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  • Titanium Alloys Market Growth Analysis | 2023-2028

    Titanium Alloys Market Growth Analysis | 2023-2028

    Titanium Alloys Market Growth Analysis | 2023-2028
    Report code - SR2205 Published On : Apr,2023 No. of Pages: 135
    Titanium Alloys Market Size, Share, Trends, Forecast, & Growth Analysis - 2023-20 See more...

    Market Insights

    The titanium alloys market is estimated to grow at a moderate CAGR of 4.9% during the forecast period to reach US$ 9 billion in 2028.

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    What are titanium alloys?

    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.

    Titanium Alloys Market Report Highlights

    Market Size in 2028

    USD 9 billion

    Market Growth (2023-2028)

    4.9% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    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 the price of carbon steel.

    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.

    • In Feb 2022, Eramet signed a deal with Airbus, Safran, and Tikehau Ace Capital for the joint acquisition of Aubert & Duval (a company based out in France).
    • In Jan. 2022, PJSC VSMPO-Avisma Corporation signed a deal with Barnes Aerospace for around US$ 35 million for the supply of titanium alloys till 2027.
    • In Nov. 2022, Mishra Dhatu Nigam Limited signed a memorandum of understanding (MOU) with PTC Industries for the production of titanium alloy pipes and tubes.

    Titanium-Alloys-Market-Dynamics

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    Key Players

    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.

    • VSMPO AVISMA Corporation
    • Western Superconducting Technologies
    • Carpenter Technology Corporation
    • Allegheny Technologies Incorporated
    • Mishra Dhatu Nigam Limited
    • Aubert and Duval
    • Precision Castparts Corporations
    • Jiangsu Toland Alloy Co., Limited
    • Daido Steel Co., Limited
    • United Titanium, Incorporated

    Segment Analysis

    By Product Type

    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.

    Titanium-Alloys-Market-Segment-Analysis-By-Product-Type

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    By End-Use Industry Type

    The market is segmented into aerospace, energy/power, industrial, electrical & electronics, automotive, 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.

    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.

    Regional Insights

    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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    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors? 

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The titanium alloys market is segmented into the following categories.

    By Product Type

    • Bars
    • Flat Products
    • Tubes
    • Others

    By End-Use Industry Type

    • Aerospace
    • Industrial
    • Military
    • Medical
    • Energy & Power
    • Others

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

    Titanium-Alloys-Market-Segmentation

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    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s titanium alloys market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.

    The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    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 the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Titanium Alloys Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    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.

    Frequently Asked Questions (FAQ)

    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 550C), 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 US$ 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 titanium alloys 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 regions 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.