Global Titanium Alloy Market - Forecast(2024 - 2030)

Report Code: CMR 62509 Report Format: PDF + Excel

Global Titanium Alloy Market Overview

Global Titanium Alloy Market size is forecast to reach US$5.9 billion by 2027 after growing at a CAGR of 3.7% during 2022-2027. Titanium alloys are metals obtained by the homogeneous mixture of titanium and other chemical elements, metal or non-metalloids. Titanium and its alloys have been used in the aerospace industry for many years. Commercially produced pure titanium and titanium alloys are globally denominated by the formula Ti-6Al-4V. These are primarily used in the manufacture of engine parts and airframes of the aircraft. Aircraft engines rapidly consume aviation fuel. To reduce fuel consumption, the weight of the aircraft and its engine should below. Therefore, titanium and its alloys are used in aircraft to lower weight and improve fuel efficiency. Commercial manufacturing of aircraft entails highly advanced technology and high-quality management practices. Commercially available pure titanium is widely used as construction material in aircraft and its parts owing to its property of being lightweight. It also offers high tensile & compressive strength and excellent corrosion resistance properties. for most applications titanium is alloyed with small amounts of aluminum and vanadium, typically 6% and 4% respectively, by weight.

COVID-19 Impact

The COVID-19 pandemic has had an immediate impact on the world economy and that impact goes across all industries, including aerospace, chemical, and others. Due to the lockdown situation, the global cosmetic manufacturers had to bar down their production units as a consequence of the labor shortage. Although, the industry has responded positively to the crisis, with brands switching their manufacturing to produce hand sanitizers and cleaning agents and offering free beauty services for frontline response workers. However, after the emergence of the COVID-19 pandemic, in 2021 the improvement in the situation is making the end-users rise in their market value and thus benefitting the maleic acid market. The major Asian and US markets have recovered following the announcement of the first vaccine.

Report Coverage

The report: “ Global Titanium Alloy Market”- Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Global Titanium Alloy Market Industry.     

By Type: Ti 6AL-4V, Ti 6AL ELI, Ti 3Al 2.5, and Ti 5Al-2.5Sn

By Microstructure: Alpha and Near-alpha Alloy, Alpha-Beta Alloy, and Beta Alloy

By Product: Plates, Bars, Tube, Forgings, Wires, and Others

By End-Use Industry: Aerospace (Airframes, Aero engines, Aircraft turbines, and Others), Chemical (Petrochemical, LNG plants, Seawater desalination plants), Medical (Orthopedic pins and screws, Ligature clips, Artificial Dental Implants, and Others), Sports Utility (Golf clubs, Tennis Rackets, Skiing Plates, Bicycles, and Others), Automotive (Four-Wheeler Vehicles and Two-Wheeler Vehicles), Marine, Power and Energy, Offshore engineering (Ocean bridges, and Others), and Others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, France, Germany, Italy, Spain, Russia, Netherlands, Belgium, and Rest of Europe), APAC (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), and Rest of the world (Middle East and Africa).

Key Takeaways

  • The Asia Pacific dominates the Global titanium alloy market owing to a rapid increase in the aerospace and chemical sector.
  • Rise in demand medical industry especially for orthopedic implants is one of the major drivers of Global titanium alloy market.
  • The increasing demand in automotive sector for lightweight vehicles is another factor boosting the market growth.
  • The premium pricing of Global titanium alloys might hamper the market growth.

