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Global Titanium Alloys Market is expected to grow at a CAGR of 4.13% during the forecast period from 2019-2025
Global Titanium Alloys Market 2019, Global Titanium Alloys Market Growth, Global Titanium Alloys Market Trends and Analysis,
"Titanium Alloys Market by Microstructure (Alpha, Near Alpha, Alpha-Beta, Beta), End User Industry, Regions",and Global Forecast 2018-2025.
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Major players in the global titanium alloysmarket areArcam, ATI, Daido Steel Co., Ltd, United Titanium, Inc., TOHO TITANIUM CO., LTD, Haynes International, Metalysis, TLS Technik, Global Titanium Inc., OSAKA Titanium, ADMA Products, Inc., Precision Cast Parts Corporation, ThyssenKrupp AG, Allegheny Technologies, Alcoa Howmet Castings, Outokumpu, Nippon Steel, ATI Metals, Aperam, Haynes International Inc., VSMPO, and among others. Titanium alloys are being widely utilized for the innovative applications such as 3D printing. For instance, in 2018, GE Additives announced the launch of Arcam EBM Spectra H metal additive manufacturing system. This new equipment is specifically built for processing and printing typically challenging metal materials such as Titanium Aluminide(TiAl).
Microstructure segment is divided into alpha alloy, near alpha alloy, alpha beta alloy, and beta alloy. Due to their property for exhibiting the highest corrosion resistance along with high temperature creep strength and oxidation resistance, non-heat treatable and wieldable properties, the alpha alloys are widely utilized in the aerospace industry. Thus growing worldwide demand for the aircrafts has led Alpha titanium alloy segment to lead the global titanium alloys market with a 36.82% share of market revenue in 2017.End user is segmented into aerospace, automotive, marine, medical & healthcare, chemical, energy & power and others. Owing to their properties to operate over a very wide temperature range, high stiffness to weight ratio, the titanium alloys are extensively used in the aerospace industry for the manufacturing of aircraft engines, blades, shaft, and airframes. Thus the aerospace industry led the global titanium alloys market with a 41.26% share of market revenue in 2017. However the medical & healthcare segment is projected to grow at the fastest CAGR of 6.47% over the forecast period. This increased growth rate can be credited to the growing use of titanium alloys for the hip and knee implants, and its biocompatibility property.
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Even though the factors such as growing use of titanium in the healthcare and medical applications and corrosion resistance properties of the titanium are driving the global titanium alloys market, the high production cost of titanium alloys as well as environmental concerns related to titanium mining are projected to dampen the growth of the market.
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