Titanium Alloys Market Revenue Analysis by 2027
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.
Aerospace & Defence and automotive industry have highly impacted the titanium alloy manufacturing sectors, creating demand for different grades of titanium alloys. Increasing demand from all types of titanium alloys creating opportunities for the market.
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A recent Fact.MR study predicts the 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 Alloy Market – Rapid Growth of end-use verticals to create enormous opportunity
Different grades of titanium alloys are used extensively in a variety of sectors and industries. Easy manufacturing of titanium alloys creates enormous opportunities of growth for the market. Titanium alloys are extensively used in end-use industries like aerospace & Defence, power generation, chemical processing, automotive, marine, fashion & apparel, oil & gas processing, biomedical, architectural, sports etc. With the rapidly expanding end-use industries across the globe is expected to propel the growth of titanium alloy market during the forecast period. Rising Defence & aerospace development activities throughout the globe, increasing demand of titanium alloy in the automotive industry, innovative product development is expected to create ample opportunities of growth for titanium alloy market during the forecast period. Reduction in cost due to technological innovations, technological growth in material science and a wide range of industrial applications of titanium alloys continue to impact positively on the titanium alloys market.
Development of titanium alloy has fueled the use of different grades of titanium alloys, offering a potential boost for the Grade 5 titanium alloy, alpha titanium alloys due to the increasing demand from different end-use verticals.
The increasing demand for the titanium alloy industry is ideally justified by the increasing investments by companies to cater the need in different industries intending to expand the use of titanium alloys. The rapid increase in the alpha titanium alloy adopted by different end use verticals has translated into a significant increase in demand for titanium alloy apparel, in turn driving the growth of 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.”
Titanium Alloys Market – High potential for growth of titanium alloys end use verticals in emerging economies
Demand for titanium alloy is increasing rapidly across the globe. Manufacturers are employing advanced manufacturing technologies in order to enhance efficiency of titanium alloys and increased production. With the addition of innovative product development that have greater performance, manufacturers are gaining high attraction amongst the end-users. Asia Pacific Excluding Japan (APEJ) is also becoming a hub for different end use verticals.
Therefore, demand for titanium alloys used in rapidly growing end use industries is anticipated to increase significantly throughout the globe in the near future. Players are targeting a wide range of industries, by introducing more advanced titanium alloys manufacturing technology.
The factors such as the increasing popularity of different grades of titanium alloys in rapidly increasing end use sectors which is likely to create healthy opportunity for titanium alloy market during the forecast period.
Developments in the formulations of titanium alloys has witnessed high consumption rates directly aimed at achieving better results. Trending properties of titanium alloys such as high tensile strength, corrosion resistance, enabled the growth of titanium alloys market replacing steel in areas where high resistance and strength is required. In addition, implementation of variety of titanium alloys by different end use sectors is expected to provide high growth during the forecast period.
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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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