Figure: Asia-Pacific Global Titanium Alloy Market Revenue, By Geography 2021-2027 (US$ Million)

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Global Titanium Alloy Market Segment Analysis - By End-Use Industry

Aerospace held the largest share in the Global Titanium Alloy Market in 2021 and is growing at a CAGR of 4.1% during 2022-2027. Titanium alloys are widely used for aircraft as a material having lightweight, density being 60% that of steel, high strength, and excellent corrosion resistance. The Aeronautical Development Agency (ADA) had identified over 15 steel components that may be replaced by the alloy forgings with a potential of 40% weight savings. Due to their high tensile strength to density ratio, high corrosion resistance, and ability to withstand moderately high temperatures without creeping, titanium alloys are used in aircraft, armor plating, naval ships, spacecraft, and missiles. In 2021, The Defence Research and Development Organisation (DRDO) has developed a high-strength titanium alloy on an industrial scale for applications in aerospace structural forgings. The high-strength beta titanium alloys are unique due to their higher strength, ductility, fatigue, and fracture toughness which makes them increasingly attractive for aircraft structural applications. Besides, the growing aircraft modernization programs in North America, for instance, according to Select USA foreign direct investment (FDI) into the U.S. aerospace industry totaled nearly US$22 billion. And followed by Europe are driving the market during the forecast period.

Global Titanium Alloy Market Segment Analysis - By Geography

Asia-Pacific region held the largest share in the Titanium Alloy in 2021 up to 35% followed by North America and Europe. Due to higher applications of titanium alloy into various end-use applications like aerospace, chemical, medical, and others. Considering the requirement for fuel-efficient and lightweight aircraft, there is a huge demand for lightweight, and high-performance fasteners. The escalating claim for comfortable, fast traveling solutions, and cost-effective along with boosted international air travel, are some of the factors that assist the growth of Global Titanium Alloy Marketin the aerospace and aircraft industry. The uprising air traffic in some regions, such as the Asia Pacific, North America, and others are constantly boosting the market. According to Invest India, Indian airlines to satisfy the projected rise in demand for commercial air travel, have placed large orders for aircraft which are projected to quadruple in size to approximately 2500 airplanes by 2038. Besides, the growing aircraft modernization programs in North America, for instance, according to Select USA foreign direct investment (FDI) into the U.S. aerospace industry totaled nearly US$22 billion. Innovations in research and development for lightweight and high-performance aerospace fasteners will drive the Global titanium alloy market in the forecast period. 

Global Titanium Alloy Market Drivers

Rise in Demand medical Industry

Titanium possesses a unique ability to bind with bone and living tissue, making it an ideal material for orthopedic implants such as knee and hip replacements. Because of its strength and increased resistance to corrosion, it is well-suited to many other medical instruments. Titanium 6AL4V and 6AL4V ELI, alloys made of 6% Aluminum and 4% Vanadium, are the most common types of titanium used in medicine. Because of its harmonizing factor with the human body, these titanium alloys are popularly used in medical procedures, as well as in body piercings. Titanium alloy is highly indicated for spinal fusion procedures to be used with autogenous bone graft in skeletally mature patients. For instance, in 2021 Zavation Medical Products, an innovative designer and manufacturer of high-quality spinal implants, instruments, MIS procedural kits, and biologics launched the Titanium/PEEK Posterior LEIF (Lateral Expandable Interbody Fusion) cage, a cage designed for use in the lumbar spine as a spinal fusion procedure. Thus, the rapid demand in the medical industry positively impacts the overall Global titanium alloy market in the forecast period.

The increasing demand in Automotive Sector for Lightweight Vehicles

Increasing demand for more fuel-efficient and environmentally friendly road vehicles has focused interest on weight reduction and improved performance. Automotive applications of titanium follow logically from the high strength, low density, and in select applications, low modulus of titanium alloys, and their excellent resistance to corrosion and oxidation. Titanium has a long record of success in performance and racing cars. Applications include valve springs, exhaust systems, valves, steering gear, valve retainers, suspension springs, wheels and others. Overall, a vehicle weight reduction of 1% is claimed to give a reduction in fuel consumption of some 0.7%. Weight reduction in the moving parts of the engine is however likely to be much more effective in achieving improved fuel economy than bodyweight reduction. Titanium alloy density is some 60% that of steel, and the elastic modulus is about half that of steel. Direct substitution of steel parts with titanium is rarely the best way to proceed, but in practice should produce an immediate weight reduction of at least 40%. Thus, the demand of Global titanium alloy is increasing in the automotive boosting the market growth. 

