The Titanium Alloys Market is forecast to reach USD 7,449.4 Million by 2028, according to a new report by Reports and Data. Titanium is a transition metal with a unique shiny silver color, high strength, and low density. The metal is exceptionally resistant to corrosion caused by aquatic region, seawater, and chlorine. Titanium’s metallurgical properties makes it the metal of choice for many different applications, including industrial, chemical processing, aerospace, marine, sporting, medical, and consumer goods. Due to its biocompatibility feature, it is used widely in the human body, as pacemaker cases, dental implants, hip and knee implants, and craniofacial plates, among others. Thus increase in the application of titanium in the medical healthcare industry and aerospace is anticipated to propel the demand for the titanium alloys globally.
Key participants include Zimmer Biomet, ATI Metals, Invibio, OSAKA Titanium, Wright Medical Group N.V., DSM Biomedical, Dentsply, United Titanium, Inc., TOHO TITANIUM CO., LTD, Heraeus Medical Components, Carpenter Technology, Global Titanium Inc., Allegheny Technologies, among others.
Since Titanium Alloys have corrosion resistive characteristics in seawater, they are often used to make components of boats such as rigging and propeller shafts. They are used in missiles, aerospace, and rockets also. It finds its applications in biomedical science as well. They are very beneficial in chemical and industrial production plants also.
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The Asia Pacific region accounts for the largest share of 35.3% of the market in 2020. The region accounted for the largest market share due to the growing population and increasing number of end-use industries such as automotive, oil gas, and chemical. There is an increasing demand for Titanium Alloys in developing countries of the Asia Pacific such as India and China.
Further key findings from the report suggest
- Accelerated developments in aircraft size and increasing performance requirements are expected to provide lucrative opportunities in the aerospace industry.
- Titanium alloys are often used for various critical hi-tech applications, such as static and rotating gas turbine engine parts and components of aircraft engines.
- Due to the rising investments and an increasing number of aircraft deliveries, the application in the aerospace segment is expected to dominate the market with the largest share in 2020 and is estimated to reach USD 3.04 billion by 2028.
- Alpha Titanium Alloy product segment is anticipated to grow at a rate of 3.5% during the forecast period.
- Alpha phase alloys have moderate strength but are weldable and formable.
- Near alpha alloys have medium strength but have excellent creep resistance. It is anticipated to witness the highest CAGR of 3.9% during the forecast period.
- Beta phase alloys have the highest durability of any titanium alloys, but they also lack flexibility.
- The applications for which these alloys are used, have extended to other industries as well, such as petroleum plant, chemical, and medical industries.
- The application of this alloy in medical and healthcare segment is anticipated to grow at the highest rate of 3.7% during the forecast period.
- The alloy is immune to heat and corrosion and attains excellence in heat-treating furnaces and other purposes where its extended lifespan and decreased corrosion gives it an advantage.
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For the purpose of this report, Reports and Data have segmented into the Titanium Alloys Market on the basis of Product, Grade, Application, and Region:
Product Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Alpha Titanium Alloy
- Near alpha alloy
- Alpha + Beta Titanium Alloy
Grade Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Industrial grade
- Medical grade
- Others
Application Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Medical Healthcare
- Aerospace
- Energy Power
- Chemical
- Others
Regional Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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