The global titanium alloy market is expected to grow at a CAGR of over 7% during the forecast period.
In the short term, market growth is mainly driven by the growing use of titanium alloys in the aerospace industry and the growing demand for titanium alloys to replace steel and aluminum in military vehicles.
On the other hand, the high reactivity of the alloy requires special care in production. This is expected to have a dampening effect on the market.
In addition, the development of innovative products is likely to be an opportunity for the market during the forecast period.
China dominates the Asia Pacific market and is expected to maintain it over the forecast period. This dominance is due to growing demand in the chemical, high-tech aerospace, automotive, medical and environmental industries.
Titanium is one of the most important raw materials for the aerospace industry. Titanium alloys hold the largest market share in the aerospace raw material market, followed by aluminum alloys.
Given the weight of raw materials, titanium alloy is the third most important raw material in the aerospace industry. About 75% of high quality sponge titanium is used in the aerospace industry. It is used in aircraft engines, blades, shafts and aircraft structures (undercarriages, fasteners and spars).
In addition, titanium alloys are capable of operating in harsh temperatures ranging from sub-zero to over 600 degrees Celsius, making them valuable for aircraft engine cases and other applications. Due to their high strength and low density, they are ideal for use in gliders. The Ti-6Al-4V alloy is most commonly used in the aircraft industry.
Post time: Aug-10-2023