The titanium alloy market is expected to grow from USD 5.149 billion in 2025 to USD 7.041 billion in 2030, at a CAGR of 6.46%.
Titanium alloy is a chemical alloy made by combining pure titanium with other metals such as aluminum, vanadium, and iron. The alloy offers high impact & corrosion resistance, temperature withstanding, and mechanical strength owing to which it holds high industrial applicability in major sectors such as aerospace, automotive, and medical & healthcare. In the automotive sector, titanium alloy is used in engine valves to reduce fuel consumption, thereby improving the engine’s working efficiency. The rapid increase in automotive production due to the increase in demand and consumption of new fuel-efficient vehicles with light bodies has increased the productivity of automotive, especially light commercial vehicles. For instance, according to the International Organization of Motor Vehicle Manufacturers, in 2021, light commercial vehicle production reached 18.5 million units showing an 8% increase over 17.2 million units in 2020. Furthermore, the alloy also finds major usage in sports equipment such as tennis rackets, baseball bats, and golf clubs. The growing sports industry is also acting as a driving factor for the titanium alloy market.
Based on industry vertical, the titanium alloy market is segmented into aerospace, automotive, medical & healthcare, sports & leisure, and others. The aerospace sector is projected to hold a decent market share during the forecast period of the titanium alloy market. Titanium alloy provides improved mechanical strength, corrosion, and thermal resistance owing to which the alloy is used in making airframes, fan blades, and engine components such as discs, shafts, and casings. The growing air passenger traffic and ongoing military agreements to strengthen the air fleet of nations have increased the overall production volume of the aerospace sector. Major aircraft manufacturers are reporting an increase in revenue. For instance, according to Boeing’s 2021 annual report, the company reported US$19,493 million of revenue from its commercial aircraft sales showing a 20.6% increase over 2020's revenue. Furthermore, according to the General Aviation Manufacturers Association's quarterly report, in Q2 of 2022, total aircraft shipment worldwide stood at 679 units showing an 8.3% increase over 627 shipments made in Q2 of 2021. Such an increase in aircraft production will simultaneously boost the demand for titanium alloy in the sector, thereby propelling the overall market growth in the future.
Titanium alloy in comparison to other metals such as stainless steel offers higher strength, rigidity, and better corrosion resistance owing to which it provides much more reliable mechanical performance as a hard tissue replacement. The growing number of trauma cases coupled with the rapid increase in the old age population has increased the scale of orthopedic surgeries. For instance, according to the 2021 annual report of the American Joint Replacement Registry (AJRR), the total hip and knee replacement surgeries stood at 2.2 million which witnessed an increase of 18.3% in comparison to the previous year. Moreover, according to the 2022 annual report of the Australian Orthopedic Association National Joint Replacement Registry, the total number of joint replacement surgeries reported in 2021 stood at 18,53,452 which experienced an increase of 7.5% over 17,23,466 surgical cases reported in 2020. Also, as per the same source hip replacement surgeries saw 5.5% growth in comparison to 2020, whereas knee replacement witnessed 8.2% growth followed by shoulder replacement with 7.1%. With such an increase in the volume of orthopedical surgical procedures, the demand and usage of titanium alloy for implants and prosthetics applications is also expected to increase, thereby boosting titanium alloy market growth.
Titanium Alloy Market Segmentation: