The global titanium alloys market is anticipated to grow at a healthy CAGR between 2016-2023, states the latest Market Research Future (MRFR) report. Titanium alloy is a metal that contains a mixture of titanium as well as other chemical elements. This alloy possesses toughness and high tensile strength, is lightweight, can withstand extreme temperatures and have excellent corrosion resistance. Owing to its metallurgical properties, titanium alloys have turned into the metal of choice for different applications such as consumer goods, medical, sporting, marine, aerospace, chemical processing, and industrial. For its compatibility feature, titanium alloys are extensively used in the body as craniofacial plates, knee, and hip implants, dental implants, pacemaker cases, among others.
Various factors are propelling the titanium alloys market growth. Such factors, as per the latest Market Research Future report, include innovative product development, booming aerospace industry, growing consumption in the medical, marine and automotive industry, and the different benefits that it offers such as anti-corrosion properties, biocompatible properties, fuel efficiency, lightweight, fire resistance, low thermal expansion, and extreme temperature resistance.
On the contrary, lack of technology and infrastructure, the alloys’ multistage processing route, and expensive upstream extraction are factors that may impede the titanium alloys market growth during the forecast period.
- ADMA Products, Inc
- OSAKA Titanium Technologies Co., Ltd
- Global Titanium Inc.
- TLS Technik
- Haynes International
- TOHO TITANIUM CO., LTD
- United Titanium, Inc.
- Daido Steel Co., Ltd
The Market Research Future report provides an all-inclusive segmental analysis of the titanium alloys market based on end use industry and microstructure.
By Microstructure, the global titanium alloys market is segmented into the beta alloy, alpha-beta alloy, near alpha alloy, and alpha alloys. Of these, the alpha alloy segment will lead the market during the forecast period. Alpha alloys have the highest oxidation resistance and strength at elevated temperature as well as better weldability compared to other titanium alloys. Ti-5AI-2.5Sn is one of the most widely used alpha alloys that are popular for fracture toughness and creep strength. This titanium alloy finds extensive applications in engine components and aerospace structure.
By End Use Industry, the global titanium alloys market is segmented into marine, chemical, power and desalination, automotive, aerospace, and others. Of these, the aerospace segment will dominate the market during the forecast period for its increasing demand in the aerospace industry. Titanium alloy is widely used as a bulkhead in the Boeing/Lockheed F22 military aircraft and fan blades of various jet engines.
November 2019: Dormer Pramet has recently expanded its Shark Line taps range through a new assortment for titanium alloys and high strength steels.
By Region, the Titanium Alloys Market report covers the latest trends and growth opportunities across the Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. Of these, the APAC region will lead the market during the forecast period. Various factors propelling the growth of the titanium alloys market in the region include the presence of innumerable industries especially in developing nations including ASEAN countries, China, and India coupled with the rise in technological advancements for the use of titanium alloys in those equipment that provide excellent properties such as fatigue strength, anti-corrosion, and fire resistance.
The titanium alloys market in North America will have a healthy growth during the forecast period for its burgeoning demand in manufacturing industries.
The titanium alloys market in Europe is predicted to have significant growth during the forecast period for the growing demand from manufacturers, especially of military and civil aircraft, drones, helicopters, aero-engines, and different other systems.
The titanium alloys market in Latin America will have favorable growth during the forecast period for the region’s economic recovery that may have a positive impact on the industrial growth in Mexico and Brazil.
The titanium alloys market in the MEA will have a considerable growth during the forecast period with the rising adoption of titanium alloys in the oil & gas industries as titanium has anti-corrosive nature and high strength which are essential for the challenging environments and oil & gas applications such as refining, production, and exploration.
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