Titanium Alloy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Titanium Alloy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global titanium alloy market size reached US$ 4.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 7.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.

Titanium alloys are metals obtained by the homogeneous mixture of pure titanium mixed with other metals in small quantities, such as palladium, vanadium, aluminum, iron, molybdenum, and tin. They are widely used to manufacture high-performance materials, such as steam turbine blades, autoclaves, airframes, missile fuel tanks, orthopedic pins and screws, and automobile parts. Titanium alloys offer high tensile strength, biocompatibility, toughness, and corrosion resistance. They also exhibit low density, which helps them withstand extreme temperatures without breaking or chipping. As a result, they find extensive applications across the aerospace, transportation, power generation, chemical, utilities, automotive, and healthcare industries.

Titanium Alloy Market Trends:
The global titanium alloy market is primarily being driven by significant growth in the aerospace industry. Titanium alloys are widely used to make aero-engines, aircraft turbines, airframes, armor plating, spacecraft, landing gear, and hydraulic tubing. In line with this, the extensive product incorporation in missiles, airplanes, and rockets, owing to their high strength-to-density ratio, resistance to seawater, low weight strength, and high temperatures is favoring the market growth. Additionally, the integration of three-dimensional (3D) printing technology to develop super-strong, highly ductile, lightweight, and cost-effective titanium alloys is providing an impetus to the market growth. Moreover, rising demand from the healthcare industry for producing dental and surgical implants, such as denture frameworks and bases, bar connectors, orthodontic wires, hip joints, bone splints, and pacemaker cases, is providing a considerable boost to the market growth. Other factors, including widespread product adoption in the automotive industry to manufacture parts of the internal combustion engine, such as valves and valve springs, and extensive research and development (R&D) activities, are supporting the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global titanium alloy market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on microstructure and end use industry.

Breakup by Microstructure:

Alpha and Near-alpha Alloy
Alpha-beta Alloy
Beta Alloy

Breakup by End Use Industry:

Aerospace
Automotive and Shipbuilding
Chemical
Power and Desalination
Others

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Allegheny Technologies Incorporated, Altemp Alloys LLC, AMG Advanced Metallurgical Group N.V., Carpenter Technology Corporation, Daido Steel Co. Ltd., Haynes International Inc., Kobe Steel Ltd., Mishra Dhatu Nigam Limited, NeoNickel, Nippon Steel Corporation, Precision Castparts Corp. (Berkshire Hathaway Inc.), thyssenkrupp AG and United Titanium Inc.

Key Questions Answered in This Report

1. What was the size of the global titanium alloy market in 2022?
2. What is the expected growth rate of the global titanium alloy market during 2023-2028?
3. What are the key factors driving the global titanium alloy market?
4. What has been the impact of COVID-19 on the global titanium alloy market?
5. What is the breakup of the global titanium alloy market based on the microstructure?
6. What is the breakup of the global titanium alloy market based on the end use industry?
7. What are the key regions in the global titanium alloy market?
8. Who are the key players/companies in the global titanium alloy market?