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A Meaningful development of the Defence and aerospace in recent years has provided a feasible boost to different titanium alloys, thereby driving developments in the titanium alloys market. The titanium alloys industry is taking a positive growth, with gaining gigantic traction and outgrowing good quality titanium alloys.
The current growth trend of the titanium alloys market has prominently influenced by the increasing demand for titanium alloys across different end use verticals in rapidly developing regions of the globe such as APEJ and MEA. The increasing developments in the Defence and aerospace which are likely to boost the titanium alloy market. The number of different end-use verticals of the titanium alloys leading to increase in the use of different titanium alloys.
Increase in demand for titanium alloys in the automotive industry
Titanium alloys are used extensively in a variety of end-use verticals. Titanium alloy has its applications in rapidly expanding automotive industry. Manufacturers are using new technologies for use of titanium alloys in automotive industry such as manufacturing of body panels, connecting rods, valve& valve springs, rocker arms etc. These innovations have led to increasing market for titanium alloys market across the globe. Other product innovations by the manufacturers in the existing product lines for titanium alloys has also aimed to attract several end- users thereby increasing the sales of titanium alloys
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“Titanium alloys is an integral material used for manufacturing different parts/systems of an aircraft. Facilitating implementation of new innovation in production allows end users to use titanium alloys at a variety by using different grades of titanium alloys. Reduction in cost due to technological innovations are likely to boost the adoption of titanium alloys in the estimated period.” says lead research analyst, Industrial Automation, at Fact.MR. Also, development of different grades of titanium alloys creating increased opportunities of growth for titanium alloys market in various sectors.”
High toughness and tensile strength of titanium alloy to attract mass end-users and Portray Ever-evolving End Use Industries Preferences.
Fact.MR’s recent study envisions the titanium alloy market to exhibit impressive growth rate during the forecast period. The titanium alloys market for aerospace industry envisions driven factors such as increasing trade of fighter aircraft, rapidly growing Defence deals among countries, technological advancements in the automotive technology, expansion in the global aviation industry and expanding space program in various countries around the globe.
The demand of Titanium alloys also increases due to enormously diversified end user applications. Titanium alloys sustain very high tensile strength and toughness and are very light which makes them perfect material for military, spacecraft and aircraft applications. They also possess extraordinary corrosion resistant properties and have property to withstand extreme high temperatures. Also, growth of the titanium alloy market is expected to be driven by increasing associated end use verticals in developing countries. This offers untapped potential for growth of the industry.
North America ascendancy in the Titanium Alloy market is likely to prevail, with a market share of nearly half of the overall market by 2027-end. Evolving automotive industry activities, along with increasing end use such as oil & gas, aerospace & Defence, power generation, chemical processing, marine, fashion and apparel, biomedical, architectural, sports etc. especially in the Asia Pacific excluding Japan, will continue to favor the growth of the titanium alloy market. Titanium alloy market in North America, on the other side, is foretold by the study to grow at almost parallel growth rate than the Europe titanium alloy market. The increasing trend of sports industry in parallel to widening the scope of titanium alloy, will continue to possess lucrative opportunities for the titanium alloy market in Asia Pacific excluding Japan. Likely Europe currently has a market share more than all the regions except North America and will grow at a lower growth rate than the APEJ titanium alloy market during the forecast period.
Growth is fueled by technological advancements, increasing applications, and growing demand in developing countries in Asia Pacific Ex Japan such as China, India due to the increasing demand of titanium alloys in end use verticals like aerospace and automotive sectors. Titanium alloys will experience high demand in the developing regions like APEJ, Latin America thereby creating high dollar opportunities for market players. Also, Established market in regions like North America and Europe are expected to possess stagnant growth throughout the forecast period. Rapidly increasing use of titanium alloys in different end use verticals like architecture, sports and chemical processing, delivering high growth for titanium alloys market.
Among the micro structure type of the titanium alloy, alpha titanium alloy have significantly more share than other micro structure types of titanium alloys which is likely to grow with the significant growth rate during the forecast period. Also, grade 5 titanium alloy will experience high demand in the titanium alloy market thereby boosting the sales of the titanium alloy during the forecast period.
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Moving forward, titanium alloy are available in different grades based on the requirement of end-users. Titanium alloy have demand dominated from aerospace & Defence and automotive industry. The Neonickle, ATI, Altemp Alloys Inc., Kobelco, High Performance Alloys, Inc., Haynes International Inc., Global Titanium Inc., Nippon Steel, United Titanium and Daido Steel are some of the key players in the global titanium alloy market. Key players must aim to develop strategies of expansion in regions expected to create high dollar opportunity and increased consumption during the forecast period gaining high revenue by the players.