According to the latest report by IMARC Group, titled “Titanium Alloy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global titanium alloy market share.The report also includes competitor and regional analysis, and contemporary advancements in the market.
The global titanium alloy market size reached US$ 4.34 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 6.24 Billion on by 2028, exhibiting a growth rate (CAGR) of 6.10% during 2023-2028.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Titanium Alloy Market Overview
Titanium alloy refers to a metal obtained by the homogeneous mixture of pure titanium mixed with other metals in small quantities, such as vanadium, palladium, aluminum, iron, molybdenum, tin, etc. It is extensively used to manufacture high-performance materials, including autoclaves, airframes, steam turbine blades, missile fuel tanks, orthopedic pins and screws, automobile parts, etc.
Furthermore, titanium alloy offers biocompatibility, toughness, tensile strength, corrosion resistance, etc., and exhibits low density, which helps it to withstand extreme temperatures without breaking or chipping. Consequently, this alloy finds wide-ranging applications across several industries, such as transportation, power generation, chemical, utilities, automotive, healthcare, etc.
Major Market Trends in a Titanium Alloy Market
The expanding aerospace industry and the widespread adoption of this metal to produce aero-engines, aircraft turbines, airframes, armor plating, spacecraft, landing gear, hydraulic tubing, etc., are primarily driving the titanium alloy market. Additionally, it is also utilized in airplanes, missiles, rockets, etc., owing to its high strength-to-density ratio, resistance to seawater, low weight strength, high temperatures, etc., which is catalyzing the market growth.
Besides this, the escalating demand for titanium alloys to manufacture dental and surgical implants, such as bar connectors, orthodontic wires, denture frameworks and bases, hip joints, bone splints, pacemaker cases, etc., is acting as another significant growth-inducing factor. Moreover, the inflating need for these alloys for producing parts of the internal combustion engine, including valves and valve springs, and the rising investments in RD activities are positively influencing the global market. Apart from this, the growing integration of three-dimensional (3D) printing technology to develop highly ductile, super-strong, lightweight, and cost-effective metals is anticipated to fuel the titanium alloy market over the forecasted period.
For the competitor segment, the report includes global key players of the Titanium Alloy Market
Allegheny Technologies Incorporated, Altemp Alloys LLC, AMG Advanced Metallurgical Group N.V., Carpenter Technology Corporation, Daido Steel Co. Ltd., Haynes International Inc., Kobe Steel Ltd., Mishra Dhatu Nigam Limited, NeoNickel, Nippon Steel Corporation, Precision Castparts Corp. (Berkshire Hathaway Inc.), thyssenkrupp AG and United Titanium Inc.
The report has been segmented the market into following categories:
Breakup by Microstructure:
- Alpha and Near-alpha Alloy
- Alpha-beta Alloy
- Beta Alloy
Breakup by End Use Industry:
- Automotive and Shipbuilding
- Power and Desalination
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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