A new report by XploreMR studies the growth drivers, trends, restraints, and highlights of the global titanium alloys market. Presenting exclusive insights into the market from 2018 to 2027, the report projects that the market will witness significant growth during the forecast period. Titanium alloys have been an integral part of aircraft engines for a very long time, owing to the material's light weight, thereby reducing the overall weight of the aircraft and fuel consumption. Titanium alloys also offer high compressive strength and excellent resistance to corrosion, further propelling demand from the aircraft industry. The factors predominantly driving the market growth are high usage in the manufacturing of aircraft parts, growing usage in defense applications, and technological advancements in automotive technology. Moreover, increasing adoption in space applications, backed by the expansion of space programs in various countries around the globe is also boosting the market growth.
Superior Physical Properties Propel Demand from Aerospace Industry
The high usage of titanium alloys in the aerospace industry and other major end-use applications is primarily attributed to their physical properties. Being compatible with carbon fiber, titanium alloys improve the tensile strength of the aircraft frame, when combined with it. Furthermore, the high thermal coefficient of titanium alloys makes them ideal to manufacture products that have to sustain under high temperatures. Due to this, titanium alloys are gradually replacing steel-based material in the aircraft industry. Additionally, properties such as excellent crack propagation resistance, fatigue strength, corrosion resistance, and fracture toughness are encouraging manufacturers of turbofan engines to utilize titanium alloys. In addition to the aerospace industry, titanium alloys are used to manufacture helicopter rotor blades, medical devices, and surgical equipment, thus further impelling market revenue. Moreover, titanium alloys are also receiving revenue opportunities from power generation, chemical processing, automotive, marine, fashion & apparel, and oil & gas processing among other industries.
Economical Developments in Asia Pacific to Catalyze Market Growth
North America and Europe are anticipated to lead the regional landscape of titanium alloys, owing to the strong presence of major aircraft manufacturers. On the other hand, Asia Pacific is forecasted to bestow lucrative revenue opportunities to players in the titanium market, owing to the swift economic growth in countries such as China and India. Furthermore, the launch of new production facilities in China, burgeoning manufacturing activities, and demand from biomedical and automotive sectors in the region. Besides, the flourishing aerospace industry in the region is expected to significantly contribute to overall market growth.