According to South Korean trade, industry and energy ministry said, South Korea will in the next seven years investment 818 billion won (about 0.75 billion U. S. dollars) high-end titanium products for R & D and production of aviation and the medical field, in order to meet the domestic demand for titanium products. South Korea's national budget in 2015 has set aside 9 billion 500 million won for the development of titanium industry.
During the cold war, the United States and the former Soviet Union first developed titanium. Titanium is a kind of low density, high strength metal, with good comprehensive performance, has been widely used in various fields in the world.
MOTIE spokesman said that the titanium product has a very high value added, is 42 times the iron and steel products, aluminum products 11 times. Even in the highly developed industry today, seawater desalination project in the heat exchanger, power generation projects in the turbine blades as well as medical implant parts still has a greater demand for titanium, is expected in the South and the amount of market demand will reach 31.7 billion won. In addition, titanium parts will be used in the next generation aircraft project in South Korea.
In 2012, the world of titanium parts market demand amounted to 2.5 * 106 billion won, is expected by 2020 will reach 6.0 x 106 billion won, titanium parts will have broad market demand. In addition, the current South Korean average amount of titanium materials amounted to 1 x 10 billion 600 million won, for this purpose, investment and development of domestic titanium industry is also conducive to reducing the impact of overseas manufacturers on the domestic price adjustment caused by the impact.
MOTIE spokesman also said: South Korea will strive to become the world's fifth largest producer of titanium in the world after the United States, Russia, China and Japan in 2021.