ID: MRFR/CnM/5264-HCR | February 2021 | Region: Global | 100 pages
Titanium is a chemical element and transition metal with a silver color, low density, high strength, and high corrosion resistance. Titanium alloys contain a mixture of titanium and other chemical elements with very high tensile strength and toughness. They are lightweight and can withstand extreme temperatures. Additionally, because of their low thermal expansion co-efficient and fire resistance, they are increasingly used in numerous applications in various end-use industries, such as automotive, aerospace, marine, and chemical.
The growing aerospace industry in emerging economies is likely to drive the titanium alloys market during the forecast period. The increasing use of commercially pure titanium and titanium alloys Ti-6Al-4V, mainly used for airframe and the engine parts, respectively, in the aerospace industry, is expected to drive the demand. Moreover, titanium alloys offer various advantages in aircraft manufacturing, including heat resistance and fuel efficiency, which are expected to drive the demand. According to the International Air Transport Association, nearly half of the world's air traffic growth will be driven by travel to, from, or within Asia-Pacific in the next 20 years, which will witness the addition of fleets, resulting in a growth in demand for titanium alloys.
The consumption of titanium alloys in the marine industry is expected to fuel the market growth owing to the usage of titanium in ocean engineering for desalination pipes, offshore oil drilling pumps, valves and pipes. Titanium has anti-corrosion and biocompatible properties and due to its ability to join with human bone, it has become an essential part of the medical field, ranging from surgical titanium instruments to orthopedic titanium rods, pins and plates, and dental titanium. These factors are anticipated to boost the demand for titanium alloys in the biomedical industry.
However, expensive upstream extraction and multistage processing route for titanium alloys are the major restraints that may hamper the market growth. The development of low-cost, high strength titanium alloys is expected to create lucrative opportunity for the manufacturer.
Global Titanium Alloys Market Share, by Microstructure, 2017 (%)
Source: MRFR 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 (Japan), and ADMA Products, Inc. (US).
Asia-Pacific accounted for the largest market share in 2017 due to the presence of a large number of industries in developing nations, such as India, China, and ASEAN countries. Healthcare is the fastest growing end-use industry in the region owing to the increase in technological advances for usage of titanium alloys in equipment which offer superior properties such fire resistance, anti-corrosion, and fatigue strength.
North America is a prominent market for titanium alloys owing to the increasing demand in the manufacturing industries. For instance, according to the Government of Canada, the aerospace product and parts manufacturing segment generated a net revenue of USD 2.3 billion in 2016 and is expected to grow substantially in the coming years. This is expected to fuel the demand for titanium alloys.
The European market for titanium alloys is expected to grow as a result of the rising demand from manufacturers of civil and military aircraft, helicopters, drones, aero-engines, and other systems and equipment, which is likely to propel the market growth.
The Latin American market is expected to grow at a significant rate during the review period, due to economic recovery in the region which is likely to have a positive effect on industrial growth in the region specifically in Brazil and Mexico. The market in the Middle East & Africa is likely to exhibit considerable growth in the coming years with the increasing applications of titanium alloys in the oil and gas industry as titanium possess high strength, anti-corrosive nature which are the necessity for the most challenging oil & gas applications and environments such as exploration, production, and refining.
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 alloy, near alpha alloy, alphabeta alloy, and beta alloy.
Based on end-use industry, the market has been segmented into aerospace, automotive, power and desalination, chemical, marine, and others.
By region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Frequently Asked Questions (FAQ) :
Titanium is a silver chemical and transition metal with low density and high strength & corrosion resistance. Due to its high tensile strength and toughness, titanium is extensively used in various industries where materials that are lightweight and can withstand extreme temperatures are required.
Automotive, aerospace, marine, and chemicals are the major end-use industries of titanium.
Increasing demand for surgical titanium instruments, orthopedic titanium rods, pins & plates, and dental titanium.
Asia Pacific holds the largest share in the global titanium alloys market followed by North America and Europe, respectively.
ATI (US), Arcam (UK), Daido Steel Co., Ltd (Japan), TOHO TITANIUM CO., LTD (Japan), United Titanium, Inc. (US), Haynes International (US), TLS Technik (Germany), Metalysis (UK), Global Titanium Inc. (US), ADMA Products, Inc. (US), and OSAKA Titanium (Japan), are some of the major players operating in the global titanium alloys market.