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I AgreeAnalysis of Titanium Alloys market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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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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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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
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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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.
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.
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.
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 600°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.
Attribute |
Details |
Market size value in 2020 |
USD 4 Billion |
Market forecast value in 2031 |
USD 5.6 Billion |
Growth Rate |
CAGR of 3.5% from 2021 to 2031 |
Forecast Period |
2021-2031 |
Historical Data Available for |
2016-2020 |
Market Analysis |
US$ Mn for Value & ‘000 Units for Volume |
Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Pricing |
Available upon Request |
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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