Titanium Alloys Market Overview
Titanium Alloys Market is projected to be worth USD 6 Billion by 2030, registering a CAGR of 4.5% during the forecast period (2022 - 2030).
The global titanium alloys market is witnessing a constant rise due to the growing aerospace manufacturing industry in emerging economies. Besides, the rising usages of titanium alloys in various end-use industries, such as automotive, marine, and chemical, drives a considerable share of market growth. Additionally, numerous other applications of titanium alloys led by their low thermal expansion and co-efficient fire resistance properties, escalate the market demand hugely.
Moreover, various advantages offered by titanium alloys such as heat resistance and fuel efficiency are expected to drive a massive demand from the aircraft manufacturing industry. According to Market Research Future (MRFR), the global titanium alloys market is estimated to create a substantial revenue pocket by 2023, registering a phenomenal CAGR throughout the assessment period (2017-2023). It has been anticipated that the market volume would increase exponentially by 2023.
The market has experienced significant growth in recent years, and it has been analyzed that the growth rate will continue to boost in the future as well. Key growth driving factors include the rising demand for titanium alloys across the end-use industries and stringent automobile emission control norms worldwide. Also, concerns regarding fuel efficiency have compelled manufacturers to take measures for reducing vehicle weight considerably, thereby propelling demand for lightweight vehicles.
Growth in the world's air traffic is demanding the addition of fleets is estimated to result in the increase in demand for titanium alloys. Simultaneously, the increasing consumption of titanium alloys in the marine industry is expected to fuel the market growth led by the usage of titanium in ocean engineering for desalination pipes, offshore oil drilling pumps, and valves & pipes. Also, due to its anti-corrosion and biocompatible properties, titanium is widely used in healthcare applications, which is predicted to boost the demand for titanium alloys in the biomedical industry. Medical applications of titanium include various usages ranging from joining human bones and surgical titanium instruments to orthopedic titanium rods, pins & plates, and dental titanium.
On the other hand, factors such as expensive upstream extraction and multistage processing route for titanium alloys are acting as major growth impeders for the market. Nevertheless, the development of low-cost, high strength titanium alloys would support market growth, creating a lucrative opportunity for manufacturers.
Titanium Alloys Market – Segmentation
The report has been segmented into three major dynamics.
By Microstructure: Alpha Alloy, Near Alpha Alloy, Alphabeta Alloy, and Beta Alloy.
By End-Use Industry: Aerospace, Automotive, Marine, Chemical, Power & Desalination, and others.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Titanium Alloys Market – Regional Analysis
Asia Pacific accounts for the largest share in the global titanium alloys market. The growth attributes to the robust growth in the application industry in rapidly growing countries such as China, Japan, and India. The market is likely to witness the highest gains over the forecast period driven by the augmenting demand from end-use industries such as aerospace, automotive, and power.
Besides, the presence of a large number of industry players and rapid industrialization in ASEAN countries drives regional market growth. Healthcare is the fastest-growing end-use industry in the region, which provides considerable impetus to market growth.
North America is another lucrative market for titanium alloys, witnessing increasing demand in the manufacturing industries. Growth in the manufacturing of aerospace products and parts drives a larger share of the market. The North American titanium alloys market is expected to grow substantially in the coming years.
Europe holds the third position in the global titanium alloys market, witnessing rising consumption of the product. Rising demand from manufacturers of civil & military aircraft, helicopters, drones, aero-engines, and other systems & equipment, propels the market growth. The European titanium alloys market is forecasted to grow at a modest rate during the assessment period due to economic recovery, which is likely to have a positive effect on industrial growth in the region. Rapid urbanization, increasing spending power, and growing awareness regarding the qualities of the material are estimated to foster the growth of the market.
Titanium Alloys Market – Competitive Analysis
With just four major players comprising about half of the total production volumes, the global titanium alloys market appears to be highly composed and moderately consolidated. These industry players strive to increase their production capacity and develop new products. To meet their goals players, make substantial R&D investments for the development of new products & technologies. To strengthen their market presence, players expand the distribution network and regional footprints. This also allows them to form collaborations with other players and incorporate strategic initiatives such as mergers & acquisitions, partnerships, and expanding product portfolio.
Players leading the global titanium alloys market include Arcam (UK), Daido Steel Co., Ltd (Japan), ATI (US), United Titanium, Inc. (US), Haynes International (US), Toho Titanium Co., Ltd (Japan), Metalysis (UK), Global Titanium Inc. (US), TLS Technik (Germany), ADMA Products, Inc. (US), and OSAKA Titanium (Japan), among others.
Industry/ Innovation/ Related News:
October 09, 2019 ----- AMG Advanced Metallurgical Group NV (the Netherlands), a leading global provider of highly engineered specialty metals and mineral products, announced the acquisition of International Specialty Alloys Inc. (ISA - the US), a titanium master alloys producer. AMG's critical materials include titanium aluminides and titanium alloys, aluminum master alloys & powders, and others.
This definitive agreement to acquire the assets of ISA from Kennametal, Inc. provides excellent opportunities to AMG Titanium Alloys and Coatings (AMG TAC) to strengthen its market position in the aerospace market in North America and Europe. Based in Nuremberg, Germany AMG TAC is an operating unit of AMG Technologies and a leading international supplier of titanium master alloys and titanium aluminides to the aerospace industry.
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