Titanium alloy is a lightweight, flexible, and extremely strong material. These attributes, coupled with its exceptional corrosion resistance, have diversified its application pool over the years. Aerospace, automobiles, defence, healthcare, and manufacturing are some of the key industries that use titanium alloys to manufacture a myriad variety of components. Likewise, the demand for alpha and near-alpha titanium alloys has grown considerably in the recent past. This is due to the alloy’s desirable structural properties such as high-temperature resistance. It is used in making welded stator assemblies, compressor blades, jet engine parts, and missile fuel tanks among others. Meanwhile, titanium alloys are used in the automotive industry to offer greater safety and structural integrity, especially in sports and race vehicles. All these developments are forecasted to sustain the strong growth momentum of the global titanium alloy market in the projection period.
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Sound Demand from Automobile Industry to Prolong Growth Trajectory of Titanium Alloy Market
In the recent past, the demand for more fuel-efficient and lightweight vehicles has grown at a rapid pace. This is primarily due to a heightened focus on offering better energy efficiency and cost-effectiveness. To this end, many automobile manufacturers are extensively using titanium alloy in various parts of their vehicles. Other than high strength and lightweight, titanium is also very resistant to oxidation and corrosion. Furthermore, the growing sales of performance-oriented cars are stimulating more demand for titanium alloy. It is used in manufacturing valve retainers, exhaust assembly, wheels, suspension systems, steering gear, and other components. These factors are boding well for the expansion of the global titanium alloy market.
Growing Applications in Medical Sector to Facilitate Titanium Alloy Market Expansion
As a lightweight metal with excellent refractive properties and corrosion resistance, the application pool of titanium alloy in the medical industry is growing. The metal is being used in several denture fabrication and analysis procedures. Moreover, its relatively low elastic modulus makes it a great material to be used in making dental casts. Titanium’s high flexibility makes it an outstanding memory alloy as it can deform in cold conditions but return to its original dimension in heat. Its mechanical and functional properties also make it fit to be used in mankind orthopaedic implants. All these factors are steering the global titanium alloy market to fruition.
Thriving End-use Industries to Reaffirm Asia Pacific’s Leading Position in Titanium Alloy Market
The presence of a fructuous automobiles and manufacturing industry, coupled with tightening vehicle safety regulations is boding well for the titanium alloy market in Asia Pacific. Besides, paced demand for titanium alloy from chemical, medical, and high-end aerospace domains is furthering the market’s growth prospects. For instance, the aerospace industry in China is being aided by supportive government norms and funding. Similar trends are being observed in India as well. These developments are expected to help cement Asia Pacific’s status as the leading titanium alloy market region.
Major Market Players
Some of the most competitive players currently operating in the global titanium alloy market include Nippon Steel Corporation, Timet, ATI Metals, Eramet, Outokumpu, Hermith GmbH, and Haynes International Inc.
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