Rockville, May 03, 2023 (GLOBE NEWSWIRE) -- On the basis of analysis by Fact.MR, the global titanium alloys market is estimated to be valued at US$ 4.5 billion in 2023 and is estimated to grow at a CAGR of 3.8% during the forecast period of 2023–2033.
Metals made of titanium alloys are durable, robust, and comparatively light. Such factors make it the perfect substrate for creating artificial teeth and limbs, especially knees and hips. It is more biocompatible with the human body and less prone to rusting than other metals like stainless steel and cobalt-based alloys.
Currently, Ti-6Al-4V, which is composed of 90% titanium, 6% aluminum, and 4% vanadium, is the alloy most frequently used in artificial hips and knees. Such use of titanium alloy in the pharmaceutical industry drives the market over the period.
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There are probably a lot of people around the world who need the replacement of teeth & limbs. Additionally, as the number of people aged 65 and older increases globally, hence, there will be a rise in the need for implants since this age group is more susceptible to conditions like osteoporosis and osteoarthritis. The main advantage of using titanium alloys to create prosthetic knees, hips, and teeth is that they are safe to use within the human body because they don't rapidly decay when exposed to bodily fluids.
Key Takeaways from Market Study
- Titanium alloys used in the aerospace industry are anticipated to grow at a CAGR of 4.2% during the forecast period
- The global titanium alloy market is projected to grow at 3.8% CAGR and reach US$ 6.5 billion by 2033
- North America is estimated to dominate the market and is expected to expand at a CAGR of 3.6% during the projected period
- East Asia’s titanium alloy market is expected to grow at a CAGR of 4.3% during the projected period
Growing Implants Demand across the Globe to Drive Titanium Alloys Market During the Assessment Period, says a Fact.MR analyst.
Market Growth Stratagems
Manufacturers operating in the titanium alloys market are adopting ground-breaking strategies to gain higher margins and market share compared to their competitors. Also, the stiff competition between the manufacturers is compelling market players to launch a new product in respective product segments to retain their customer base and also for gaining new customers.
Further, market titans are emphasizing expanding their global presence to reach out to potential customers and witness revenue growth. Long-term trade relations with suppliers and distributors to spur the manufacturer’s growth outlook over the assessment years.
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Competitive Landscape:
Prominent key manufacturers of the titanium alloys market are adopting innovative approaches such as mergers, ground-breaking marketing tactics, technological advancements, and acquisitions. Along with these approaches players are collaborating with end-use industries to increase their revenue as well as strengthen their market position.
- For instance, in July 2022, IperionX Limited, a pioneer in the development of sustainable materials, and Oak Ridge National Laboratory (ORNL) announced that they are collaborating to develop inexpensive titanium alloys for additive manufacturing utilizing IperionX's titanium metal powders.
Key Companies Profiled
- Altemp Alloys Inc.
- Daido Steel
- Global Titanium Inc.
- Haynes International Inc.
- High Performance Alloys Inc.
- Kobelco
- Nippon Steel
Segmentation of Titanium Alloys Industry Research
- By Micro Structure:
- Alpha Alloys
- Near Alpha Alloys
- Alpha+ Beta Alloys
- Metastable Beta Alloys
- By Grade Type:
- Grade 5
- Grade 6
- Grade 12
- Grade 23
- Others
- By End-use Industry:
- Aerospace & Defense
- Power Generation
- Chemical Processing
- Automotive
- Marine
- Fashion & Apparel
- Oil & Gas Processing
- Architecture
- Medical
- Sports
- Others
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the titanium alloys market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of microstructure (alpha alloys, near alpha alloys, alpha+ Beta alloys, metastable beta alloys), grade (grade 5, grade 6, grade 12, grade 23, others), end-use industry (aerospace & defense, power generation, chemical processing, automotive, marine, fashion & apparel, oil & gas processing, architecture, medical, sports, others), and across major regions of the world.
Key Questions Covered in the Titanium Alloys Market Report
- What will be the estimated size of the Market in 2023?
- At what rate will the global Titanium Alloys sales grow until 2033?
- Which are the factors hampering the Titanium Alloys demand?
- Which region will spearhead the growth in the global industry during 2023-2033?
- Which are the factors driving sales in the Titanium Alloys Market during the forecast period?
Check out more related studies published by Fact.MR Research:
Titanium Market Size: The global titanium market size is valued at US$ 28 billion in 2023 and is predicted to increase at a CAGR of 6.5% to reach a market valuation of US$ 52.5 billion by the end of 2033.
Titanium Carbide Market Demand: The global titanium carbide market is expected to register a high single-digit CAGR over the long-term forecast. Increasing production capacities by the key manufacturers, rising manufacturing output across the globe coupled with high demand for drilling applications are the major factors pushing the industry.
Titanium Dioxide Market Share: The global titanium dioxide market share is forecasted to be surge up at a significant pace with a CAGR of 5.35% throughout the forecast period (2022-2032).
Titanium Dioxide Nanomaterials Market Revenue: The global titanium dioxide nanomaterials market revenue is projected to surge ahead at a CAGR of 7.7% over the 2022-2032 forecast period. The market is expected to reach a value of around US$ 3.6 billion by 2032, up from US$ 1.71 billion in 2022.
Titanium Dioxide Nanoparticles Market Sales: The global titanium dioxide nanoparticles market is valued to be US$ 242.2 million in 2023 and it is anticipated to grow at a CAGR of 6.2% to reach US$ 442.0 million by the end of 2033.
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