Titanium Alloy Market

Recorded to be at around US$4.5 Bn in 2021, global titanium alloy market awaits a strong growth outlook over the course of next few years. Fairfield Market Research digs deeper to find out what will drive the market ahead and where do the most significant opportunities lie.

Demand for Lightweight Vehicles for Better on Road Performance to Complement Titanium Alloy Market Growth

Increasing demand for lightweight and fuel-efficient vehicles has prevailed since the recent past. This has pushed automobile manufacturers to opt for cost-effective lightweight materials and use them in vehicle parts. This has fuelled the use of titanium alloy in the automotive sector owing to its various advantages. Titanium alloy offers high strength along with low density and low modules quotient of titanium alloy coupled with their superior resistance against oxidation and corrosion has pushed their application in vehicle manufacturing. Moreover, growing use in racing and performance vehicles is expected to complement titanium alloy market growth. Application of titanium alloy in these vehicles is typically for exhaust systems, valve retainers, wheels, valve springs, steering gear, and suspension springs. Using titanium alloy, weight of the vehicle is significantly reduced that consecutively results in reduction in fuel consumption, thus improving vehicle performance. In addition, titanium alloy can replace steel parts resulting in significant reduction in weight of vehicle engine, which largely reduced fuel consumption as compared to outer body parts. In this backdrop, rising demand for environment friendly and fuel efficient vehicles is expected to boost the growth of the titanium alloy market.

Growing Demand in Dentistry, and Orthopaedic Applications to Augur Well for the Titanium Alloy Market

Being a lightweight transition metal possessing excellent refractive properties, titanium alloy finds its use in several medical applications. Albeit possessing similar durability and strength, titanium alloy is around 40% lighter as compared to steel. Functional properties of titanium alloy such as corrosion resistance makes it a viable material for denture fabrication and analysis. In addition, low elastic modulus of titanium alloy has fuelled its use in dental cast. Owing to this property, titanium alloy is highly flexible and can return to its initial shape after bending. Referred to as memory alloys, titanium alloys can deform in cold conditions, but return to their original dimensions with application of heat. These mechanical and functional properties of titanium alloy have made them an apt material in dentistry, which boosts titanium alloy market.

Furthermore, titanium alloy is widely used in orthopaedic implants owing to their ability to easily bind with living tissues and bones. Owing to its basic anti-corrosion, high tensile strength, and durability, it is a sought after material for medical instruments. In addition, titanium alloy is used in spinal fusion procedures where it is integrated with autogenous bone grafts for patients who are skeletally mature. That said, manufacturers and distributors of spinal implants and instruments are using titanium alloy to develop improved versions of their products. For instance, in 2021, a manufacturer of spinal implants – Zavatian Medical Products – introduced Titanium/ PEEK Posterior LEIF (Lateral Expandable Interbody Fusion) cage that is specifically designed for lumbar spine. Thus, rising applications in orthopaedic procedures such as hip and knee replacements is likely to contribute towards titanium alloy market growth. 

Alpha and Near-Alpha Alloys to Witness High Demand in Titanium Alloy Market

Demand for alpha and near-alpha titanium alloys has been on the rise since past few years and is expected to further grow. This can be attributed towards their growing applications in the automobile and aerospace and defence industries backed by their structural properties. Alpha and near-alpha titanium alloy can maintain alpha phase at room temperatures and can be used in applications associated with higher temperatures. They are widely used in compressor blades in aircraft engine, welded stator assemblies, hollow compressor blades, jet engine parts, missile fuel tanks, and other structural parts. This factor is likely to fuel demand for alpha and near-alpha titanium alloys, in turn contributing towards value growth of titanium alloy market.

Asia Pacific to Remain a Lucrative Go-to-market in Global Titanium Alloy Market

Emerging economies in Asia Pacific, especially China, are expected to account for a significant value and volume share in the titanium alloy market. Increasing demand of the product from medical, environment protection centres, chemical and high end aerospace sectors will remain instrumental in driving the market growth in the region. Aerospace especially is a huge growth contributor. For instance, in China, aerospace sector is one of the top growing industries and the government is largely investing in the sector to facilitate production of aircrafts. According to the Made in China 2025 plan, it is highly likely that the country will supply more than 10% commercial aircrafts to domestic market by end of 2025. In addition, India’s aerospace industry is also expected to contribute towards market growth. For instance, according to IBEF (India Brand Equity Foundation), Indian aerospace sector is expected to grow significantly to reach US$70 Bn by end of 2030. These factors are likely to influence demand, consequently aiding the Asia Pacific titanium alloy market.

Titanium Alloy Market: Competitive Landscape

A few of the major players in the titanium alloy market include Timet, Nippon Steel Corporation, Eramet, ATI Metals, Hermith GmbH, Outokumpu, and Haynes International Inc.

The Global Titanium Alloy Market Is Segmented As Below:

By Grade

• Grade 5 Titanium Alloys
• Grade 12 Titanium Alloys
• Grade 6 Titanium Alloys
• Grade 23 Titanium Alloys

By Microstructure

• Alpha Titanium Alloys and Near Alpha Titanium Alloys
• Alpha+Beta Titanium Alloys
• Metastable Beta Titanium Alloys

By End Use Industry

• Aerospace
• Chemical
• Automotive
• Shipbuilding
• Power and Desalination

By Region

• North America

• U.S.
• Canada
• Mexico

• Europe

• UK
• France
• Germany
• Russia
• Rest of Europe

• Asia Pacific

• Japan
• South Korea
• India
• China
• Rest of Asia Pacific

• LAMEA

• Latin America
• Middle East
• Africa

Key Elements Included In The Study: Global Titanium Alloy Market

• Titanium Alloy Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value and Volume, 2018 - 2021
• Volume Consumption at Regional and Country Level, 2022 - 2029
• Market Dynamics and Economic Overview
• Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

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Disclaimer:

• The segmentation/company profiles/countries depicted above may vary in the actual report.