The market in Asia-Pacific accounted for the largest share in 2017 and is expected to grow at a significant rate during the review period. The strong and broad-based global growth and trade, reinforced by the US fiscal stimulus are expected to support Asia’s exports and investments in growing end-use industries in the region, while accommodative financial conditions are expected to support domestic demand through growing small, medium and large enterprises in the region. The increasing trade agreement among nations such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and successful implementation of the Belt and Road Initiative is expected to support trade, investment, and growth in Asia-Pacific.
The booming aerospace industry in Asia-Pacific is expected to further fuel the demand for titanium alloys. According to Boeing, the passenger growth has increased at an average rate of more than 10 percent annually in China and fueled the world traffic growth over the past few years. The economic and income growth in large emerging economies such as China and India are major drivers to the global GDP growth and air travel demand, which, in turn, is expected to add more fleets in the region fueling the titanium alloys market growth during the forecast period.
The market in North America is expected to grow at a considerable CAGR, owing to the large base of aviation and automobile industries. The fastest growing end-industries in Canada and the US are expected to propel the market growth in the region.
Europe is a prominent market for titanium alloys as a result of well-established automotive industries, which is expected to drive the demand for titanium. The demand for titanium alloys is accepted show new potential due to growing research and development to make titanium alloys viable, cost-effective for automotive parts such as engines parts and valves. Other important regions expected show significant growth opportunity in the European including France, Spain, Italy, Switzerland, and Russia.
The Latin American market is expected to exhibit lucrative opportunity for manufacturers, as the free-trade agreements with the European Union, Mexico and China is expected to offer industrial growth, investment, and demand in the region. The market in the Middle East & Africa is likely to witness substantial growth during the review period as the oil and gas industry is expected to grow owing to the presence of vast reserves of crude oil in the region, which in turn is expected to fuel the demand for titanium alloys due to its application in drilling equipment. The industry will witness considerable due to significant investments in re-exploring oil & gas and exploring new reserves.
- Daido Steel Co., Ltd
- United Titanium, Inc.
- TOHO TITANIUM CO., LTD
- Haynes International
- TLS Technik
- Global Titanium Inc.
- OSAKA Titanium Technologies Co., Ltd
- ADMA Products, Inc.
The global titanium alloys market has been segmented by microstructure, end-use industry, and region.
On the basis of microstructure, the market has been segmented into alpha alloy, near alpha alloy, alpha beta alloy, and beta alloy.
Based on end-use industry, the market has been segmented into aerospace, automotive, power and desalination, chemical, marine, and others.
By region, the market has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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