Titanium Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Titanium Market – Overview
The titanium market has been anticipated to expand at a noteworthy pace throughout the forecast period. The growth avenues in the global market are attributed to the increasing use of titanium alloys across the aerospace sector. In addition to this, the rising demand for these titanium alloys for combat vehicles in order to replace aluminum and steel is also expected to drive the growth prospects in the global market in the coming years.
On the other hand, these titanium alloys are highly reactive and thus require specialized care at the time of production. This factor is further predicted to curtail the growth prospects in the global market in the following years. But, a noteworthy increase in product development has been estimated to fuel the expansion opportunities in the global market in the forthcoming years.
Titanium Market – Key Drivers
The alpha and near-alpha alloy vertical has been expected to hold the largest share in the global titanium market in the following years. These alloys are primarily pure commercial titanium alloys that maintain alpha phase at room temperature. In addition to this, these also contain tin, oxygen, aluminum, and alpha stabilizers.
The alpha alloys are commonly used in steam turbines, autoclaves, gas turbines, and some other process equipment vessels. Along with these, these also find applications in hollow compressor blades, structural parts, missile fuel tanks, welded stator assemblies, airframe and jet engine parts, and aircraft engine compressor blades. Thus, based on these increased applications, the titanium market has been predicted to grow at a noticeable pace in the coming years.
The ongoing trends in the aerospace & defense sector have been estimated to increase the production of jets and aircraft and thus create demand opportunities in the titanium market. Furthermore, rising demand for lightweight vehicles and SUVs along with rising government support to produce and sell electric vehicles are also serving as important factors to boost demand opportunities in the titanium market in the near future.
Titanium Market – Recent Developments and Key Players
The titanium market has been fragmented moderately. The global market has been commonly characterized with the presence of some local as well as international players. Further, these players have been projected to concentrate on different strategies in order to achieve a share in the global market, develop brand awareness, and penetrate the developing markets. Along with these efforts, these players are focusing to enhance their services to gain a larger consumer base. Mergers and acquisitions, novel product launches, expansion of company networks, and agreements or partnerships are some of the other noteworthy factors that are likely to fuel the market growth in the following years.
For instance, Boeing and Russian titanium producer named VSMPO-AVISMA has signed a Memorandum of Understanding in November 2021. The MOU has affirmed that VSMPO-AVISMA will be the largest supplier of titanium alloy for the future and current Boeing commercial airplanes.
Some of the key players in the titanium market are:
Titanium Market – Regional Assessment
The titanium market has been spread around five geographical regions including North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa on the basis of geographical locations. Asia Pacific among these has been predicted to hold a dominating share in the global market. This market dominance has been attributed to the rising demand from environmental protection, medical, high-end aerospace, and chemical sectors. Thus, based on these increasing applications across various industries, the titanium market has been projected to experience novel growth avenues in the coming years.
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