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Titanium Alloys Market Analysis | 2023-2028
Titanium Alloys Market Size, Share, Trends, Forecast, & Growth Analysis: 2023-2028
"The titanium alloys market is estimated to grow at a moderate CAGR of 4.9% during the forecast period to reach USD 9 billion in 2028."
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Titanium alloys contain a higher weightage of titanium (excluding pure titanium which is more than 99%) along with other metals to provide alloys with exceptional corrosion resistance, high-temperature resistance (some alloys up to 550°C), and excellent strength. The most common titanium alloy used in the market is Ti-6Al-4V alloy, which is highly applicable in the aerospace (mainly for aircraft ducting, hydraulics, tubing, and airframe components), military, marine, and consumer industries. Globally, the manufacturers sell titanium alloys in the form of bars, flat products, tubes, etc. for usage in the aerospace, industrial, military, medical, energy & power, and many other industries.
Covid-19 Impact
Due to the COVID-19 pandemic and the grounding of 737 Max aircraft, the demand for titanium alloys suffered a decline. The aviation sector was impacted by the sharp decrease in air passengers as countries restricted entry and locked down to contain the COVID-19 pandemic spread. However, in 2021, the market rebounded owing to the resurgence of industrial activities across the globe.
In 2022, due to the Russia-Ukraine war, the leader of titanium alloys (VSMPO AVISMA Corporation) saw reduced demand as many companies across the globe cut tie-ups with the company. Despite the above factors, there is an increasing demand for titanium alloys in commercial and military aircraft production as the industry is witnessing a recuperation in the commercial aircraft category.
There are many factors governing the growth of titanium alloys. Some of these are increasing demand for alloys in the medical industry (medicines and medical procedures), high demand for alloys in aerospace in the form of tubes and flat products, and lastly, for its lightweight, its usage is increasingly used in the automotive industry. The key market challenges are the volatility in the price of titanium alloys amid the geopolitical challenge and the higher price than that of carbon steel.
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Recent Product Developments: New product development remains one of the focal points of the industry stakeholders. For instance, in July 2022, IperionX Limited collaborated with Oak Ridge National Laboratory (ORNL) to develop new low-cost titanium alloys for additive manufacturing.
Recent Market Collaborations, JVs, and Acquisitions: Healthy growth and rapid change in the market dynamics in the wake of the Russo-Ukrainian war are driving several activities related to mergers and acquisitions. Some of these are the following.
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Segmentations |
List of Sub-Segments |
Segments with High Growth Opportunity |
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Product-Type Analysis |
Bars, Flat Products, Tubes, and Others |
The flat products remain the leading product, whereas tubes will be the fastest-growing product in the market. |
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End-Use Industry-Type Analysis |
Aerospace, Industrial, Military, Medical, Energy & Power, and Others |
Aerospace is estimated to l remain the biggest procurer of titanium alloys in the years to come. Industrial applications are likely to record the highest growth for the same period. |
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Regional Analysis |
North America, Europe, Asia-Pacific, and Rest of the World |
Asia-Pacific is expected to remain the largest market followed by North America and Europe over the forecast period. |
The titanium alloys market is bifurcated into bars, flat products, tubes, and others. Among these, flat products remain the leading product, whereas tubes will be the fastest-growing product in the market. Flat products have a long-range in terms of length and can be easily used in the aerospace and automotive industries. The market stakeholders are witnessing an increased use of tubes in oil & gas, driving its sales globally.
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The market is segmented into aerospace, energy/power, industrial, electrical & electronics, automotive, and others. Aerospace is estimated to remain the biggest procurer of titanium alloys in the years to come. Industrial applications are likely to record the highest growth for the same period.
Titanium alloys have high usage in the aerospace industry with some of the key applications being engines, blades, shafts, landing gear, fasteners, and wing beams. Titanium alloy’s strong growth in industrial applications is attributed to its excellent characteristic of corrosion resistance, making it a common material for the chemical processing industry.
Asia-Pacific is expected to remain the largest market followed by North America and Europe over the forecast period. The excellent production base of titanium in Asia paired with easy accessibility and cheap labor costs help the region to develop a better ecosystem of the market.
Furthermore, high industrial activities clubbed with the growing aerospace industry are substantiating the demand for titanium alloys in the region. Asia-Pacific is also expected to be the fastest-growing market over the forecast period. China, Japan, South Korea, and India are likely to be the growth propellers of titanium alloys in the region in the foreseeable future.
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The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the titanium alloys market. Most of the major players are providing titanium alloys for the aerospace and industrial sectors.
Note: The above list does not necessarily include all the top players in the market.
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This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
The titanium alloys market is segmented into the following categories.
By Product Type
By End-Use Industry Type
By Region
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Competitive Benchmarking
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.
Titanium alloys contain a higher weightage of titanium (excluding pure titanium which is more than 99%) along with other metals to provide alloys with exceptional corrosion resistance, high-temperature resistance (some alloys up to 550°C), and excellent strength. The most common titanium alloy used in the market is Ti-6Al-4V alloy, which is highly applicable in the aerospace (mainly for aircraft ducting, hydraulics, tubing, and airframe components), military, marine, and consumer industries. Globally, the manufacturers sell titanium alloys in the form of bars, flat products, tubes, etc. for usage in the aerospace, industrial, military, medical, energy & power, and many other industries.
The titanium alloys market is likely to reach USD 9 billion in 2028.
The titanium alloys market is estimated to grow at a healthy CAGR of 4.9% during 2023-2028.
VSMPO AVISMA Corporation, Western Superconducting Technologies, Carpenter Technology Corporation, Allegheny Technologies Incorporated, Mishra Dhatu Nigam Limited, Aubert & Duval S.A., Precision Castparts Corporations, Jiangsu Toland Alloy Co., Limited, Daido Steel Co., Limited, and United Titanium are the leading players in the market.
Asia-Pacific is expected to remain the largest market for titanium alloys over the forecast period. An excellent titanium ecosystem paired with the growing demand for titanium in several end-use markets is driving the region’s share. China, Japan, India, and South Korea are likely to be the major markets in the region.
Asia-Pacific is expected to be the fastest-growing market for titanium alloys over the forecast period.
Aerospace is likely to remain the dominant end-use markets for titanium alloys. The reason is its very high usage in the aerospace industry with some of the key applications in aircraft being engines, blades, shafts, landing gear, fasteners, and wing beams.
The significant growth drivers of this market are surging deliveries of aircraft, the need for lightweight materials, and the rising penetration of titanium usage per aircraft. Titanium metal is majorly used in producing turbine engines apart from airframes and other components. In turbine engines, titanium is used to manufacture parts such as inlet cases, compressor blades, discs, hubs, spacers, and seals.
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