Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Titanium Alloy Market - Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)" report has been added to ResearchAndMarkets.com's offering.
Titanium is a metal element which is found in nature only as an oxide. It is often used to produce a strong metal which is known for its silver colouring, low density, high strength, and resistance to seawater, aqua regia and chlorine.
Moreover, the alloys made from titanium are some of the most durable in the world. It is made by mixing titanium with several other elements to increase its toughness, tensile strength, and ability to withhold extreme temperatures, and environments. Owing to these functional properties, titanium alloys remain a highly sought-after material in various industries, thereby driving the global titanium alloy market.
Aerospace and manufacturing are the leading generators of the demand for titanium alloys. These developments are fuelling the expansion of the global titanium alloy market. the analyst notes that the global titanium alloy market is poised to reach the market valuation of US$8.4 Bn by 2029, up the 2021 valuation of US$4.3 Bn. This growth will occur at a healthy CAGR of 6.5% during 2022-2029.
Noteworthy Trends Shaping Titanium Alloy Market
- Aerospace and military are leading end-use industries, generating over 50% of the total demand for titanium alloy
- As for segmentation, the alpha + beta alloys account for the biggest titanium alloy consumption across the globe
- The demand for medical implant titanium alloys will grow at a CAGR of 6.7% between 2022-2029, thereby reaching US$480 Mn by the end of the period
Increasing Industrial Usage to Nurture Paced Market Growth
The aerospace industry is one of the biggest employers of titanium alloys globally. The material is used for manufacturing aircraft engines as well as the framework. Its lightweight and high-strength combination is considered ideal for the industry's requirements. It aids manufacturers with increasing aircraft range, weight saving, overcoming space limitations, and improving composite compatibility. Besides aerospace, these alloys are also used in automotive and shipbuilding applications, orthopaedic implants, power generation, military applications, sporting goods and equipment. The chemical industry is also using titanium alloys for building highly corrosion-resistant equipment. The cumulative force of these factors is stimulating the expansion of the global titanium alloy market.
Asia Pacific to Maintain Pivotal Position in Titanium Alloy Market Amidst Thriving Aerospace Industry
Increasing domestic and international travel is incenting the growth of the aerospace industry in Asia Pacific. Moreover, significant investments are also being directed to manufacturing and military equipment innovations. In addition, the chemical industry is also generating demand for titanium alloys. Such developments are enabling the Asia Pacific to hold a leading position in the titanium alloy market. Economies such as China, and India are majorly contributing to these outcomes. Besides, the growing participation of major market players and favourable government norms are intensifying these trends.
Leading Market Participants
Some of the major players in the global titanium alloy market include Allegheny Technologies Incorporated (ATI), Precision Castparts Corp. (PCC), Western Metal Materials Co. Ltd. (WMM), Western Superconducting Technologies Co, Ltd. (WST), Kobe Steel, Ltd., UKTMP JSC, Toho Titanium Co., Ltd., Hermith GmbH, ERAMET Group, Howmet Aerospace Inc., Oric Italiana S.r.l., Xinjiang Xiangsheng New Material Technology Co., Ltd., ZTMC Ltd., C.M.A. S.A, Baoji Titanium Co. Ltd., and Mishra Dhatu Nigam Limited (MIDHANI).
Key Topics Covered:
1. Executive Summary
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.1.1. Titanium Alloys is the Overwhelming Choice for Commercial Aircraft, and Spacecraft
2.2.1.2. China Continuous Dominance Changing the Face of the Titanium Alloy Market
2.2.2. Restraints
2.2.2.1. Recycling Challenges and High Buy-to-Fly Ratio to Hinder the Market Growth
2.2.3. Market Opportunities
2.2.4. Additive Manufacturing: Will it Be a Game Changer for Titanium?
3. Production Output and Trade Statistics
3.1. Global Sponge Capacity, Kilo Tons, 2021
3.2. Global Titanium Alloys Production, 2018 - 2022
3.3. Titanium Alloys Import Statistics, 2018 - 2022
4. Price Trends Analysis and Future Projects, 2018 - 2029
4.1. Global Average Price Analysis, by Alloy Type, US$ per Kg
4.2. Prominent Factors Affecting Titanium Alloys Prices
4.3. Global Average Price Analysis, by Region, US$ per Kg
5. Global Titanium Alloy Market Outlook, 2018 - 2029
5.1. Global Titanium Alloy Market Outlook, by Alloy Type, Volume (Tons) and Value (US$ Mn), 2018 - 2029
5.1.1. Key Highlights
5.1.1.1. Alpha & Near-Alpha Alloys
5.1.1.2. Alpha + Beta Alloys
5.1.1.3. Beta Alloys & Near-Beta Alloys
5.2. Global Titanium Alloy Market Outlook, by End Users, Volume (Tons) and Value (US$ Mn), 2018 - 2029
5.2.1. Key Highlights
5.2.1.1. Aerospace
5.2.1.2. Military
5.2.1.3. Chemical
5.2.1.4. Power Generation
5.2.1.5. Automotive & Marine
5.2.1.6. Medical Implants
5.2.1.7. Consumer Goods
5.2.1.8. Sporting Goods & Equipment
5.2.1.9. Misc. (Jewelry, Construction, etc.)
5.3. Global Titanium Alloy Market Outlook, by Region, Volume (Tons) and Value (US$ Mn), 2018 - 2029
5.3.1. Key Highlights
5.3.2. Titanium Alloy Market, Region vs Application Analysis, by Value, 2022
5.3.2.1. North America
5.3.2.2. Europe
5.3.2.3. Asia Pacific
5.3.2.4. Latin America
5.3.2.5. Middle East & Africa
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
A selection of companies mentioned in this report includes
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/6lapav
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