Technological advancements and rising demand for high tensile & corrosion resistance material for enhanced durability are encouraging the growth of the market.
NEW YORK CITY, NY, UNITED STATES, August 25, 2021 /EINPresswire.com/ — The ‘Global Titanium-Based Alloys Market Report,’ published by Reports and Data, offers a panoramic vision of the global Titanium-Based Alloys market. The report presents accurate details on market size and revenue growth rate over the forecast period. It expounds on the current industry scenario and offers a detailed assessment of the latest and emerging market trends. The report contains key industry statistics presented in a tabular format to give readers an exclusive picture of the global Titanium-Based Alloys market.
The Titanium-based Alloys Market is forecast to reach USD 7,449.4 Million by 2028, according to a new report by Reports and Data. Titanium is a transition metal with a unique shiny silver color, high strength, and low density. The metal is exceptionally resistant to corrosion caused by aquatic region, seawater, and chlorine. Titanium’s metallurgical properties makes it the metal of choice for many different applications, including industrial, chemical processing, aerospace, marine, sporting, medical, and consumer goods. Due to its biocompatibility feature, it is used widely in the human body, as pacemaker cases, dental implants, hip and knee implants, and craniofacial plates, among others. Thus increase in the application of titanium in the medical & healthcare industry and aerospace is anticipated to propel the demand for the titanium alloys globally.
Since Titanium-based alloys have corrosion resistive characteristics in seawater, they are often used to make components of boats such as rigging and propeller shafts. They are used in missiles, aerospace, and rockets also. It finds its applications in biomedical science as well. They are very beneficial in chemical and industrial production plants also.
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The Asia Pacific region accounts for the largest share of 35.3% of the market in 2020. The region accounted for the largest market share due to the growing population and increasing number of end-use industries such as automotive, oil & gas, and chemical. There is an increasing demand for Titanium-based alloys in developing countries of the Asia Pacific such as India and China.
Key participants include:
Zimmer Biomet, ATI Metals, Dentsply, United Titanium, Inc., TOHO TITANIUM CO., LTD, Invibio, OSAKA Titanium, Wright Medical Group N.V., DSM Biomedical, Heraeus Medical Components, Carpenter Technology, Global Titanium Inc., Allegheny Technologies, among others.
Further key findings from the report suggest
Accelerated developments in aircraft size and increasing performance requirements are expected to provide lucrative opportunities in the aerospace industry.
Titanium alloys are often used for various critical hi-tech applications, such as static and rotating gas turbine engine parts and components of aircraft engines.
Due to the rising investments and an increasing number of aircraft deliveries, the application in the aerospace segment is expected to dominate the market with the largest share in 2020 and is estimated to reach USD 3.04 billion by 2026.
Alpha Titanium Alloy product segment is anticipated to grow at a rate of 3.5% during the forecast period.
Alpha phase alloys have moderate strength but are weldable and formable.
Near alpha alloys have medium strength but have excellent creep resistance. It is anticipated to witness the highest CAGR of 3.9% during the forecast period.
Beta phase alloys have the highest durability of any titanium alloys, but they also lack flexibility.
The applications for which these alloys are used, have extended to other industries as well, such as petroleum plant, chemical, and medical industries.
The application of this alloy in medical and healthcare segment is anticipated to grow at the highest rate of 3.7% during the forecast period.
The alloy is immune to heat and corrosion and attains excellence in heat-treating furnaces and other purposes where its extended lifespan and decreased corrosion gives it an advantage.
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For the purpose of this report, Reports and Data have segmented into the Titanium-based Alloys Market on the basis of Product, Grade, Application, and Region:
Product Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
Alpha Titanium Alloy
Near alpha alloy
Alpha + Beta Titanium Alloy
Grade Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
Application Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
Energy & Power
Medical & Healthcare
Regional Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
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