Global and Chinese Titanium Alloy Industry
Saturday, 09 February, 2019
Titanium is present in a large amount in earth’s crust. Titanium alloys are metals which constitute a mixture of Titanium (silver colored transition metal) and other chemical elements. The Titanium alloy market is expected to good growth in the future owing to exhibiting properties such as excellent mechanical strength, good thermal stability, toughness, withstand at high temperature, corrosion and oxidation resistance, low density and lightweight. Aerospace application dominated the Titanium alloy market accounting for a 55% market share in 2015.
Titanium alloys are superior to aluminium alloys for use in aircraft engines, as they provide high specific strength. The specific strength of aluminium alloys drops rapidly when the engine temperature exceeds 200 oc. Pure titanium tensile strength is controlled primarily through oxygen content and iron content. The higher the oxygen and iron content, the higher the strength. Commercially alloyed titanium grades can range from a tensile strength 600 MPa (such as Ti-3A1-2.5V) to 1250 MPa (e.g. for the high strength alloy Ti-15Mo-5Zr-3AI.
Basically, two types of Titanium alloy mostly used:
Ti-6Al-4V (Market dominated by this formula)
Titanium alloy market is segmented by the microstructure of titanium alloys which include alpha type, alpha-beta type, and beta type. It is also segmented by end-user industries namely Aerospace, Gas Turbine, Automotive, Oil and Gas, Electronics and Electricals and others.
Titanium alloys are superior to aluminium alloys for use in aircraft engines, as they provide high specific strength. The specific strength of aluminium alloys drops rapidly when the engine temperature exceeds 200 oc.
The rise in defense and aerospace industry in developing economies is likely to drive the titanium alloys market during the forecast period such as increase in trade of fighter aircraft, growth in defense deals among countries, expansion in the global aviation industry, technological advancements in the automotive technology, and expansion of space program in various countries around the world. Heat resistance and fuel efficiency- which are expected to drive the demand in the aerospace industry. According to the International Air Transport Association, nearly half of the world’s air traffic growth will be driven by travel from, to, or within Asia-Pacific in the next 15 to 20 years, resulting in a growth in demand of titanium alloys for building airplanes, fighter aircraft, spacecraft and other.
The consumption of titanium alloys in the marine industry is expected to fuel the market growth owing to the usage of titanium in ocean engineering for desalination pipes, offshore oil drilling pumps, valves and pipes. Also, Titanium alloys are very useful in Chemical Industrial Production Plants.
Titanium has anti-corrosion and biocompatible properties and has ability to join with human bone, it has become an essential part of the medical field, ranging from surgical titanium instruments to orthopedic titanium rods, pins and plates, and dental titanium. These factors are estimated to boost the demand for titanium alloys in the biomedical industry.
LIMITATIONS: Titanium alloy products are very costly as compared to conventional alloys and this serves as a major barrier to the growth of Titanium alloy market which limits the use of Titanium alloy in aircraft, medical devices, military applications, space crafts and highly stressed components such as connecting rods in expensive automobiles. Price competition from other alloys like steel. And lack of infrastructure and technology in emerging economies are the key restraints of the titanium alloys for the aerospace industry market.
Asia-Pacific reaches at largest market share because of the large number of industries in developing countries such as India, China, and ASEAN countries. Healthcare is the fastest growing end-use industry in these regions.
North America is a famous market for titanium alloys owing to the increasing demand in the manufacturing industries. Currently, North America and Europe lead the global titanium alloys for the aerospace industry market in terms of consumption.
The European market for titanium alloys is expected to grow as a result of the rising demand from manufacturers of civil and military aircraft, helicopters, drones, aero-engines, and other systems and equipment, which is likely to propel the market growth.
The Latin American market is expected to grow at a significant rate during the review period, due to economic recovery in the region which is likely to have a positive effect on industrial growth in the region specifically in Brazil and Mexico.
The market in the Middle East & Africa is likely to exhibit considerable growth in the coming years with the increasing applications of titanium alloys in the oil and gas industry.
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