Titanium Alloy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Titanium Alloy Market is segmented by Microstructure (Alpha and Near-alpha Alloy, Alpha-beta Alloy, and Beta Alloy), End-user Industry (Aerospace, Automotive and Shipbuilding, Chemical, Power and Desalination, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers the market sizes and forecasts in volume (kilo tons) for all the above segments.

Market Snapshot

Titanium Alloy Market Size
Study Period: 2017-2027
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >7 %
Titanium Alloy Market Major Players

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Market Overview

The titanium alloy market was estimated at over USD 4,500 million in 2021, and the market is expected to register a CAGR of over 7% during the forecast period (2022-2027).

The market was negatively affected due to COVID-19 in 2020. However, the condition has recovered in 2021, which is expected to drive the market during the forecast period (2022-2027).

  • Over the short term, the market's growth is majorly driven by the growing usage of Titanium alloys in the aerospace sector and increasing demand for titanium alloys for combat vehicles to replace steel and aluminum.
  • On the flip side, the high reactivity of alloy demands specialized care during production. This is expected to act as a restraint for the market.
  • Furthermore, innovative product development is likely to be an opportunity for the market during the forecast period.
  • By microstructure segment, the alpha and near-alpha alloy segment is estimated to account for the largest share.

Scope of the Report

Titanium alloys exhibit a unique combination of mechanical and physical properties, which make them desirable for certain critical applications in the aerospace, chemical, medical, and energy industries. The titanium alloy market is segmented by microstructure, end-user industry, and geography. By microstructure, the market is segmented by alpha and near-alpha alloy, alpha-beta alloy, and beta alloy. By end-user industry, the market is segmented by aerospace, automotive and shipbuilding, chemical, power and desalination, and other end-user industries. The report also offers market size and forecasts for 11 countries across major regions. For all the segments, the market sizing and forecasts have been done on the basis of volume (kilotons).

By Microstructure
Alpha and Near-alpha Alloy
Alpha-beta Alloy
Beta Alloy
By End-user Industry
Aerospace
Automotive and Shipbuilding
Chemical
Power and Desalination
Other End-user Industries
By Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Alpha and Near-alpha Alloys to Drive the Titanium Alloys Market

  • Alpha and near-alpha alloys are primarily pure commercial titanium alloys, which maintain the alpha phase at room temperature and contain alpha stabilizers, aluminum, oxygen, and tin.
  • Near-alpha alloys have some amount of beta-phase ductility and are alloyed by 1-2% of beta stabilizers (silicon and molybdenum) in a few alloy products.
  • Alpha alloys find wide applications in steam turbine blades, gas turbines, autoclaves and other process equipment vessels, aircraft engine compressor blades, airframe and jet engine parts, welded stator assemblies, missile fuel tanks, structural parts, and hollow compressor blades, among others. They can be used at a high range of temperatures than alpha-beta alloys.
  • In the United States, in November 2020, the Senate was planning an investment of about USD 1.7 billion to buy 17 more F-35 fighter jets for the military in the fiscal year 2021. The plan includes an order of twelve F-35As for the Air Force and five F-35Cs for the Navy and Marine Corps for a total of 96 jets in FY21.
  • Hence, with such trends in the aerospace and defense sector, the demand is expected to drive the production of aircraft and jets, thus, creating derived demand for titanium alloys.
  • The increasing demand for SUVs and lightweight vehicles and governments supporting the production and sale of electric vehicles through favorable policies are also expected to stimulate the market for titanium alloys.
  • All the aforementioned factors are expected to drive the demand for alpha and near-alpha alloys over the forecast period and hence drive the titanium alloy market.
Titanium Alloy Market Share

