2024. The growth is majorly driven due to its excellent mechanical and physical properties, as well as extensive usage in a wide range of end-user applications. - However, the premium pricing of titanium alloys is expected to act as a restraint for the market.
New York, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Titanium Alloys Market - Growth, Trends, and Forecast (2019 - 2024)" - https://www.reportlinker.com/p05778234/?utm_source=GNW
- Furthermore, Innovative Product Development is likely to act as an opportunity to the market in the forecast period.
Key Market Trends
Alpha and near-alpha alloys to Drive the Titanium Alloys Market
- Alpha and near-alpha alloys are primarily the pure commercial titanium alloys, which maintain alpha phase at room temperature and contain alpha stabilizers, aluminum, oxygen, and tin.
- Near-alpha alloys have some amount of beta-phase ductility and are alloyed by 1-2% of beta stabilizers (silicon, molybdenum) in few alloy products.
- Alpha alloys and near alpha-alloys hold good fracture toughness and creep resistance, along with moderate mechanical strength. Moreover, these alloys can adapt temperatures up to 1100 ºf (600ºc).
- Alpha alloys, such as Ti-6Al-2Sn-4Zr-2Mo+Si, Ti-5Al-2.5Sn, and Ti-8Al-1Mo-1V, find wide applications in steam turbine blades, gas turbines, autoclaves and other process equipment vessels, aircraft engine compressor blades, airframe and jet engine parts, welded stator assemblies, missile fuel tanks, structural parts, and hollow compressor blades, among others. They can be used at a high range of temperatures than alpha-beta alloys.
- The increasing production of new aircrafts and defence products, and increasing population using passenger aircrafts as a mode of transport are driving the demand for alpha and near-alpha titanium alloys from the aerospace and defence sector, globally.
- The automotive production has also been increasing across the world, owing to growing affordability with increasing income, increasing demand for SUV’s and lightweight vehicles, and governments supporting the production and sale of electric vehicles through favourable policies.
- The titanium alloy is lighter in weight than other alloys, such as iron, steel, etc., which serves as an advantage for such titanium alloys in replacing specific automotive components, further driving the demand for the titanium alloy market during the forecast period.
China to Dominate the Asia-Pacific Region
- Chemical industry dominated the Asia-Pacific titanium alloy market, with a major market share in 2018. The chemical industry was followed by aerospace, power, and desalination industries. Aerospace was the fastest growing industry in the Asia-Pacific region and is expected to register an adequate CAGR over the forecast period.
- China dominates the Asia-Pacific market, followed by Japan, however, India is expected to register the fastest growth over the forecast period.
- China is also the world’s largest electricity producer. According to the International Energy Agency, by 2040, electricity is expected to become the leading source of final energy consumption from renewable sources in China, overtaking coal in the late 2020s, and oil shortly thereafter.
- China is also the largest manufacturer of automotive in the global market. The country’s automotive sector has been shaping for product evolution, with the country focusing on manufacturing products, in order to ensure fuel economy and minimize emissions (owing to growing environmental concerns, due to mounting pollution in the country).
- Thus, positive growth is expected to drive the titanium alloy market throughout the forecast period. Overall, the Asia-Pacific region is expected to register a high CAGR over the forecast period.
The global titanium alloy market is partly consolidated. The major companies include VSMPO-AVISMA Corporation, NIPPON STEEL CORPORATION, Allegheny Technologies Inc. (ATI), CRS Holdings Inc., Baoji Titanium Industry Co., Ltd.
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