London, April 28, 2023 (GLOBE NEWSWIRE) -- The strong, lightweight, and corrosion-resistant attributes of titanium continue to earn a widening base of industrial applications for the metal. Titanium alloys are however more widely used in case of the industrial equipment such as reactors, and distillation plants. Popularly referred to as the future of modern engineering, titanium alloys represent a multi-billion-dollar market that expects a bright growth outlook in near and long term. Between 2021 and 2029, the global titanium alloy market is all set to experience more than double revenue expansion, as indicated by the latest published report of Fairfield Market Research. Up from the valuation of nearly US$4.3 Bn attained in 2021, the market is projected to record the revenue worth US$8.4 Bn in the end of 2029. The report forecasts a healthy CAGR of 6.5% for the titanium alloy industry’s progression during the period of assessment.
Key Research Insights
- Aerospace and military application segment accounts for more than 50% of the global consumption of titanium alloys
- Alpha + Beta Alloy Group remains the most sought-after category that accounts for more than 50% of the total market size
- China is likely to demonstrate exceptional growth potential
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Insights into Segmentation Analysis
The prospects of titanium alloy consumption remain the highest across aerospace and military application areas. The aerospace industry especially remains among the prime end users of titanium as the metal continues to be the material of choice when it comes to the manufacturing of military as well as commercial aircrafts. Based on the analysis of the global titanium alloy market, the aerospace and military segment reigns supreme with more than 50% share of the total market value pie. Pacing development of next-generation models of aircraft and engine, the demand for titanium alloys is poised to reach new heights in future. Furthermore, the report also highlights an improving funding scenario in case of the potential application of titanium alloys in areas like next-generation aviation, chemicals, medical implants, consumer goods, and power generation. This will further add value to the market attractiveness of aerospace industry in the titanium alloy market.
Key Report Highlights
- VSMPO-AVISMA Corporation is the worldwide leader in titanium alloy market landscape
- Application in industries like shipbuilding, automotive, orthopedic implants, sporting equipment, and power generation offer a collective boost to market expansion
Insights into Regional Analysis
The detailed regional analysis of the global titanium alloy market reveals growing likeliness of Asia Pacific to maintain dominance through the end of forecast period. The region’s significant manufacturing prowess will continue to solidify its top ranking position in industry, in turn enabling it to account for more than 35% of the overall market valuation. With major Asian economies planning development of several aerospace components on their own for an upper hand in avionics, space explorations, and military, the titanium alloy market of Asia Pacific will be at the forefront. China, and India surge ahead, suggests the report estimations. The region’s exploding manufacturing industry registers voluminous titanium consumption, and China stands as the largest producer as well as consumer of titanium alloys. On the other hand, North America’s titanium alloy market is likely to emerge lucrative on the back of the growing emphasis on R&D around aerospace applications.
Key Industry Players
Nippon Steel Corporation, CRS Holdings, LLC., ATI, VSMPO-AVISMA Corporation, TIMET (Precision Castparts Corp.), Precision Castparts Corp. (PCC), Western Superconducting Technologies Co, Hermith GmbH, ERAMET Group, Toho Titanium Co., Ltd., and ZTMC Ltd. are some of the prominent competitors in the worldwide titanium alloy market space.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2021 | |
| Forecast Year | 2022 – 2029 | |
| Market Size in 2021 | US$4.3 Bn | |
| Estimated Market Size in 2029 | US$8.4 Bn | |
| CAGR | 6.5% | |
| Key Players | Nippon Steel Corporation, CRS Holdings, LLC., ATI, VSMPO-AVISMA Corporation, TIMET (Precision Castparts Corp.), Precision Castparts Corp. (PCC), Western Superconducting Technologies Co, Hermith GmbH, ERAMET Group, Toho Titanium Co., Ltd., ZTMC Ltd. | |
Global Titanium Alloy Market is Segmented as Below:
By Alloy Type Coverage
- Alpha & Near-Alpha Titanium Alloy
- Alpha + Beta Titanium Alloy
- Beta & Near-Beta Titanium Alloy
By End-user Coverage
- Aerospace
- Military
- Chemical
- Power Generation
- Automotive & Marine
- Medical Implants
- Consumer Goods
- Sporting Goods & Equipment
- Misc. (Jewellery, Construction, etc.)
By Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- Allegheny Technologies Incorporated (ATI)
- Baoji Titanium Co. Ltd.
- Western Superconducting Technologies Co, Ltd. (WST)
- Kobe Steel, Ltd.
- Western Metal Materials Co. Ltd. (WMM)
- Precision Castparts Corp. (PCC)
- UKTMP JSC
- Toho Titanium Co., Ltd.
- Hermith GmbH
- Howmet Aerospace Inc.
- Mishra Dhatu Nigam Limited (MIDHANI)
- ERAMET Group
- Xinjiang Xiangsheng New Material Technology Co., Ltd.
- Oric Italiana S.r.l.
- C.M.A. S.A.
- ZTMC Ltd.
Inside This Report You Will Find:
1. Executive Summary
2. Market Overview
3. Production Output and Trade Statistics
4. Price Trends Analysis and Future Projects, 2018 - 2029
5. Global Titanium Alloy Market Outlook, 2018 - 2029
6. North America Titanium Alloy Market Outlook, 2018 - 2029
7. Europe Titanium Alloy Market Outlook, 2018 - 2029
8. Asia Pacific Titanium Alloy Market Outlook, 2018 - 2029
9. Latin America Titanium Alloy Market Outlook, 2018 - 2029
10. Middle East & Africa Titanium Alloy Market Outlook, 2018 - 2029
11. Competitive Landscape
12. Appendix
Learn More About the Report Inclusions, and Research Methodology: https://www.fairfieldmarketresearch.com/report/titanium-alloy-market/more-information
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