2016 - 2026
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The titanium alloy market was estimated at over 195 kilo tons in 2020 and 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 negative impact on various end-user industries such as aerospace, automotive, chemical and others, due to supply chain disruptions and workforce shortages. According to OICA, global automotive production has 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 aircrafts, with major companies being Chinese airlines and other leasing companies.
- On the flipside, the premium pricing of titanium alloys and negative impact of COVID-19 pandemic are expected to act as a 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 (kilo ton).
|Alpha and Near-alpha Alloy|
|Automotive and Shipbuilding|
|Power and Desalination|
|Other End-user Industries|
Key Market Trends
Alpha and Near-alpha Alloys to Drive the Titanium Alloys Market
- Alpha and near-alpha alloys are primarily the 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 aircrafts and defence products, and increasing population using passenger aircrafts as a mode of transport are driving the demand for alpha and near-alpha titanium alloys from the aerospace and defence sector, globally.
- In United States, in November 2020, the Senate was observed planning investment of about USD 1.7 billion to buy 17 more F-35 fighter jets for the military in fiscal year 2021. The plan includes 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 aerospace and defense sector, the demand is expected to drive the production of aircrafts and jets, thus creating derived demand for titanium alloys.
- The increasing demand for SUV’s and lightweight vehicles, and governments supporting the production and sale of electric vehicles through favourable 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 for the titanium alloy market during the forecast period.
- All the afore-mentioned factors are expected to drive the demand of alpha and near-alpha alloys over the forecast period.
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China to Dominate the Asia-Pacific Region
- China dominated the titanium alloy market in Asia-pacific region, and 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% home-made 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.
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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.
- In Nov 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 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Excellent Mechanical and Physical Properties
4.1.2 Wide Range of End-user Applications
4.2.1 Premium Pricing
4.2.2 Negative Impact of COVID-19 Pandemic
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION
5.1 By Microstructure
5.1.1 Alpha and Near-alpha Alloy
5.1.2 Alpha-beta Alloy
5.1.3 Beta Alloy
5.2 End-user Industry
5.2.2 Automotive and Shipbuilding
5.2.4 Power and Desalination
5.2.5 Other End-user Industries
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 Rest of the World
220.127.116.11 South America
18.104.22.168 Middle East & Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 AMG Advanced Metallurgical Group NV
6.4.3 Baoji Titanium Industry Co. Ltd
6.4.4 CRS Holdings Inc.
6.4.5 CORSNET CORPORATION
6.4.7 HAYNES INTERNATIONAL
6.4.8 Hermith GmbH
6.4.9 NIPPON STEEL CORPORATION
6.4.11 Precision Castparts Corp.
6.4.12 TOHO TITANIUM CO., LTD.
6.4.13 VSMPO-AVISMA Corporation
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovative Product Development
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Frequently Asked Questions
What is the study period of this market?
The Titanium Alloy Market market is studied from 2016 - 2026.
What is the growth rate of Titanium Alloy Market?
The Titanium Alloy Market is growing at a CAGR of >3.5% over the next 5 years.
Which region has highest growth rate in Titanium Alloy Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Titanium Alloy Market?
Asia Pacific holds highest share in 2020.
Who are the key players in Titanium Alloy Market?
- VSMPO-AVISMA Corporation
- NIPPON STEEL CORPORATION
- CRS Holdings Inc.
- Baoji Titanium Industry Co., Ltd.
Are the major companies operating in Titanium Alloy Market.