ID: MRFR/CnM/5264-HCR | February 2021 | Region: Global | 100 pages
The titanium alloys market reveals that the CAGR will be 3.5% until 2027. Titanium is both a metal and a chemical element. It’s created when chemicals are mixed with titanium. The end product is a strong metal with a high melting point. These two properties are what make it highly desired in many industries.
Titanium alloys are very light. This makes them able to endure very high and low temperatures without cracking or chipping. They don’t expand quickly when exposed to heat. Titanium alloys also don’t catch fire easily. These are the reasons why many industries want to use this type of metal in their regular manufacturing operations. Some of these industries are automotive, aerospace, marine, and chemical.
COVID-19 first made its appearance on the global stage in the early spring of last year. At first, governments thought that this was nothing more than a nuisance virus that only affected a few people. However, they soon saw that this was not the case. While most people recovered from the virus with little to no problems or issues, a small minority experienced respiratory problems and other issues that put them in the hospital. A very small percentage of these people died because of the virus.
What made matters worse was that people who recovered from COVID-19 could get it again because the antibodies only lasted for a few months. Also, those who recovered (some) suffered from serious health conditions like strokes and diabetes.
Governments around the world decided to act by imposing quarantines and lockdowns. This affected many industries. The titanium alloys market was no exception. Because many of the companies that supplied companies in this industry with raw materials were forced to halt or slow down operations, titanium alloys manufacturers found it difficult to source the raw materials needed to make the alloy metal. This raised their manufacturing costs. They were forced to pass these onto the end consumer in the form of higher prices.
The aerospace industry is developing and growing in many developing nations. It’s this growth that has been the main driver of growth for the titanium alloys market. This is expected to be the case until at least the end of 2027. The companies in this industry rely heavily on pure titanium and titanium Ti-6AI-4V alloys to make the frames that support these aircraft. These companies use the different types of titanium alloys to make the engines that power these aircraft.
Aircraft manufacturers love these titanium alloys for two other reasons. These alloys make aircraft resistant to heat (they won’t catch fire quickly) and able to travel greater distances while burning less fuel.
The International Air Transport Association (IATA) estimates that about half of all of the people who fly will be doing so too, from or within the Asia-Pacific region during the next 20 years.
The marine industry is also a large consumer of titanium alloys. They use these alloys when making devices and vehicles that ply/scour the ocean floors. Titanium alloys are also used in desalination pipes and pumps and pipes used for offshore drilling.
The fact that titanium doesn’t rust or corrode easily has made it very valuable and useful for the medical field. It’s also able to fuse with human bone quite easily. This is the reason why medical companies increasingly make titanium alloys the metal of choice when making surgical instruments, rods, pins, plates, and dental paraphernalia.
Various companies in the titanium alloys market have noticed. They’re capitalizing on the fact that so many different industries want to use this alloy in their manufacturing applications by investing heavily in research and development. The objective is to try to create a new generation of titanium alloys that have even better properties and more innovative uses.
It’s not easy to extract or make titanium alloys. It’s also not affordable. These are some of the reasons why titanium alloys are so expensive. That’s also why only larger companies use them.
One of the main challenges that titanium alloy manufacturers will face lies in finding ways to continue to make alloys that have more diverse and innovative uses while keeping the manufacturing costs down. This will help lower the final price for the end consumer.
Cumulative growth analysis
The CAGR for the titanium alloys market is projected to be 3.5% until at least the end of 2027
ATI is a major American player in the titanium alloys market. It has been investing heavily in research and development to create a new generation of titanium alloys. One of these is CP Grade 1. It’s very tensile, durable, and lightweight. This makes it perfect for manufacturing outfits that use a lot of corrosive chemicals in their operations to make certain items.
The titanium alloys market can be segmented into the following groups on the basis of microstructure:
● Alpha alloy
● Near alpha alloy
● Alphabeta alloy
● Beta alloy
The following are the end-users of titanium alloys:
The titanium alloy market can be divided into the following regions:
● North America
● The European Union
● Latin America
● The Middle East and North Africa
The Asia-Pacific region had the largest titanium alloys market sizein 2017. The main reason was that there were many developing economies in the region. Some of these were large, like India and China. The healthcare industry has the greatest demand for titanium alloys in this region. This is because the healthcare industry is developing rapidly in the Asia-Pacific region.
North America remains a key region in terms of titanium alloys usage. The reason being that many manufacturing outfits are located there. Demand for titanium alloys is growing in the European Union. This is largely because of the growing demand from the Government and private manufacturers of aircraft and related systems equipment.
Latin America is expected to experience substantial growth in the titanium alloys market until at least the end of 2027. The main reason being that the economies are growing quickly, and this is spurring growth in manufacturing. This is especially true in Brazil and Mexico.
The Middle East and North Africa are using titanium alloys at a noticeable pace. Growth in this region is expected to be spurred by growth in the oil and gas industries.
There may be significant barriers to entry into the titanium alloys market. However, competition is still stiff in this industry. Companies are finding that they can survive only by doing three things:
● Investing heavily in research and development. The objective is to create a new generation of better titanium alloys with more innovative and diverse uses.
● Merging with and acquiring other companies. The objective is to pick up core competencies that will allow them to solidify their positions in existing markets and enter into new markets on a strong foot
● Entering into strategic partnerships. The objective is the same as with mergers and acquisitions.
ATI is a key American player in the titanium alloys market. It has survived by investing heavily in research and development. This has allowed the company to create a new generation of more innovative and effective titanium alloys.
List of Companies
● 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).
● Arcam upgrades its current models of titanium alloys
● Many developing nations like India and China are using titanium alloys more often
● Many more people have been flying in the Asia-Pacific region. This is driving growth in the titanium alloys market
● The fast-growing automotive market in Indian and China is also driving growth
● The aerospace industry is also growing fast in the Asia-Pacific region. This is a major driver of growth.
The titanium alloys market is expected to have a CAGR of 3.5% until the end of 2027. Its corrosion-resistant has a high tensile point and many other useful properties that make it useful for many industries in their manufacturing operations.
Frequently Asked Questions (FAQ) :
It’s a mixture of silver and chemicals with many useful properties. This is what makes it invaluable for industries that need a strong and lightweight metal.
Automotive, aerospace, marine, and chemicals are the major end-use industries of titanium.
Increasing demand for medical equipment
The Asia-Pacific region
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).