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.
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.
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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.
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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:
1. AMG Advanced Metallurgical Group NV
2. ATI Metals
3. Baoji Titanium Industry Co. Ltd
4. CRS Holdings Inc.
5. CORSNET CORPORATION
6. Eramet
7. Haynes International Inc.
8. Hermith GmbH
9. NIPPON STEEL CORPORATION
10. 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
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.
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