrial
    • Chemical processing
    • Power generation
    • Desalinization
    • Automotive
      • Cars
      • Trucks and heavy vehicles
  • Medical
    • Implants
    • Surgical instruments
  • Military
    • Aerospace
    • Marine
    • Land-based
  • Consumer

Emerging Markets and Latent Demand

  • Effect of new processes
    • Extraction (Armstrong, MER, etc.)
    • Fabrication
    • Manufacture
    • Welding
    • Machining
  • Aerospace markets
  • Automotive markets
  • Industrial markets
  • Medical
  • Consumer

Order today
#LCT3—
The Titanium Age: Markets, Opportunities, and New Processes

Price: $4200

(914) 242-4615

Report Contents  

Executive Summary 1

E1 Introduction 1
E2 Background: Titanium 2
E3 The Titanium Industry Today 2
E4 Supply and Capacity Issues 3
E5 Price Trends 6
E6 Demand Outlook 7
E7 Commercialization of Low Cost Titanium Processes 8
E8 Effect of a New Low-Cost Player 9
E9 Latent Demand 10

Part I: Titanium Background 14

1.1 Overview 14
1.2 Titanium in Industry 15
1.3 History 16
1.4 Titanium Production 16
1.5 Issues with Titanium 17

Part II: Industry Landscape 18

2.1 The Demand Side 18
     2.1.1 The Aerospace Sector 19
          2.1.1.1 Titanium Deployment in Aircraft 19
          2.1.1.2 The Evolving Aerospace Market 20
          2.1.1.3 Regulations and Certification 21
     2.1.2 Industry, Chemical Processing, etc. 22
          2.1.2.1 Industrial Markets 22
               2.1.2.1.1 Chemical Processing 23
               2.1.2.1.2 Other Industry and Manufacture 24
     2.1.3 Medical Applications 25
     2.1.4 Consumer Markets 27
     2.1.5 Automotive Applications 28
          2.1.5.1 Passenger Cars 28
          2.1.5.2 Trucks and Heavy Vehicles 30

2.2 The Supply Side 32
      2.2.1 Titanium Supply, Demand and Price Dynamics 32
      2.2.2 Pre-Melt: Sponge and Scrap 33
          2.2.2.1 Sponge 33
          2.2.2.2 Scrap 36
               2.2.2.2.1 Alloying 38
     2.2.3 Melt Products 39
     2.2.4 Mill Products 40
     2.2.5 Capacity Today 43

2.3 Demand Drivers, Effects on Prices 44
     2.3.1 The Aerospace Factor 45
     2.3.2 Other Factors in Supply 48
     2.3.3 The Effect on New Markets 49

2.4 Industry Contracts, Agreements and Price Negotiations 50

Part III: Cost Issues, Lead Times and Today's Market Outlook 54

3.1 Effects of Price Volatility and Industry Structure 54

3.2 Price Behavior and Forecasts 55
     3.2.1 Sponge 56
     3.2.2 Scrap 56
     3.2.3 Melt Products 59
          3.2.3.1 Slab 59
          3.2.3.2 Ingot 59
          3.2.3.3 Electrodes 60
          3.2.3.4 Plate 62
               3.2.3.4.1 Plate Prices 62
               3.2.3.4.2 Toll Rolling 63

3.3 Today's Market Outlook 64
     3.3.1 Effects of the Slowdown 64
     3.3.2 Recovery of the Titanium Industry 65

3.4 Lead Times 68

Part 4: Commercialization of Low-Cost Titanium 69

4.1 Introduction 69

4.2 Raw Material Issues 69

4.3 Composition and Alloying 70

4.4 Quality, Purity, Performance 70

4.5 Ore-To-Metal Processes 71
     4.5.1 MER/DuPont 72
     4.5.2 Rio Tinto 72
     4.5.3 UTRS, Inc. 72

4.6 The Powder Advantage 74
     4.6.1 Introduction 74
     4.6.2 MMS-Scanpac 76
     4.6.3 University of Utah 76
     4.6.4 ADMA Products 76
     4.6.5 ITP/Cristal Metals 77
     4.6.6 Metalysis 78
     4.6.7 Oak Ridge/Boeing 79
     4.6.8 Powder Applications, Demand & Pricing 80
     4.6.9 Metal Injection Molding 83
     4.6.10 3-D Printing/Additive Manufacturing 84

4.7 Manufacture & Fabrication 85
     4.7.1 American Titanium Works 85
     4.7.2 Ti Squared Technologies 86

4.8 Machining 87

4.9 Welding 89

4.10 Titanium Process Commercialization 90

4.11 Effect of a New, Low-Cost Player 92

Part 5: Latent Demand and Market Opportunities 95

5.1 Current Market Outlook: Conventional and Latent Demand 95

5.2 Consumer Markets 99
     5.2.1 Established Consumer Applications 99
          5.2.1.1 Sporting Goods 100
          5.2.1.2 Jewelry 100
          5.2.1.3 Architecture 102
          5.2.1.4 Marine Markets 103
          5.2.1.5 Price and Supply Issues 104
          5.2.1.6 Latent Consumer Demand 104

