The titanium alloys market across the globe is forecast to have a growth rate of 6.34% each year from 2023 to 2035, with the market size expected to reach US$ 14.45 billion in 2035, as per an analysis conducted by Market Insights Research
Market Insights Research, a leading global market research firm has published a report on the global market for titanium alloys that gives an inclusive overview of the global as well as regional industry forecast, current & future trends, segment analysis, competitive landscape, & more.
The global market for titanium alloys is classified on the basis of product type, end-use industry type, and region.
On the basis of product type – The market for titanium alloys is divided into bars, flat products, tubes, and others. Of these, flat products are the dominant product, while tubes will be the fastest-growing product in the market. Flat products have a huge range as far as length is concerned and can be utilized quite easily in the aerospace and automotive sectors. The market players are observing more application of tubes in oil & gas, boosting its sales worldwide.
On the basis of end-use industry type – The market is divided into aerospace, energy/power, industrial, electrical & electronics, automotive, and others. Aerospace is predicted to continue to be the largest buyer of titanium alloys in the future years. Industrial uses are expected to witness the highest growth during the same period.
Titanium alloys are largely used in the aerospace sector, with some of the most prominent applications including engines, blades, shafts, landing gear, fasteners, and wing beams. Titanium alloy’s robust industrial growth is owed to its superb property of corrosion resistance, hence its widespread usage in the chemical processing industry.
The industry is very much concentrated with various regional, national, and multinational companies present in the market. Almost all major companies compete for certain governing criteria like price, products, geography presence, etc. MIR has noted the following names as the largest players in the market (list them alphabetically).
Allegheny Technologies Incorporated
Aubert and Duval
Carpenter Technology Corporation
Daido Steel Co., Limited
Jiangsu Toland Alloy Co., Limited
Mishra Dhatu Nigam Limited
Precision Castparts Corporations
United Titanium, Incorporated
VSMPO AVISMA Corporation
Western Superconducting Technologies
Recent Product Developments: New product development continues to be one of the core areas of interest for the industry players. For example, in July 2022, IperionX Limited partnered with Oak Ridge National Laboratory (ORNL) in developing new low-cost titanium alloys for additive manufacturing.
Recent Market Partnerships, JVs, and Acquisitions: Wellness in expansion and speedy transformation in the market movements following the Russo-Ukrainian war is accelerating many actions pertaining to mergers and acquisitions. Some of them are as follows.
In Feb 2022, Eramet entered into an agreement with Airbus, Safran, and Tikehau Ace Capital for jointly acquiring Aubert & Duval (a France-based company).
In Jan. 2022, PJSC VSMPO-Avisma Corporation inked an agreement with Barnes Aerospace for approximately US$ 35 million for the supply of titanium alloys up to 2027.
In November 2022, Mishra Dhatu Nigam Limited entered into a memorandum of understanding (MOU) with PTC Industries for the manufacture of titanium alloy tubes and pipes.
By End-Use Industry Type
The market is divided into aerospace, energy/power, industrial, electrical & electronics, automotive, and others. Aerospace is projected to continue as the largest buyer of titanium alloys in the coming years. Industrial applications are expected to show the maximum growth during the same time frame.
Titanium alloys are extensively used in the aerospace sector with some of the major uses including engines, blades, shafts, landing gear, fasteners, and wing beams. Titanium alloy’s rapid growth in industrial use is due to its excellent property of corrosion resistance, and it is a typical material for the chemical processing industry.
Regional Insights
Asia-Pacific is anticipated to be the largest market after North America and Europe during the forecast period. The superior production base of titanium in Asia combined with easy access and low labor costs enable the region to create a superior ecosystem of the market.
In addition, strong industrial activities combined with the developing aerospace industry are supporting the requirement for titanium alloys in the region. Asia-Pacific is also likely to be the fastest-growing market during the forecast period. China, Japan, South Korea, and India are likely to be the growth drivers of titanium alloys in the region in the foreseeable future.
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