Fact.MR’s recent study envisions the titanium alloy market to exhibit impressive growth rate during the forecast period. The titanium alloys market for aerospace industry envisions driven factors such as increasing trade of fighter aircraft, rapidly growing Defence deals among countries, technological advancements in the automotive technology, expansion in the global aviation industry and expanding space program in various countries around the globe.
Titanium Alloy Market to record an expansion at lower single digit over the forecast period (2019 – 2027). Titanium alloy continues to witness increased demand from different end-use verticals. However use of titanium alloys in sports and fashion & apparel industry is expected to experience impressive growth during the forecast period.
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Titanium Alloy Market – Exhibiting Properties aim to deliver good growth for the market
The titanium alloy market is expected to witness healthy growth during the forecast period on account of exhibiting properties such as good thermal stability, excellent mechanical strength, heat, toughness, corrosion and oxidation resistance.
"Several advantageous properties like high tensile strength, toughness and light in weight makes titanium alloy product very useful for applications of military, spacecraft and aircraft. Such beneficiary properties aim to deliver extraordinary corrosion resistant property and titanium alloys can withstand extreme high temperatures."
North America ascendancy in the Titanium Alloy market is likely to prevail, with a market share of nearly half of the overall market by 2027-end. Evolving automotive industry activities, along with increasing end use such as oil & gas, aerospace & Defence, power generation, chemical processing, marine, fashion and apparel, biomedical, architectural, sports etc. especially in the Asia Pacific excluding Japan, will continue to favor the growth of the titanium alloy market.
Titanium alloy market in North America, on the other side, is foretold by the study to grow at almost parallel growth rate than the Europe titanium alloy market. The increasing trend of sports industry in parallel to widening the scope of titanium alloy, will continue to possess lucrative opportunities for the titanium alloy market in Asia Pacific excluding Japan. Likely Europe currently has a market share more than all the regions except North America and will grow at a lower growth rate than the APEJ titanium alloy market during the forecast period. Growth is fueled by technological advancements, increasing applications, and growing demand in developing countries in Asia Pacific Ex Japan such as China, India due to the increasing demand of titanium alloys in end use verticals like aerospace and automotive sectors.
Moving forward, titanium alloy are available in different grades based on the requirement of end-users. Titanium alloy have demand dominated from aerospace & Defence and automotive industry. The Neonickle, ATI, Altemp Alloys Inc., Kobelco, High Performance Alloys, Inc., Haynes International Inc., Global Titanium Inc., Nippon Steel, United Titanium and Daido Steel are some of the key players in the global titanium alloy market. Key players must aim to develop strategies of expansion in regions expected to create high dollar opportunity and increased consumption during the forecast period gaining high revenue by the players.
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