5.3 Automotive Markets 105
     5.3.1 Trucks and Commercial Vehicles 107
          5.3.1.1 Turbocharger Compressor Wheels 108
          5.3.1.2 Valve Train 109
          5.3.1.3 Connecting Rods 109
          5.3.1.4 Exhaust Systems 109
          5.3.1.5 Suspensions 109
     5.3.2 Opportunities in Mass Market Autos 110
          5.3.2.1 Valve Train, Valves, Valve Springs 110
          5.3.2.2 Connecting Rods 112
          5.3.2.3 Exhaust Systems 114
          5.3.2.4 Suspensions 115
     5.3.3 Racing, Motorcycles and Other Small Vehicles 116
     5.3.4 Regulations and Fuel Economy 116
     5.3.5 Economics 117
     5.3.6 Latent Automotive Demand 118

5.4 General Industry, Oil & gas, Mining, etc. 120
     5.4.1 Chemical Processing, Pharmaceuticals, etc. 121
     5.4.2 Oil & Gas, Mining 123
     5.4.3 Power Generation 124
     5.4.4 Pulp & Paper 124
     5.4.5 Desalination 125
     5.4.6 Latent Industrial Demand 125

5.5 Aerospace 127

5.6 Defense 128
     5.6.1 Armor 129
          5.6.1.1 Armoring Vehicles 130
          5.6.1.2 Non-Vehicle Armor 131
          5.6.1.3 Fuel Economy 131
          5.6.1.4 Procurement Issues 132
     5.6.2 Naval Applications 132
     5.6.3 Latent Defense Demand 134

5.7 Medical Markets 136
     5.7.1 Orthopedic Devices: Implants, Trauma Fixtures, etc. 136
5.7.2 Surgical Instruments 138
5.7.3 Latent Medical Demand 140

 

List of Report Tables and Figures

Figures

  • Figure ES-1 Sponge Capacity by Country 4
  • Figure ES-2 Commercial Aircraft Deliveries, Passenger 5
  • Figure ES-3 Titanium Use by Aircraft Type 5
  • Figure ES-4 Sample Plate Price Trends, Alloy Plate 6
  • Figure ES-5 Global Metallic Titanium Demand, Conventional Forecast 7
  • Figure ES-6 Global Titanium Demand by Market, Conventional Forecast, Industrial, Medical and Consumer Sectors 8
  • Figure ES-7 Global Automotive Latent Demand 11
  • Figure ES-8 Global Latent Defense Demand, Armor 12
  • Figure ES-9 Global Industrial Latent Demand 13
  • Figure 1-1 Shares by Weight, Metallic Titanium versus Titanium in Pigment 16
  • Figure 2-1 Industrial Titanium Markets 23
  • Figure 2-2 Sponge Capacity Growth by Country 34
  • Figure 2-3 Sponge Capacity Trends, US vs. Global 36
  • Figure 2-4 Scrap Availability Trends 38
  • Figure 2-5 Melt Product Capacity Trends 40
  • Figure 2-6 Mill Product Capacity Trends 41
  • Figure 2-7 Mill Product Demand Trends 42
  • Figure 2-8 Titanium Use per Craft, by Aircraft Type 46
  • Figure 2-9 Commercial Aircraft Deliveries, Passenger 47
  • Figure 2-10 Commercial Aircraft Deliveries, Freight 47
  • Figure 3-1 Sponge Price Trends 56
  • Figure 3-2 Scrap Price Trends, Turnings 57
  • Figure 3-3 Scrap Price Trends, Bulk Weldable 57
  • Figure 3-4 Scrap Price Trends, Clips 58
  • Figure 3-5 Scrap Price Trends, Ferro-Titanium 58
  • Figure 3-6 Slab Price Trends 59
  • Figure 3-7 Ingot Price Trends 60
  • Figure 3-8 Electrode Price Trends 61
  • Figure 3-9 Forging/VAR Stock Price Trends 61
  • Figure 3-10 Plate Price Trends, B265 CP 62
  • Figure 3-11 Plate Price Trends, 4911 Alloy 63
  • Figure 3-12 Toll Rolling Price Trends, B265 CP and 4911 Alloy Plate 64
  • Figure 3-13 Global Metallic Titanium Demand, Conventional Forecast 66
  • Figure 3-14 Global Titanium Demand by Market, Conventional Forecast, Industrial, Medical and Consumer Sectors 67
  • Figure 3-15 Global Titanium Demand by Market, Conventional Forecast, Commercial Aerospace, Military Aerospace and Military Non-aerospace Sectors 67
  • Figure 5-1 Overall Global Latent Titanium Demand 97
  • Figure 5-2 Global Latent Demand, Consumer Markets, Non-Automotive 105
  • Figure 5-3 Global Latent Demand, Automotive Markets 120
  • Figure 5-4 Global Latent Demand, Industrial Markets 126
  • Figure 5-5 Commercial Aerospace Latent Demand 128
  • Figure 5-6 Global Latent Demand, Defense, Armor 135
  • Figure 5-7 Global Latent Demand, Defense, Other 136
  • Figure 5-8 Global Latent Demand, Medical Implants 141
  • Figure 5-9 Global Latent Demand, Surgical Instruments 141

Tables

  • Table 2-1 Current Titanium Markets 18
  • Table 2-2 Commercial Automobile Titanium Components 29
  • Table 5-1 Titanium Tiles at the Guggenheim Museum, Bilbao, Spain 103
  • Table 5-2 Existing and Potential Titanium Automotive Applications 110



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