The Increasing Use of Titanium Alloys in Aerospace Industry Is Expected To Boost the Market Growth :

Market Segmentation

The global titanium alloys market has been segmented by microstructure, end-use industry, and region.

On the basis of microstructure, the market has been segmented into alpha alloys, near alpha alloy, alpha beta alloy, and beta alloy. The alpha alloy segment accounted for the largest share of the market in 2017 and is expected to grow at a considerable rate during the review period. Alpha alloys possess the highest strength and oxidation resistance at elevated temperature and better weldability, among other titanium alloys. The most popular alpha alloy is Ti-5Al-2.5Sn, which is well known for creep strength and fracture toughness. It finds numerous applications in aerospace structures and engine components.

By end-use industry, the market has been segmented into aerospace, automotive, power and desalination, chemical, marine, and others. The aerospace segment accounted for the largest market share in 2017 owing to the growing demand for titanium alloys in the aerospace industry. Titanium alloys finds wide range applications in the fan blades of jet engines and as a bulkhead in Lockheed/Boeing F22 military aircraft. This is attributed to its excellent corrosion resistance and lightweight properties.

Regional Analysis

Based on region, the titanium alloys market has been segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Asia-Pacific accounted for largest market share in 2017, owing to the healthy growth of the chemical industry. Due to superior beneficial properties of titanium alloys they are used in manufacture of numerous chemical equipment’s s such as reactor, distillation tower and heat exchanger components which sustain longer. Growing end-use industries, specifically in China and India, coupled with government support for small, micro, and medium enterprises, is expected to fuel the demand for titanium alloys.

North America is another prominent region for titanium alloys due to the growing aerospace, medical, and consumer goods industries in the region. The demand for titanium alloys is expected to rise during the forecast period due to the increasing use of titanium, owing to its superior properties such as biocompatibility, increased fatigue strength, and increased lubricity. The European market is expected to grow on account of increasing demand from industrial manufacturing and automotive sectors. In Europe, Austria, Germany, Ireland, Luxembourg, and the Netherlands are expected to show huge potential for titanium alloys market during the forecast period. The markets in Latin America and the Middle East & Africa are expected to display considerable growth during the review period due to growing  end-use industries in the regions.

Competitive Analysis

Some of the key players in the global titanium alloys 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 Technologies Co., Ltd (Japan), and ADMA Products, Inc. (US).