Rockville, MD , Oct. 08, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global Titanium Scrap Recycling Market is estimated to reach a valuation of US$ 2,909.2 million in 2024 and is expected to grow at a CAGR of 6.6% during the forecast period of (2024 to 2034).
Increasing adoption of titanium-based products across various industries such as aerospace, consumer electronics, medical sectors is one of the major factor driving the market for titanium scrap recycling. Titanium is known for its strength-to-weight ratio, corrosion resistance, and thermal stability making them one of the major material used in aerospace and marine industry. As the demand for air travel continuous to grow, demand for titanium will continue to increase. This increasing demand for titanium will in turn drive the market for titanium scrap recycling.
Scrap recycling offers various advantages such as prolonged material availability, minimized carbon footprint, reduced waste and improved material efficiency among others. This has led to a significant demand for titanium products across the globe. For instance, in the first quarter of 2024, total imports of titanium metal, excluding ferrotitanium, were 19,300 t and were primarily in the form of sponge (58%) and waste and scrap (34%). Exports of all forms of titanium metal in the first quarter of 2024 were 11,200 t, a 10% increase compared with those in the prior quarter.
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Key Takeaways from Market Study:
- The global Titanium scrap recycling market is projected to grow at 6% CAGR and reach US$ 5,512.5 million by 2034
- The market created an absolute $ opportunity of US$ 2,603.3 million growing at a CAGR of 6% between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 9% in 2034
- Predominating market players include COHEN, Alnor Industries, Rockaway Recycling, Globe Metal, IperionX, Consolidated Resources Incorporated, Industrial Surplus Inc., Greystone Alloys, TIMET, AllTi Alloys, and American Iron & Metal Inc.
- Consumer Electronics under Industry are estimated to grow at a CAGR of 4% creating an absolute $ opportunity of US$ 526.3 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 1,449.2 million collectively
“Environmental awareness, adoption across various industries, and technological advancement in recycling process will drive the market” says a Fact.MR analyst.
Leading Players Driving Innovation in the Titanium Scrap Recycling Market:
COHEN; Alnor Industries; Rockaway Recycling; Globe Metal; IperionX; Consolidated Resources Incorporated; Industrial Surplus Inc.; Greystone Alloys; TIMET; AllTi Alloys; American Iron & Metal Inc.; Other Prominent Players.
Market Development:
Global Titanium scrap recycling market key players are focusing on expansion activities, technological advancement, product innovations, strategic partnerships and collaborations, and regulatory compliances to acquire significant share in the industry.
For example, on June 2023, Ford Motor Company has agreed to a Scope of Work (SoW) for the delivery of titanium metal components made from IperionX Limited's exclusive 100% recycled, low-carbon titanium metal. To design, test, and additively build a range of premium titanium components for next Ford Performance production vehicles, Ford and IperionX have been working closely together.
Titanium Scrap Recycling Industry News:
- On March 2023, U.S.-based AMG Resources has announced that it has purchased the assets of Galt Alloys, a ferro-titanium and ferro-aluminum manufacturer situated in Canton, Ohio. According to AMG, the acquisition was completed through a subsidiary. In order to create ferro-titanium lumps and powder as well as ferro-aluminum ingots required in the steel industry, Galt Alloys melts scrap.
- On January 2023, The US Department of Defense's National Security Innovation Network (NSIN) Air Force Research Laboratory (AFRL) Grand Challenge contract has been awarded to IperionX. Consequently, IperionX will be qualified to reclaim used or non-compliant titanium powder for the AFRL and create titanium metal powders from scrap sources. IperionX's proprietary solutions to generate titanium metal from 100% recycled titanium scrap have been validated significantly by winning this Grand Challenge against a field of titanium industry competitors.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global Titanium scrap recycling market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the grade (Mixed Titanium Solids, Titanium Turnings, Titanium Sworf, RUTILE Scraps, and Titanium Sponge), Scrap Type (Old Scrap and New Scrap), Method (Vacuum Arc Melting and Cold Hearth Melting), Industry (Aerospace & Marine, Energy, Industrial Manufacturing, Consumer Electronics, and Others) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa).
Segmentation of Titanium Scrap Recycling Industry Research:
- By Grade :
- Mixed Titanium Solids
- Titanium Turnings
- Titanium Sworf
- RUTILE Scraps
- Titanium Sponge
- By Scrap Type :
- Old Scrap
- New Scrap
- By Method :
- Vacuum Arc Melting
- Cold Hearth Melting
- By Industry :
- Aerospace & Marine
- Energy
- Industrial Manufacturing
- Consumer Electronics
- Others
Checkout More Related Studies Published by Fact.MR Research:
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The global scrap metal recycling market is estimated to be valued at US$ 307.5 billion in 2024 and it is expected to grow at a CAGR of 6.5% to reach US$ 577.2 billion by the end of 2034.
A recently updated industry report by Fact.MR states that revenue from scrap metal recycling services in Europe is evaluated to reach US$ 17.68 billion in 2024. The market has been forecasted to rise at a CAGR of 5.5% and reach a value of US$ 30.21 billion by the end of 2034.
The U.S. scrap metal recycling market is currently estimated at US$ 9.2 billion and is predicted to expand at a noteworthy CAGR of 5.4% over the forecast years of 2022-2032. As such, the market is poised to generate an absolute dollar opportunity worth US$ 6.4 billion and reach a valuation of US$ 15.6 billion by the end of 2032.
The Europe plastic recycling machine market is anticipated to project a valuation of US$ 450.3 million in 2023 and further expand at a CAGR of 3.7% to reach US$ 650.2 million by the end of 2033.
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