Titanium Alloys Market Valuation to Hit USD 6.0 Billion by 2030 at 4.5% CAGR - Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Titanium Alloys Market Insights and Industry Analysis by Microstructure (Alpha Alloy, Near Alpha Alloy, Alpha Beta Alloy and Beta Alloy), End-Use Industry (Aerospace, Automotive, Power and Desalination, Chemical, Marine and Others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2030
New York, USA, July 04, 2022 (GLOBE NEWSWIRE) -- Titanium Alloys MarketOverview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Titanium Alloys MarketInformation by Microstructure, End-Use Industry, and by Region- Forecast till 2030”, the market is estimated to grow at a 4.5% CAGR to reach USD 6.0 Billion by 2030.
Market Scope:
Titanium is both a chemical element and a metal. It is produced by combining chemicals with titanium. The final product is a metal with a high melting point and a high strength. These two characteristics are what make it so desirable in numerous sectors. Titanium alloys have a low density. This allows them to withstand extreme temperatures without breaking or chipping. They do not rapidly grow when exposed to heat. Additionally, titanium alloys do not catch fire easily. These are the reasons why many industries seek to incorporate this sort of metal into their routine production processes. These include the automobile, aerospace, marine, and chemical sectors.
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Microstructure, End-Use Industry & Region
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers
The aerospace industry is developing and growing in many developing nations
The marine industry is also a large consumer of titanium alloys.
Competitive Dynamics:
The major market players of the market are
Arcam (UK)
ATI (US)
Daido Steel Co., Ltd (Japan)
United Titanium, Inc. (US)
TOHO TITANIUM CO., LTD (Japan)
Haynes International (US)
Metalysis (UK)
TLS Technik (Germany)
Global Titanium Inc. (US)
OSAKA Titanium (Japan)
ADMA Products, Inc. (US)
Market Dynamics:
Market Drivers:
The titanium alloys market has a tremendous amount of potential due to the global increase in defense and aerospace development. Increased demand for titanium alloys in the automotive sector is also propelling the global market. The market for titanium alloys for the aerospace industry is driven by factors such as an increase in the trade of fighter aircraft, a rise in international defense deals, the expansion of the global aviation industry, technological advancements in the automotive industry, and the expansion of space programs in various nations. The increasing need for more fuel-efficient and environmentally friendly road vehicles has led to increased emphasis on weight reduction and performance enhancement. Titanium alloys' high strength, low density, and in some situations, low modulus, as well as their superior resistance to corrosion and oxidation, logically lend themselves to automotive applications. Consequently, the increasing demand for global titanium alloy in the automotive industry is driving market expansion.
Titanium is a great material for orthopedic implants such as knee and hip replacements due to its exceptional ability to bind with bone and live tissue. Due to its durability and higher corrosion resistance, it is well-suited for numerous different medical devices. Titanium alloys are frequently utilized in medical treatments and body piercings due to their compatibility with the human body. Titanium alloy is highly recommended for spinal fusion surgeries in skeletally mature individuals in conjunction with autogenous bone graft. Consequently, the rising demand in the medical industry would have a favorable effect on the global titanium alloy market over the forecast period.
Market Limitations:
Titanium and its alloys' high pricing and the lack of infrastructure and technology in emerging economies are the primary factors restraining the titanium alloys market for the aerospace industry.
As a result of the COVID-19 epidemic, governments across the globe chose to implement quarantines and lockdowns. This impacted numerous industries. The market for titanium alloys was no exception. Many of the enterprises who supplied raw materials to companies in this industry were compelled to cease or scale down operations, making it impossible for titanium alloy makers to obtain the necessary raw materials. This increased their production expenses. They were compelled to pass these costs on to the final customer through higher prices.
Market Segmentation:
By Microstructure
Alpha and near-alpha alloys are predominantly commercially pure titanium alloys that retain the alpha phase at room temperature and contain alpha stabilizers, aluminum, oxygen, and tin. Alpha alloys have several applications, including steam turbine blades, gas turbines, autoclaves and other process equipment vessels, aircraft engine compressor blades, airframe and jet engine parts, welded stator assemblies, missile fuel tanks, structural elements, and hollow compressor blades. They can be utilized at a wider temperature range than alpha-beta alloys.
By end-use Industry
The aerospace sector is anticipated to fuel market growth during the review period. Additionally, the Automotive segment is anticipated to increase at a considerable CAGR. In addition to the increased demand for SUVs and lightweight vehicles, favorable government regulations promoting the production and sale of electric vehicles are anticipated to promote the titanium alloys market.
The Asia-Pacific region has the largest titanium alloys market in 2017 due mostly to the presence of numerous growing economies. Some of these were substantial, such as India and China. In this region, the healthcare industry has the highest need for titanium alloys. This is due to the tremendous growth of the healthcare industry in the Asia-Pacific area.
North America remains an important region for the use of titanium alloys. The reason for this is because there are many manufacturing companies located there. In the European Union, titanium alloys are becoming increasingly popular. This is largely due to the increasing demand from government and private aircraft and systems equipment makers.
Until the end of 2027, it is anticipated that the titanium alloys market in Latin America would witness strong expansion. The fundamental reason is that the economies are expanding rapidly, which stimulates manufacturing growth. This is particularly the case in Brazil and Mexico.
The Middle East and North Africa are rapidly adopting titanium alloys. This region's growth is anticipated to be stimulated by the oil and gas sectors' expansion.
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