Global Titanium Alloy Market - Segmented by Type, Application and Geography - Trends and Forecasts (2014-2020)
LONDON, Sept. 28, 2015 /PRNewswire/ -- The Global Titanium alloy market, in terms of tonnage, was valued at 212.1 kilotons in 2014 and is expected to reach 274.6 kilotons by 2020 showing a compound annual growth rate of 4.40% Among all the regions in the world Asia Pacific is the fastest growing market for Titanium alloys during the period 2014-2020 whereas North America is the largest market in terms of revenue owing to their large base of aviation and automobile industries followed by Europe. The Among all the high performance alloys, Titanium alloys is the fastest growing segment and contributing about 19.1% share in the market.
Titanium alloys are metals which constitute a mixture of Titanium and other chemical elements. The market is expected to witness good growth in the future on account of exhibiting properties such as excellent mechanical strength, good thermal stability, toughness; heat, corrosion and oxidation resistance. Aerospace application dominated the Titanium alloy market accounting for 55% market share in 2014. North America and Europe accounted for over 70% of the market share in Titanium alloy market.
Titanium alloy market is segmented by microstructure of titanium alloys which include alpha type, near alpha type, alpha and beta type, beta type. It is also segmented by end user industries namely Aerospace, Gas Turbine, Automotive, Oil and Gas, Electronics and Electricals and others.
The key players in Titanium alloy market include Precision Cast parts Corporation, Allegheny Technologies, Carpenter technology Corporation, Aperam, Haynes International Inc, RTI, VSMPO, Outokumpu, ThyssenKrupp AG, Verkhnesaldinskoye Metallurgicheskoe Proizvodstvennoe Obyedinenie, Advanced Metallurgical group N.V, Alcoa Howmet Castings, High performance alloys Inc,Special metals ltd, Dowa group.
DRIVERS: Growth is largely fueled by increasing applications, technological advancements, and growing demand in the developing countries in Asia Pacific such as China, India due to the large demand of Titanium alloys in Aerospace and Automotive sectors. The demand of Titanium alloys also rises due to vast number of end user applications. Titanium alloys have very high tensile strength and toughness and are very light which makes them very useful for military, aircraft and spacecraft applications. They have extraordinary corrosion resistant properties and can withstand extreme high temperatures.
RESTRAINTS: Titanium alloy products are very costly as compared to conventional alloys and this serves as a major barrier to the growth of Titanium alloy market. Also Price competitiveness and competition from other high performance alloys like steel also serve as a draw back for the growth of the market. The high costs of raw materials and processing of Titanium alloys limit their use to aircraft, medical devices, military applications, space crafts and highly stressed components such as connecting rods in expensive automobiles.
What the report contains
The report elucidates the situation of Titanium alloys around the world and studies its markets by microstructure of Titanium alloys which include alpha type, near alpha type, alpha and beta type, beta type; and by end user industry which include Aerospace, Gas turbine, Automotive, Oil and gas, Electronics and Electricals and others.
Lastly, the report is divided by geography - North America, Europe, the Asia-Pacific (APAC), South America and Middle-East & Africa (MEA); where-in the market share of each region is analyzed and estimates are provided for the next 6 years.
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