Fior Markets launched a study titled “Titanium Alloys Market by Microstructure (Alpha, Near Alpha, Alpha-Beta, Beta), End User Industry, Regions”,and Global Forecast 2018-2025.
The global titanium alloys market is expected to grow from USD 4.97 Billion in 2017 to USD 6.87 Billion by 2025, at a CAGR of 4.13% during the forecast period from 2018-2025.Growing demand for the titanium alloys from the aerospace and the automotive industry on account their high tensile strength, toughness, extraordinary corrosion resistance, and elevated temperature withstanding capability properties, are driving the global titanium alloys market.
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Titanium alpha alloy segment had the market value of USD 1.82 billion in 2017
Microstructure segment is divided into alpha alloy, near alpha alloy, alpha beta alloy, and beta alloy. Due to their property for exhibiting the highest corrosion resistance along with high temperature creep strength and oxidation resistance, non-heat treatable and weldable properties, the alpha alloys are widely utilized in the aerospace industry. Thus growing worldwide demand for the aircrafts has led Alpha titanium alloy segment to lead the global titanium alloys market with USD 1.82 billion revenue in 2017.
Medical & healthcare segment is anticipated to grow at a CAGR of 6.47% in 2018-2025
End user is segmented into aerospace, automotive, marine, medical & healthcare, chemical, energy & power and others. Owing to their properties to operate over a very wide temperature range, high stiffness to weight ratio, the titanium alloys are extensively used in the aerospace industry for the manufacturing of aircraft engines, blades, shaft, and airframes. Thus the aerospace industry led the global titanium alloys market with USD 2.05 billion revenue in 2017. However the medical & healthcare segment is projected to grow at the fastest CAGR of 6.47% over the forecast period. This increased growth rate can be credited to the growing use of titanium alloys for the hip and knee implants, and its biocompatibility property.
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Regional Segmentation Analysis:
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Factors such as speedy growth of aerospace, marine and automobile industry along with rising demand for the titanium implants from the rapidly improving medical and healthcare sector, led Asia Pacific region to emerge as the dominant region in the global titanium alloysmarket with USD 1.72 billion revenue in 2017.
Major players in the global titanium alloys market areArcam, ATI, Daido Steel Co., Ltd, United Titanium, Inc., TOHO TITANIUM CO., LTD, Haynes International, Metalysis, TLS Technik, Global Titanium Inc., OSAKA Titanium, ADMA Products, Inc., Precision Cast Parts Corporation, ThyssenKrupp AG, Allegheny Technologies, Alcoa Howmet Castings, Outokumpu, Nippon Steel, ATI Metals, Aperam, Haynes International Inc., VSMPO, and among others.
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