As per the research conducted by Fast. MR, the report titled “Titanium Alloys Market – By Micro Structure (Alpha Alloys, Near Alpha Alloys, Alpha + Beta Alloys, Metastable Beta Alloys), By Grade Type(Grade 5, Grade 23, Grade 12, Grade 6), By End-Use (Aerospace & Defence, Power Generation, Chemical Processing, Automotive, Marine, Fashion & Apparel, Oil & Gas Processing, Biomedical, Architectural, Sports, Others) & Global Region – Market Size, Trends, Opportunity, Forecast 2018-2024” provides current as well as future analysis of the market by evaluating the major applications, advantages, trends, and challenges. The report dives deeper to produce useful insights into Titanium Alloys Market such as major global regions and key competitors and strategies that can be used for the entry-level player too.
Titanium has proved to be one of the most valuable metals of this century. The continuous exploitation of the metal owing to its widespread demand has resulted in the increasing popularity of recycling options. The properties of the product including lightweight, resistance to corrosion and easy bending characteristics make it one of the most valuable products for end-use sectors such as aircraft parts, spacecraft, and various defense applications.
However, limited supply coupled with an economical way of recycling has proved to be a challenge for European giants like European Aeronautic Defense and space companies which are among the top users of titanium related products. Recently, a French-based company known as EcoTitanium is developing an efficient way of recycling. Similarly, a recycling plant was set up in Saint Georges De Mons to recycle aviation-grade titanium alloy to less expensive new titanium.
Rising Aircraft Fleet Driving Titanium Alloy Industry
The aircraft industry is among the primary end-users of titanium alloy. The product is widely used to manufacture aircraft parts including valves, pistons, landing gear, and others. Rising air passenger fleet, especially in the Asia Pacific region, is projected to drive the demand for aircraft. As per the stats released by the International Air Transport Association (IATA) in 2019, the number of air passengers is projected to grow at 4.7% annually. The region is anticipated to be the biggest driver for new aircraft.India and China are anticipated to lead the demand for new aircraft fleet. The aircraft fleet of China is anticipated to grow by nearly 132% over the next ten years. Similarly, the aircraft fleet of India is likely to grow by 130% over the aforementioned period. In addition, the rest of the Asia Pacific region is projected to grow by 50% over the coming years. Thus, rising demand for new aircraft especially from the Asia Pacific region is likely to boost its production and thereby, driving titanium alloys market.
Titanium Alloys Increasing Usage In High-Performance Vehicles
Titanium alloys are widely used in the manufacturing of key components for high-performance vehicles. These vehicles are limited produced automobiles that are known for their superior speed and enhanced performance. These vehicles are tailored made and only materials with performance credibility are used during their manufacturing.
The product is widely used to manufacture key components such as engine connecting rod, valves, spring, turbocharger, exhaust system, among others. These special components provide desirable performance for hyper vehicles. Thus, as the demand for hyper or high-performance vehicles continues to grow, the demand for titanium alloy is likely to prosper and increase.
Water Desalination Sector Offers New Avenues For Titanium Alloy Industry
As the global population explodes water reserves continue to shrink and the demand for water expands significantly. One of the technologies which have proved to be beneficial in reducing the epidemic of the water crisis is water desalination technology. Water desalination technology uses seawater to make potable water. The development of water desalination structures has widely gained prominence across the globe. The demand for water desalination is likely to boost the demand for titanium alloys. The product is used for evaporators, valves, tubing, condensers, and others.
Desalination projects are largely concentrated in the Middle East Region due to a lack of sufficient water reserves. The largest number of water desalination facilities is located in Saudi Arabia. The country is exploring new locations to set up water desalination facilities. Recently in 2019, Saudi Arabia Water Saline Company awarded the contract for the construction of eight new water desalination facilities. Thus, new projects coupled with the rising popularity of water desalination technology are expected to drive titanium alloy market growth.
Fluctuation in Titanium Prices
Titanium is a widely used metal across various end-user industries. However, its premium pricing compared to other metals often results in low adoption of the product. The premium pricing charged for this particular product segment is due to the complicated extraction process. In addition, trade war scenarios and geopolitical climate often result in higher prices of the product.
The prices of the titanium have observed severe fluctuation over the last ten years. In 2009, the prices of titanium were valued at around USD 8,130 per metric tons and decreased to USD 7,460 per metric tons in 2011. Price trend changed with increasing exploitation of the metal, prices of titanium in 2016 was valued around USD 4,100 per metric tons and reached USD 4,800 per metric tons in 2018. Thus, continuous volatility in the prices of titanium is likely to affect the production cost of titanium alloys. Thereby, directly restraining market growth.
Titanium Alloy Definition
A mixture of titanium and other related chemical elements results in the formation of titanium alloys. These alloys have superior tensile strength and toughness which makes them withstand extreme temperature conditions. Additional properties of the product include lightweight, higher corrosion resistance, and exceptional performance characteristics.
We have segmented the market on the basis of following sub-segment:
By Micro Structure
– Alpha Alloys
– Near Alpha Alloys
– Alpha + Beta Alloys
– Metastable Beta Alloys
By Grade Type
– Grade 5
– Grade 23
– Grade 12
– Grade 6
– Aerospace & Defence
– Power Generation
– Chemical Processing
– Fashion & Apparel
– Oil & Gas Processing
– Altemp Alloys, Inc.
– High-Performance Alloys, Inc.
– Haynes International Inc
– Global Titanium Inc.
– Nippon Steel
– United Titanium
– Daido Steel
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