Market Overview

The titanium alloy market is expected to register a CAGR of over 3%, during the forecast period. 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.
  • Furthermore, innovative product development is likely to act as an opportunity for the market, during 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 1,100 ?f (600?c).
  • 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

  • China dominated the titanium alloy market in Asia-pacific region, and is expected to continue dominating the market during the forecast period, owing to the increasing demand from the chemical, high-end aerospace, medical, and environmental protection sectors.
  • The launch of new production facilities by Xinjiang New Material Co. Ltd and Chaoyang Baisheng Co. Ltd, in China, is expected to have a major role in boosting the production rate of titanium.
  • The demand for titanium alloy in the aerospace industry, in China, is mainly driven by the growing manufacturing activities of the aerospace industry, in the country. Aerospace is a priority industry for the country, with the government investing huge amounts to increase its domestic manufacturing capabilities.
  • 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.
  • 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.



Competitive Landscape

The titanium alloy market is partially consolidated. The major companies include VSMPO-AVISMA Corporation, NIPPON STEEL CORPORATION, Allegheny Technologies Inc. (ATI), CRS Holdings Inc., and Baoji Titanium Industry Co., Ltd.

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