Titanium Alloy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

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).

Market Snapshot

Titanium Alloy Market Overview
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >3.5 %
Titanium Alloy Market Key Players

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Market Overview

The titanium alloy market was estimated at over 195 kiloton in 2020, and the market is expected to register a CAGR of over 3.5% during the forecast period (2021-2026).

The market was negatively affected due to COVID-19 in 2020. Owing to pandemic scenario, several countries went into lockdown. This had a negative impact on various end-user industries such as aerospace, automotive, chemical, and others, due to supply chain disruptions and workforce shortages. According to the OICA, global automotive production witnessed a decline of approximately 23% in Q3 of 2020 compared to Q3 of 2019. However, the condition is expected to recover in 2021, which is expected to drive the market during the forecast period.

  • Over the short term, the market's growth is majorly driven due to its excellent mechanical and physical properties, as well as extensive usage in a wide range of end-user applications. The major application of titanium alloys is in the aerospace industry for use in jet engines and other related parts. These alloys are mainly used in gas turbine engines, aircraft structures, such as landing gear, space-crafts, and helicopter rotors. The demand for titanium alloys from emerging countries is also expected to increase, particularly in China and Russia. China is witnessing a significant increase in the orders for domestically manufactured commercial aircraft, with major companies being Chinese airlines and other leasing companies.
  • On the flip side, the premium pricing of titanium alloys and the negative impact of the COVID-19 pandemic are expected to act as restraints for the market.
  • Furthermore, innovative product development is likely to act as 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 (kiloton).

By Microstructure
Alpha and Near-alpha Alloy
Alpha-beta Alloy
Beta Alloy
End-user Industry
Aerospace
Automotive and Shipbuilding
Chemical
Power and Desalination
Other End-user Industries
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 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, molybdenum) in few alloy products.
  • Alpha alloys and near-alpha alloys hold good fracture toughness and creep resistance, along with moderate mechanical strength. Moreover, these alloys can adapt temperatures up to 1,100 ºf (600ºc).
  • Alpha alloys, such as Ti-6Al-2Sn-4Zr-2Mo+Si, Ti-5Al-2.5Sn, and Ti-8Al-1Mo-1V, 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.
  • The increasing production of new aircraft and defense products and the increasing population using passenger aircraft as a mode of transport are driving the demand for alpha and near-alpha titanium alloys from the aerospace and defense sector globally.
  • 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.
  • The titanium alloy is lighter in weight than other alloys, such as iron, steel, etc., which serves as an advantage for such titanium alloys in replacing specific automotive components, further driving the demand in the titanium alloy market during the forecast period.
  • All the aforementioned factors are expected to drive the demand for alpha and near-alpha alloys over the forecast period.
Titanium Alloy Market Share

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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.
  • According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.
  • 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 Growth By Region

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Competitive Landscape

The titanium alloy market is partially consolidated. The major companies include VSMPO-AVISMA Corporation, NIPPON STEEL CORPORATION, Allegheny Technologies Inc. (ATI), CRS Holdings Inc., and Baoji Titanium Industry Co. Ltd.

Recent Developments

  • In November 2018, AMG Advanced Metallurgical Group announced to realign its organizational structure, forming two new strategic operating divisions, namely, AMG Critical Materials and AMG Technologies (comprising of AMG’s existing Engineering and Titanium Alloys businesses), effective from January 1, 2019.
  • In July 2018, Allegheny Technologies Inc. acquired Addaero Manufacturing (Addaero), a leader in metal alloy-based additive manufacturing for the aerospace and defense industries, located in New Britain, Connecticut.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Excellent Mechanical and Physical Properties

      2. 4.1.2 Wide Range of End-user Applications

    2. 4.2 Restraints

      1. 4.2.1 Premium Pricing

      2. 4.2.2 Negative Impact of the COVID-19 Pandemic

    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 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 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 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 CRS Holdings Inc.

      5. 6.4.5 CORSNET CORPORATION

      6. 6.4.6 eramet

      7. 6.4.7 HAYNES INTERNATIONAL

      8. 6.4.8 Hermith GmbH

      9. 6.4.9 NIPPON STEEL CORPORATION

      10. 6.4.10 Outokumpu

      11. 6.4.11 Precision Castparts Corp.

      12. 6.4.12 TOHO TITANIUM CO. LTD

      13. 6.4.13 VSMPO-AVISMA Corporation

    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 2016 - 2026.

The Titanium Alloy Market is growing at a CAGR of >3.5% over the next 5 years.

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

Asia Pacific holds highest share in 2020.

VSMPO-AVISMA Corporation, NIPPON STEEL CORPORATION, ATI, CRS Holdings Inc., Baoji Titanium Industry Co., Ltd. are the major companies operating in Titanium Alloy Market.

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