Technological Advancement and Increasing Demand in Aerospace and Spacecraft Application Propel the Global Titanium Alloys Market
According to a new report published by Reports Monitor titled, “Titanium Alloys Market by Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Titanium Alloys Market was valued at XX million in 2016 and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025. North America and Europe accounts to lead the market due to well-developed technologies and advancement of infrastructure.
Titanium alloys have the decisive combination of corrosion resistance, lightness and strength. They are mostly used as a construction material of aircrafts, petrochemical & pulp, chemical, and paper process equipment. Moreover, they are also used in marine, off-shore, and space equipment. Titanium alloys contains additional quantities of other diverse elements such as vanadium and aluminium to further recover mechanical properties and corrosion resistance.
The demand for the market is increasing due to vast number of end-user applications. These alloys have high strength and toughness and are very light which makes them to be used in military, aircraft, and spacecraft application thus by propelling the growth of the market. Moreover, the market is driving by growing applications, technological advancements, and growing demand of market in aerospace and automotive sectors. However, titanium alloy products are much expensive as compared to the conventional alloys which is one of the major restrictive factors for the growth of market. Additionally, price competitiveness and competition from other high-performance alloys such as steel also serves as the hampering factor for the growth of the market.
On the basis of segmentation, the market is split into product type, end-users, and region. According to the product type, the market is classified into Ti-6Al-4V and Ti-6Al-2Sn-4Zr-6Mo. Depending upon the end-user segment, the market is categorized into aerospace applications, chemical industrial production plants, biomedical applications, and commercial applications.
The major companies in the report include: Precision Cast parts Corporation, Allegheny Technologies, Carpenter technology Corporation, Aperam, Haynes International Inc, RTI, Outokumpu, ThyssenKrupp AG, Verkhnesaldinskoye Metallurgicheskoe Proizvodstvennoe Obyedinenie (VSMPO), Advanced Metallurgical group N.V, Alcoa Howmet Castings, High performance alloys Inc.,Special metals ltd, Dowa group. For instance, in April 2018, Aperam, a stainless steel producer has purchased 100% of the shares in Germany-based special alloys producer VDM Metals for €438 million ($540 million).
Key Question Answered: •What will be the market size in 2025 and at what rate it will grow? •Who are the major key players in global titanium alloys market and what are their strategies? •Which vertical industry is expected to show major growth? •What segment and region will lead the market and why?
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