Global Titanium Alloy Market Challenges

Premium pricing of Titanium Alloys might Hamper the Market Growth

Titanium has such a high melting point, the temperatures required for this process are extremely high and it is thought that the conversion of the metal to ingots accounts for around 30% of the cost of the entire process. For instance, according to the U.S. Department of Energy, the price for titanium alloy per kg is US$1.68615 whereas, the price for carbon steel for the same is US$0.0053295. Therefore, the high price for titanium alloy is likely to hamper the market. 

Global Titanium Alloy Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in this market. Titanium Alloy top 10 companies include:

  • AMG Advanced Metallurgical Group NV
  • ATI Metals
  • Baoji Titanium Industry Co. Ltd
  • CRS Holdings Inc.
  • Eramet
  • Haynes International Inc.
  • Hermith GmbH
  • Outokumpu

Recent Developments

  • In June 2021, Mikoyan MIG launched 3 New Stealth Aircraft. Defense Research and Development Organisation (DRDO) has launched a High Strength Metastable Beta Titanium Alloy which contain Vanadium, Iron, and Aluminium, Ti-10V-2Fe-3Al on an industrial scale for applications in aerospace structural forgings

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1. Global Titanium Alloy Market- Market Overview
    1.1 Definitions and Scope 
2. Global Titanium Alloy Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Microstructure
    2.3 Key Trends by Product,
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Global Titanium Alloy Market– Comparative analysis 
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Global Titanium Alloy Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Global Titanium Alloy Market– Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Global Titanium Alloy Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes 
7. Global Titanium Alloy Market– Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies 
8. Global Titanium Alloy Market– By Type (Market Size -US$ Million/Billion)
    8.1 Ti 6AL-4V
    8.2 Ti 6AL ELI
    8.3 Ti 3Al 2.5
    8.4 Ti 5Al-2.5Sn.
9. Global Titanium Alloy Market– By Microstructure (Market Size -US$ Million/Billion)
    9.1 Alpha and Near-alpha Alloy
    9.2 Alpha - Beta Alloy
    9.3 Beta Alloy
10. Global Titanium Alloy Market– By Product (Market Size -US$ Million/Billion)
    10.1 Plates
    10.2 Bars
    10.3 Tube
    10.4 Forgings
    10.5 Wires
    10.6 Others
11. Global Titanium Alloy Market - By End-Use Industry (Market Size-US$ Million/Billion)
    11.1 Aerospace
        11.1.1 Airframes
        11.1.2 Aeroengines
        11.1.3 Aircraft turbines
        11.1.4 Others
    11.2 Chemical
        11.2.1 Petrochemical
        11.2.2 LNG plants
        11.2.3 Seawater desalination plants
    11.3 Medical
        11.3.1 Orthopedic pins and screws
        11.3.2 Ligature clips
        11.3.3 Artificial Dental Implants
        11.3.4 Others
    11.4 Sports Utility
        11.4.1 Golf clubs
        11.4.2 Tennis Rackets
        11.4.3 Skiing Plates
        11.4.4 Bicycles
        11.4.5 Others
    11.5 Automotive 
        11.5.1 Four-Wheeler Vehicles
        11.5.2 Two-Wheeler Vehicles
    11.6 Marine
    11.7 Power and Energy
    11.8 Offshore engineering 
        11.8.1 Ocean bridges
        11.8.2 Others
    11.9 Others
12. Global Titanium Alloy Market- By Geography (Market Size -US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zealand
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
        12.5.2 Africa
   South Africa
   Rest of Africa
13. Global Titanium Alloy Market– Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Global Titanium Alloy Market– Industry/Segment Competition Landscape Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share by Key Region - Major companies
    14.3 Market Share by Key Country - Major companies
    14.4 Market Share by Key Application - Major companies
    14.5 Market Share by Key Product Type/Product category - Major companies
15. Global Titanium Alloy Market– Key Company List by Country Premium Premium
16. Global Titanium Alloy Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best-efforts basis for private companies"