Incremental sheet forming (ISF) process has gained massive popularity due to its die-less nature. The process shows greater flexibility in making customized sheet metal parts economically and more effectively as compared to the traditional forming processes. This paper mainly focuses on investigating the behavior of commercially pure (CP) titanium grade 2 sheet. Single point incremental forming process has been used to deform the sheet. Workpiece geometry has been chosen as conical rectangular shape, using the unidirectional spiral tool path profile. The deformation of the titanium sheet has been performed with and without the use of lubricating fluid. The finite element analysis (FEA) for the von Mises stress and sheet thickness variation has been carried out on ABAQUS® simulation software. Also, the stretching of the deformed sheet has been examined along the side wall and corner of the deformed surface. The ISF has limitation with respect to the geometrical accuracy and surface finish quality of the formed part. To study the surface quality of the deformed surface, scanning electron microscopy (SEM) has been utilized. Stress triaxiality is another important parameter to investigate the crack initiation and fracture during forming, it has been predicted using Finite element analysis.