Titanium Alloys Market
Titanium Alloys Market By Micro Structure (Alpha, Near Alpha, Alpha+ Beta and Metastable Beta Titanium Alloys), By Grade Type (Grade 5, 23 , 12, 6 and othe Titanium Alloys), By End Use - Global Market Insights 2021 to 2031
Titanium Alloys Market Outlook
The titanium alloys market revenue totalled nearly US$ 4 Bn in 2020, according to Fact.MR. The global market is anticipated to reach US$ 5.6 Bn by 2031, growing 1.4x across the forecast period. Attributed by the emerging end-use industries like aerospace & defence, automobile and oil & gas processing, the market is likely to retain its original trajectory in the post-COVI-19 era.
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Key Points Covered in Titanium Alloys Industry Analysis
- Market Estimates and Forecasts 2016-2031
- Key drivers and restraints shaping market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Titanium Alloys Market and How to Navigate
- Recommendation on Key Winning Strategies
Sales Analysis of Titanium Alloys 2016-2020 Vs Future Outlook 2021-2031
From 2016 to 2020, the market for titanium alloys surged at a moderate 3% CAGR to reach US$ 4 Bn. A general sluggishness in the automotive industry, one of the key end users of titanium alloys, was responsible for such a modest trajectory in the historical period.
Prospects further dwindled amidst the COVID-19 pandemic, as the imposition of lockdowns stalled production activities across major end use industries, including automotive and oil & gas processing respectively. However, as restrictions end across major regions, sales are gradually rebounding, leading to significant optimism for future growth.
Increasing investments in aerospace & defence sector will fuel the demand for raw material, thereby stimulating the titanium alloys demand in projected period. The market worth is estimated to touch US$ 5.6 Bn in 2031 following a moderate growth rate of 3.5% across the forecast period.
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How is the Aerospace Industry Fueling Titanium Alloys Demand?
Titanium and its alloys are extensively used in aircraft to reduce weight and fuel consumption. Titanium alloys have witnessed huge demand for missiles, airplanes, and rockets owing to their low weight, strength and resistance to high temperatures.
Soaring aerospace & defence activities in developing economies like India & China have highly impacted the titanium alloy manufacturing sectors, generating demand for different grades of titanium alloys. Additionally, developed countries such as the U.S have also augmented spending on aerospace, with the Aerospace Industries Association estimating US$ 929 Bn in sales as of 2019
Why is the Automotive Industry an Important End Use Industry?
Additionally, growing demand for SUVs and light weight vehicles have bolstered the demand for titanium build parts. Favorable government policies for manufacturing of electric vehicles have also fuelled automotive industry, thereby creating myriad growth opportunities for the global market for titanium alloys.
Positive progress has been made towards the cost-effective application of titanium in vehicles for the mass market. The leading applications are cold wound springs manufactured from low-cost beta alloy, and exhaust systems manufactured from commercially pure titanium.
While performance remains the primary objective of automotive manufacturers, environmentally conscious individuals are demanding greater safety, minimum noise, maximum fuel economy, and the continued reduction of harmful emissions. Titanium alloys fulfil this objective perfectly, with application abounding across valve and suspension springs.
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How is the U.S Generating Opportunities for Titanium Alloy Sales?
The U.S is likely to cement its dominance in the titanium alloys industry, accounting for more than 50% demand.
Growing application of titanium alloys in different end use verticals like architecture, sports and chemical processing, delivering high growth for titanium alloys market. However, growing demand from government and private manufacturers of aircraft and aerospace related systems equipment is likely to foster the market in the country.
Titanium’s extensive range of usage in various end-use industries such as pharmaceutical, automotive, aerospace, and chemical industry, among others attributes to the robust growth in the industry.
Why is Titanium Alloys Market Booming in China?
The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is anticipated to be the world’s largest single?country market for civil aircraft sales over the next 20 years.
The increasing trend of sports industry in parallel to widening the scope of titanium alloy, will continue to possess lucrative opportunities for the market in Asia, especially China.
However, 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. Hence, the demand is likely to surge at a CAGR of 4% until 2031.
Why are Alpha Titanium Alloys Witnessing High Traction?
Alpha titanium alloy has significantly more share than other micro structure types of titanium alloys which is likely to grow with the significant growth rate during the forecast period
Numerous applications of titanium alloys led by their low thermal expansion and co-efficient fire resistance properties, escalate the market demand hugely. The segment held a market value of US$ 1.82 Bn in 2019 and it is estimated to show substantial growth in forthcoming years.
How Aerospace Sector is Stimulating Demand for Titanium Alloys?
Titanium alloys held the prime share in the aerospace raw materials market, strictly followed by aluminium alloys. Global Manufacturers like Boeing and Airbus collectively, account for over 60% of the demand for titanium alloys in the aerospace industry.
Titanium alloys capability of operating at extreme temperatures, ranging from sub-zero to over 600Â°C, create myriad growth opportunities in making casings of aircraft engines, and other applications.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In November 2020, Allegheny Technologies Inc. completed its acquisition of Ladish Co. Inc., in $883-million cash and common stock. The merger highlights the companies’ involvement in supplying materials and components to aerospace, defence, and industrial markets.
- In April 2017, Kobelco Construction Machinery and Kobelco Cranes merged their businesses. Kobe Steel separated the two businesses in 2004 after Kobelco Construction combined with Case New Holland to manufacturer excavators. This merger is anticipated to improve business efficiency, strengthen product development capabilities, and bolster global development in the forthcoming time.
Market size value in 2020
|USD 4 Billion|
Market forecast value in 2031
|USD 5.6 Billion|
|CAGR of 3.5% from 2021 to 2031|
Historical Data Available for
|US$ Mn for Value & ‘000 Units for Volume|
Key Regions Covered
Key Countries Covered
Key Market Segments Covered
Key Companies Profiled
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Key Segments Covered
- Alpha Titanium Alloys
- Near Alpha Titanium Alloys
- Alpha+ Beta Titanium Alloys
- Metastable Beta Titanium Alloys
- Grade 5 Titanium Alloys
- Grade 23 Titanium Alloys
- Grade 12 Titanium Alloys
- Grade 6 Titanium Alloys
- Other Grade Titanium Alloys
- Titanium Alloys for Aerospace & Defence
- Titanium Alloys for Power Generation
- Titanium Alloys for Chemical Processing
- Titanium Alloys for Automotive
- Titanium Alloys for Marine Applications
- Titanium Alloys for Fashion & Apparel
- Titanium Alloys for Oil & Gas Processing
- Titanium Alloys for Architecture
- Titanium Alloys for Biomedical
- Titanium Alloys for Sports
- Titanium Alloys for Other Applications
- FAQs -
As of 2020, sales of titanium alloys were estimated to reach nearly US$ 4 Bn
From 2016 to 2020, sales of titanium alloys expanded at approximately 3% CAGR
According to Fact.MR, titanium alloys demand will likely surge at a CAGR of 3.5% until 2031
By 2031, the global titanium alloys market will most likely reach US$ 5.6 Bn
Owing to high temperature performance and anti-corrosion property, titanium alloys are considered best suited for manufacturing aircraft parts.
Rising investments in the aerospace & defence and automotive sectors will impel sales of titanium alloy products in the future
Asia will generate credible growth opportunities, with China expanding at a CAGR of 4% until 2031
The Neonickle, ATI, Altemp Alloys Inc., Kobelco, High Performance Alloys, Inc., Haynes International Inc. and Global Titanium Inc. are some prominent titanium alloys manufacturers
Alpha titanium alloys are highly preferred, yielding US$ 1.82 Bn in 2019 according to Fact.MR