Market Analysis
The global titanium alloys market
is anticipated to grow at a healthy CAGR between 2016-2023, states the latest
Market Research Future (MRFR) report. Titanium alloy is a metal that contains a
mixture of titanium as well as other chemical elements. This alloy possesses
toughness and high tensile strength, is lightweight, can withstand extreme
temperatures and have excellent corrosion resistance. Owing to its
metallurgical properties, titanium alloys have turned into the metal of choice
for different applications such as consumer goods, medical, sporting, marine,
aerospace, chemical processing, and industrial. For its compatibility feature,
titanium alloys are extensively used in the body as craniofacial plates, knee,
and hip implants, dental implants, pacemaker cases, among others.
Various factors are propelling
the titanium alloys market growth. Such factors, as per the latest Market
Research Future report, include innovative product development, booming
aerospace industry, growing consumption in the medical, marine and automotive
industry, and the different benefits that it offers such as anti-corrosion
properties, biocompatible properties, fuel efficiency, lightweight, fire resistance,
low thermal expansion, and extreme temperature resistance.
On the contrary, lack of
technology and infrastructure, the alloys’ multistage processing route, and
expensive upstream extraction are factors that may impede the titanium alloys
market growth during the forecast period.
Key Players
·
ADMA Products, Inc
·
OSAKA Titanium Technologies Co., Ltd
·
Global Titanium Inc.
·
TLS Technik
·
Metalysis
·
Haynes International
·
TOHO TITANIUM CO., LTD
·
United Titanium, Inc.
·
Daido Steel Co., Ltd
·
Arcam
·
ATI
Market Segmentation
The Market Research Future report
provides an all-inclusive segmental analysis of the titanium alloys market
based on end use industry and microstructure.
By Microstructure, the
global titanium alloys market is segmented into the beta alloy, alpha-beta
alloy, near alpha alloy, and alpha alloys. Of these, the alpha alloy segment
will lead the market during the forecast period. Alpha alloys have the highest
oxidation resistance and strength at elevated temperature as well as better
weldability compared to other titanium alloys. Ti-5AI-2.5Sn is one of the most
widely used alpha alloys that are popular for fracture toughness and creep
strength. This titanium alloy finds extensive applications in engine components
and aerospace structure.
By End Use Industry, the
global titanium alloys market is segmented into marine, chemical, power and
desalination, automotive, aerospace, and others. Of these, the aerospace
segment will dominate the market during the forecast period for its increasing
demand in the aerospace industry. Titanium alloy is widely used as a bulkhead
in the Boeing/Lockheed F22 military aircraft and fan blades of various jet
engines.
Industry News
November 2019: Dormer
Pramet has recently expanded its Shark Line taps range through a new assortment
for titanium alloys and high strength steels.
Regional Analysis
By Region, the Titanium
Alloys Industry report covers the latest trends and growth
opportunities across the Asia Pacific, North America, Latin America, Europe,
and the Middle East and Africa. Of these, the APAC region will lead the market
during the forecast period. Various factors propelling the growth of the
titanium alloys market in the region include the presence of innumerable
industries especially in developing nations including ASEAN countries, China,
and India coupled with the rise in technological advancements for the use of
titanium alloys in those equipment that provide excellent properties such as
fatigue strength, anti-corrosion, and fire resistance.
The titanium alloys market in
North America will have a healthy growth during the forecast period for its
burgeoning demand in manufacturing industries.
The titanium alloys market in
Europe is predicted to have significant growth during the forecast period for
the growing demand from manufacturers, especially of military and civil
aircraft, drones, helicopters, aero-engines, and different other systems.
The titanium alloys market in
Latin America will have favorable growth during the forecast period for the
region’s economic recovery that may have a positive impact on the industrial
growth in Mexico and Brazil.
The titanium alloys market in the
MEA will have a considerable growth during the forecast period with the rising
adoption of titanium alloys in the oil & gas industries as titanium has
anti-corrosive nature and high strength which are essential for the challenging
environments and oil & gas applications such as refining, production, and
exploration.
Get Complete Browse Report Here@ https://www.marketresearchfuture.com/reports/titanium-alloys-market-6727
No comments:
Post a Comment