July 19, 2019 by Steve Blade
Fact.MR’s recent study envisions the titanium alloy market to exhibit impressive growth rate during the forecast period. The titanium alloys market for aerospace industry envisions driven factors such as increasing trade of fighter aircraft, rapidly growing Defence deals among countries, technological advancements in the automotive technology, expansion in the global aviation industry and expanding space program in various countries around the globe.
Titanium Alloy Market to record an expansion at lower single digit over the forecast period (2019 – 2027). Titanium alloy continues to witness increased demand from different end-use verticals. However use of titanium alloys in sports and fashion & apparel industry is expected to experience impressive growth during the forecast period.
Titanium alloys continues to possess lucrative opportunities across the countries with dominating factors like increasing aerospace & defence, automotive, sports, architectural industry worldwide. Moreover, the growth in the power industry and fashion & apparel industry influencing the adoption of the titanium alloy owing to the increase in the demand for good quality and featured titanium alloy from the different end use verticals. The trending use of titanium alloys which has increased and more adoption rate than other alternatives and is further anticipated to create positive growth opportunities for the market.
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Titanium Alloy Market – Exhibiting Properties aim to deliver good growth for the market
The titanium alloy market is expected to witness healthy growth during the forecast period on account of exhibiting properties such as good thermal stability, excellent mechanical strength, heat, toughness, corrosion and oxidation resistance.
“Several advantageous properties like high tensile strength, toughness and light in weight makes titanium alloy product very useful for applications of military, spacecraft and aircraft. Such beneficiary properties aim to deliver extraordinary corrosion resistant property and titanium alloys can withstand extreme high temperatures.”
North America ascendancy in the Titanium Alloy market is likely to prevail, with a market share of nearly half of the overall market by 2027-end. Evolving automotive industry activities, along with increasing end use such as oil & gas, aerospace & Defence, power generation, chemical processing, marine, fashion and apparel, biomedical, architectural, sports etc. especially in the Asia Pacific excluding Japan, will continue to favor the growth of the titanium alloy market.
High cost of titanium alloys to hamper titanium alloy market sales
High cost of titanium alloys, especially in developed economies, has been a major obstacle for titanium alloy market. High prices of titanium, its alloys, lack of technology and infrastructure in emerging economies are the primary restraints of the titanium alloys market. Competition and price competitiveness from other high performance alloys like steel also acts as a key draw back for the growth of titanium alloys market. High costs of raw materials and processing of titanium alloys limit their use to medical devices, aircraft, space crafts, military applications and highly stressed components such as connecting rods in expensive automobiles. This has resulted to hinder the titanium alloy market.
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