Titanium Alloy Market Share 2023, Size , Industry Growth, Analysis, Report & Forecast Till 2028
IMARC Group has recently released a new research study “Titanium Alloy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of Titanium Alloy Market?
The global titanium alloy market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 7.6 Billion on by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
What is a the Titanium Alloy?
Titanium alloy refers to a metal obtained by the homogeneous mixture of pure titanium mixed with other metals in small quantities, such as vanadium, palladium, aluminum, iron, molybdenum, tin, etc. It is extensively used to manufacture high-performance materials, including autoclaves, airframes, steam turbine blades, missile fuel tanks, orthopedic pins and screws, automobile parts, etc.
Furthermore, titanium alloy offers biocompatibility, toughness, tensile strength, corrosion resistance, etc., and exhibits low density, which helps it to withstand extreme temperatures without breaking or chipping. Consequently, this alloy finds wide-ranging applications across several industries, such as transportation, power generation, chemical, utilities, automotive, healthcare, etc.
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what are the key factors driving in a titanium alloy market?
The expanding aerospace industry and the widespread adoption of this metal to produce aero-engines, aircraft turbines, airframes, armor plating, spacecraft, landing gear, hydraulic tubing, etc., are primarily driving the titanium alloy market. Additionally, it is also utilized in airplanes, missiles, rockets, etc., owing to its high strength-to-density ratio, resistance to seawater, low weight strength, high temperatures, etc., which is catalyzing the market growth. Besides this, the escalating demand for titanium alloys to manufacture dental and surgical implants, such as bar connectors, orthodontic wires, denture frameworks and bases, hip joints, bone splints, pacemaker cases, etc., is acting as another significant growth-inducing factor.
Moreover, the inflating need for these alloys for producing parts of the internal combustion engine, including valves and valve springs, and the rising investments in R&D activities are positively influencing the global market. Apart from this, the growing integration of three-dimensional (3D) printing technology to develop highly ductile, super-strong, lightweight, and cost-effective metals is anticipated to fuel the titanium alloy market over the forecasted period.
For the competitor segment, the report includes global key players of the titanium alloy market.
Allegheny Technologies Incorporated, Altemp Alloys LLC, AMG Advanced Metallurgical Group N.V., Carpenter Technology Corporation, Daido Steel Co. Ltd., Haynes International Inc., Kobe Steel Ltd., Mishra Dhatu Nigam Limited, NeoNickel, Nippon Steel Corporation, Precision Castparts Corp. (Berkshire Hathaway Inc.), thyssenkrupp AG and United Titanium Inc.
| Titanium Alloy Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2022 | US$ 4.6 Billion |
| Market forecast in 2028 | US$ 7.6 Billion |
| Growth Rate | CAGR of 5.9% from 2023 to 2028 |
| Base year for estimation | 2023 |
| Historical data | 2017-2022 |
| Forecast period | 2023-2028 |
| Report coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends |
| Segments covered | Microstructure, End Use Industry, Region |
| Regional scope | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Key companies profiled | Allegheny Technologies Incorporated, Altemp Alloys LLC, AMG Advanced Metallurgical Group N.V., Carpenter Technology Corporation, Daido Steel Co. Ltd., Haynes International Inc., Kobe Steel Ltd., Mishra Dhatu Nigam Limited, NeoNickel, Nippon Steel Corporation, Precision Castparts Corp. (Berkshire Hathaway Inc.), thyssenkrupp AG and United Titanium Inc. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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The report has segmented the market on the basis of Microstructure, End Use industry & Insight
Breakup by Microstructure:
- Alpha and Near-alpha Alloy
- Alpha-beta Alloy
- Beta Alloy
Breakup by End Use Industry:
- Aerospace
- Automotive and Shipbuilding
- Chemical
- Power and Desalination
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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