Global Titanium Metal (Titanium Alloy) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Titanium Metal (Titanium Alloy) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Titanium alloys are metals that contain a mixture of titanium and other chemical elements. Titanium is considered to be one of the strongest metals. Its strength, heat, water and salt resistance, and its light weight make it the ideal metal for a variety of applications. These applications range from jewelry and dental implants to airplanes and ships. Pure titanium is strong and corrosive resistant. Titanium alloys retain the same strength and corrosion resistance but takes on the greater flexibility and malleability of the metal it is combined with. Titanium alloys, therefore, have more applications than pure titanium.

Market Overview:

The latest research study on the global Titanium Metal (Titanium Alloy) market finds that the global Titanium Metal (Titanium Alloy) market reached a value of USD 5135.17 million in 2022. It’s expected that the market will achieve USD 7463.44 million by 2028, exhibiting a CAGR of 6.43% during the forecast period.

The industrial chain is affected

The COVID-19 outbreak has disrupted business and economic activities globally. It is expected to have a short-term impact on the Titanium Alloy market to a certain extent. With several countries across the globe announcing nationwide lockdowns and temporary closures of various industries, production and manufacturing have been severely affected. Stopping production not only aggravates the shortage of funds for small and medium-sized enterprises, but also reduces the solvency of enterprises, which may affect production and sales. Some enterprises have difficulties in operation and even go bankrupt. The epidemic situation has seriously affected the logistics and transportation, and the transportation of raw materials is difficult. The industrial chain of small and medium-sized enterprises is imperfect and fragile. Trade barriers have further impacted the demand-supply gap. Companies operating in the Titanium Alloy market have suspended non-essential visits/activities until the COVID-19 outbreak is resolved.

The production cost of enterprises increases

With the gradual control of the epidemic, some factories began to resume operation. However, enterprises need to protect the life and health of employees while operating production, such as purchasing masks, disinfectants and other epidemic prevention materials, disinfecting the working environment before and after production, and testing the body temperature of employees every day to ensure their health. These measures will increase production costs and affect the development of enterprises.

Drivers

Titanium is a transition metal with a unique shiny silver color, low density and high strength. Titanium has high resistance to corrosion by sea water, waters and chlorine. The metallurgical properties of titanium make it useful in various applications such as industrial, chemical processing, medical, consumer products, and aerospace. Due to its biocompatibility, titanium is widely used in the human body, such as hip and knee implants, pacemaker boxes, dental implants and cranial panels. Therefore, the increasing use of titanium in the aerospace and healthcare industries is expected to drive global demand for titanium alloys.

Opportunities

The growth of aerospace in developing countries. It is expected that India and China and the increasing application of titanium alloys in the marine industry will create new opportunities for market expansion in the next few years.
In China, the aerospace industry's demand for titanium alloys is mainly driven by the growing manufacturing activities of the country's aerospace industry. Aerospace is the country’s priority industry, and the government has invested heavily to improve its domestic manufacturing capabilities.
Encourage the development of high-end products, and implement an administrative licensing system for military products. Titanium belongs to the scope of new materials, and the important national policy on new materials also has a certain relationship with titanium. In general, the policy encourages the development of high-performance advanced titanium materials for aerospace and marine engineering. In general, the Asia-Pacific region is expected to have a high compound annual growth rate during the forecast period.

Region Overview:

From 2022-2027, North America is estimated to witness robust growth prospects.

Company Overview:

VSMPO-AVISMA is one of the major players operating in the Titanium Metal (Titanium Alloy) market, holding a share of 15.78% in 2022.

VSMPO-AVISMA

VSMPO-AVISMA Corporation PJSC, also known as VSMPO, produces semi-finished products made of titanium, aluminum alloys, stainless steel, and high percentage ferrotitanium. The Company's semi-finished products include ingots, pipes, sheets, and slabs.

TIMET

Precision Castparts Corp manufactures and sells metal components. The Company provides extruded pipe, fittings, forgings, and clad products. Precision Castparts serves aerospace, power generation, oil and gas, military, aerospace, and forging industries.

Segmentation Overview:

By type, Grade 5 / Ti-6Al-4V segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Aerospace segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Titanium Metal (Titanium Alloy) market covered in Chapter 3:

Allegheny Technologies
Western Metal Materials
Haynes International Inc
Alcoa
VSMPO-AVISMA
Toho Titanium
OSAKA Titanium
Western Superconducting
AUBERT＆DUVAL
BAOTAI
Carpenter Technology Corporation
Advanced Metallurgical group N.V
ThyssenKrupp AG
TIMET

In Chapter 4 and Chapter 14.2, on the basis of types, the Titanium Metal (Titanium Alloy) market from 2018 to 2029 is primarily split into:

Grade 1 Titanium
Grade 2 Titanium
Grade 3 Titanium
Grade 4 Titanium
Grade 5 / Ti-6Al-4V
Grade 6 /Ti-5Al-2.5Sn

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Titanium Metal (Titanium Alloy) market from 2018 to 2029 covers:

Aerospace
Petrochemical
Medical
Desalination
Automotive
Other

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)