China to Dominate the Asia-Pacific Region

  • China dominated the titanium alloy market in the Asia-Pacific region, and it is expected to continue dominating the market during the forecast period, owing to the increasing demand from the chemical, high-end aerospace, medical, and environmental protection sectors.
  • The launch of new production facilities by Xinjiang New Material Co. Ltd and Chaoyang Baisheng Co. Ltd in China is expected to have a major role in boosting the production rate of titanium.
  • The demand for titanium alloy in the aerospace industry in China is mainly driven by the growing manufacturing activities of the aerospace industry in the country. Aerospace is a priority industry for the country, with the government investing huge amounts to increase its domestic manufacturing capabilities.
  • The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world’s largest single‐country market for civil aircraft sales over the next 20 years.
  • Under the plan ‘Made in China 2025’, it is expected that China is likely to supply over 10% of homemade commercial aircraft to the domestic market by 2025. This is expected to propel the demand for titanium alloys during the forecast period.
  • Thus, positive growth is expected to drive the titanium alloy market throughout the forecast period. Overall, the Asia-Pacific region is expected to register a high CAGR over the forecast period.
Titanium Alloy Market Analysis

Competitive Landscape

The titanium alloy market is partially fragmented. The major companies include VSMPO-AVISMA Corporation, NIPPON STEEL CORPORATION, Allegheny Technologies Inc. (ATI), Kobe Steel Ltd, and Timet.

Major Players

  1. VSMPO-AVISMA Corporation

  2. NIPPON STEEL CORPORATION

  3. ATI

  4. Timet

 VSMPO-AVISMA Corporation, NIPPON STEEL CORPORATION, Allegheny Technologies Inc. (ATI), Kobe Steel Ltd, and Timet.

Recent Developments

  • In November 2021, Boeing and the Russian titanium producer VSMPO-AVISMA signed a memorandum of understanding (MOU), affirming that VSMPO-AVISMA will remain the largest titanium alloy supplier for current and future Boeing commercial airplanes.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Usage of Titanium Alloys in the Aerospace Sector

      2. 4.1.2 Increasing Demand for Titanium Alloys for Combat Vehicles to Replace Steel and Aluminum

    2. 4.2 Restraints

      1. 4.2.1 High Reactivity of Alloy Demands Specialized Care During Production

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Microstructure

      1. 5.1.1 Alpha and Near-alpha Alloy

      2. 5.1.2 Alpha-beta Alloy

      3. 5.1.3 Beta Alloy

    2. 5.2 By End-user Industry

      1. 5.2.1 Aerospace

      2. 5.2.2 Automotive and Shipbuilding

      3. 5.2.3 Chemical

      4. 5.2.4 Power and Desalination

      5. 5.2.5 Other End-user Industries

    3. 5.3 By Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share(%)**/Ranking Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 AMG ADVANCED METALLURGICAL GROUP NV

      2. 6.4.2 ATI

      3. 6.4.3 Baoji Titanium Industry Co. Ltd

      4. 6.4.4 Brismet (Synalloy Corporation)

      5. 6.4.5 Carpenter Technology Corporation

      6. 6.4.6 Daido Steel

      7. 6.4.7 Eramet

      8. 6.4.8 Haynes International Inc.

      9. 6.4.9 Hermith GmbH

      10. 6.4.10 Howmet Aerospace

      11. 6.4.11 KOBE STEEL LTD

      12. 6.4.12 Mishra Dhatu Nigam

      13. 6.4.13 M/S Bansal Brothers

      14. 6.4.14 NIPPON STEEL CORPORATION

      15. 6.4.15 Perryman Company

      16. 6.4.16 TIMET (Precision Castparts Corp.)

      17. 6.4.17 TOHO TITANIUM CO. LTD

      18. 6.4.18 VSMPO-AVISMA Corporation

      19. 6.4.19 Weber Metals (OTTO FUCHS COMPANY)

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Innovative Product Development

**Subject to Availability
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Frequently Asked Questions

The Titanium Alloy Market market is studied from 2017 - 2027.

The Titanium Alloy Market is growing at a CAGR of >7% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

VSMPO-AVISMA Corporation, NIPPON STEEL CORPORATION, ATI, Timet are the major companies operating in Titanium Alloy Market.

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