Global Titanium Alloy Market - Segmented by Microstructure, End-user Industry, and Geography - Growth, Trends, and Forecast (2018 - 2023)

The global titanium alloy market is expected to witness a moderate CAGR of 3.83% during the forecast period, 2018 to 2023. Titanium alloys are made from raw material titanium sponges. The selective addition of alloying elements or metals enable specific properties for specific end-user applications. Titanium alloys are, thereby giving it desirable properties, like high tensile strength, toughness, extraordinary corrosion resistance, and elevated temperature withstanding capability.

Rising Demand from Developing Countries

Titanium alloys have growing demand in developing countries, like China, India, Brazil, Mexico, Saudi Arabia, among others, and their demand in these countries has increased with the population growth, increasing industrial activity and urbanization. In China, population, and number of air passengers have been increasing at moderately high rate, year-on-year, boosting the demand for aircrafts in the country. Similar scenario of increasing demand for the aircraft industry can be seen in India, owing to increasing number of air passengers and their income levels. The automotive industry is also growing at the fastest rate in India currently, while China is the leading market in automotive. These factors, in turn are driving the demand for titanium alloys market.

Aerospace Industry to Dominate the Market

Titanium is one of the most important raw materials for the aerospace industry. Titanium alloys accounted for the largest share in the aerospace raw materials market, closely followed by aluminum alloys. Boeing and Airbus, together, account for over 60% of the demand for titanium alloys in the aerospace industry. Titanium alloys form the third most important sector of raw materials demand, when taken by the weight of raw materials that aerospace industry demands. Titanium alloys are used in aircraft engines, blades, shaft, and airframe applications (landing gear, fasteners and wing beams). Titanium alloys’ capability of operating at extreme temperatures, ranging from sub-zero to over 600°C, make them useful in casings of aircraft engines, and other applications.

Asia-Pacific to Expand at a Fastest Rate

The market for titanium alloys in Asia-Pacific is primarily being driven by rising demand from Chemical, and Power & Desalination industries. China is the largest producer and largest consumer of titanium alloy in Asia-Pacific. The consumption of titanium alloy is primarily in the aerospace, automotive, medical, and chemical industries. Moreover, in China, the maximum consumption of titanium alloy is in the chemical industries. Owing to the large number of chemicals manufacturing companies and chemical plants in the country, titanium alloys demand is significantly increasing. India is another major market for titanium alloys in Asia-Pacific.

Key Developments in the Market

November 2017: Timet was expected to expand the speciality hot mills hotmill in Toronto, Ohio in the near future

Major Players: VSMPO TiRus GmbH, Arconic Inc., Precision Castparts Corporation (TIMET), Baoji Titanium Industry Co. Ltd., ATI; amongst others

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Current and future titanium alloy market in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
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This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

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