New Jersey, NJ, Sept. 04, 2019 (GLOBE NEWSWIRE) -- Growing demand for the titanium alloys from the aerospace and the automotive industry due to high tensile strength, toughness, extraordinary corrosion resistance, and elevated temperature withstanding capability properties is driving the global titanium alloys market. The global titanium alloys market is expected to grow from USD 4.97 Billion in 2017 to USD 6.87 Billion by 2025, at a CAGR of 4.13% during the forecast period from 2018-2025, according to the new report published by Fior Markets.
Titanium is a transition metal with a characteristic lustrous silver color, low density, and high strength. Titanium is highly resistant to corrosion induced by sea-water, aqua region, and chlorine. The metallurgical characteristics of the titanium enables it’s use in various applications such as industrial, chemical processing, medical, consumer goods, and aerospace. Owing to the biocompatibility property of titanium, it is extensively utilized in the human body, as hip and knee implants, pacemaker cases, dental implants, and craniofacial plates to name a few. Thus, the growing use of the titanium in the aerospace and the medical & healthcare industry is expected to drive the global demand for the titanium alloys.
Even though the factors such as growing use of titanium in the healthcare and medical applications and corrosion resistance properties of the titanium are driving the global titanium alloys market, the high production cost of titanium alloys, as well as environmental concerns related to titanium mining, are projected to dampen the growth of the market. Growth of aerospace in developing countries viz. India & China, as well as growing application of titanium alloys in the marine industry is anticipated to create new opportunities for the market expansion in the upcoming years.
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Major players in the global titanium alloys market are Arcam, ATI, Daido Steel Co., Ltd, United Titanium, Inc., TOHO TITANIUM CO., LTD, Haynes International, Metalysis, TLS Technik, Global Titanium Inc., OSAKA Titanium, ADMA Products, Inc., Precision Cast Parts Corporation, ThyssenKrupp AG, Allegheny Technologies, Alcoa Howmet Castings, Outokumpu, Nippon Steel, ATI Metals, Aperam, Haynes International Inc., VSMPO, and among others. To enhance their market position in the global titanium alloys market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- Titanium alloys are being widely utilized for innovative applications such as 3D printing. For instance, in 2018, GE Additives announced the launch of Arcam EBM Spectra H metal additive manufacturing system. This new equipment is specifically built for processing and printing typically challenging metal materials such as Titanium Aluminide (TiAl).
- There has been massive ongoing research activities in the field of titanium alloys. For instance, scientists at the Rice University USA, in 2016, announced the discovery of titanium-gold alloy that is four times harder than most steels. This new alloy is anticipated to attain a very high application value in the medical implants field.
Titanium alpha alloy segment had the market value of USD 1.82 billion in 2017
Microstructure segment is divided into the alpha alloy, near alpha alloy, alpha-beta alloy, and beta alloy. Due to their property of exhibiting the highest corrosion resistance along with high temperature creep strength and oxidation resistance, non-heat treatable and weldable properties, the alpha alloys are widely utilized in the aerospace industry. Thus, growing worldwide demand for the aircraft has led Alpha titanium alloy segment to lead the global titanium alloys market with USD 1.82 billion revenue in 2017.
Medical & healthcare segment is anticipated to grow at a CAGR of 6.47% in 2018-2025
End-user is segmented into aerospace, automotive, marine, medical & healthcare, chemical, energy & power, and others. Owing to their properties to operate over a very wide temperature range, high stiffness to weight ratio, the titanium alloys are extensively used in the aerospace industry for the manufacturing of aircraft engines, blades, shaft, and airframes. Thus, the aerospace industry led the global titanium alloys market with USD 2.05 billion revenue in 2017. However, the medical & healthcare segment is projected to grow at the fastest CAGR of 6.47% over the forecast period. This increased growth rate can be credited to the growing use of titanium alloys for the hip and knee implants, and its biocompatibility property.
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Region Segment Analysis of the Titanium Alloys Market
- North America (U.S. , Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
Asia Pacific region emerged as the largest market for the titanium alloys with a 34.73% share of market revenue in 2017. The rapid growth of aerospace, marine and automobile industry in the region along with rising demand for the titanium implants from its swiftly improving medical and healthcare sector are the factors that are expected to propel Asia Pacific region to grow at a CAGR of 6.83% over the forecast period. Europe region accounted for a significant share of the global titanium alloy market in 2017, due to the presence of well-developed aerospace and automobile manufacturing industry in the region.
About the report:
The global titanium alloys market is analysed on the basis of value (USD Billion), volume (Kilotons), consumption (Kilotons), import (Kilotons), and export (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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