Titanium Alloy Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Alpha, Beta, Alpha-Beta), By Grade Type (Grade 5, Grade 6, Grade 12, Grade 23, Others), By Application (Aircraft Turbine, Engine Components, Sports Equipments, Valves & Connecting Rods, Orthopedic Appliance, Others), By Industry Vertical (Aerospace, Automotive, Medical & Healthcare, Sports & Leisure, Others), And By Geography - Forecasts From 2023 To 2028

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.

The growing number of orthopedic surgeries is positively impacting the market growth of titanium alloy. 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.

Recent developments

• In July 2021, the Defense Metallurgical Research Laboratory (DMRL) which is one of DRDO’s premier laboratories developed a high-strength metastable beta titanium alloy that will be used for making aerospace structural forging. The alloy consists composition of titanium with vanadium, aluminum, and iron providing a high-strength-to-weight ratio.
• AMG Advanced Metallurgical Group N.V., in October 2019, signed a definitive agreement to acquire the assets of US-based International Specialty Alloys which is a leading producer of titanium master alloys for aerospace applications.

Covid-19 Impact on the Titanium Alloy Market

The global lockdown implemented to prevent the widespread COVID-19 pandemic disrupted the growth of the titanium alloys market in 2020 as due to lockdown restrictions, the industrial productivity of major sectors such as automotive & aerospace went down which simultaneously reduced the demand and usage of titanium alloys. For instance, according to the General Aviation Manufacturers Association, in 2020, worldwide aircraft shipment witnessed a 9.7% decline in comparison to the 2,658 aircraft shipped in 2019 globally. Furthermore, according to the International Organization of Motor Vehicle Manufacturers data, in 2020, global automotive production experienced a 13% decline in production at 77.7 million units in comparison to the 92.2 million units produced in 2019. Moreover, the fear of catching an infection also led to the cancellation of various surgical procedures. According to the Canadian Institute of Health Information, between April to December 2020, the number of hip replacement surgeries at 6,200 declined by 16.1% whereas knee replacement at 14,000 witnessed a 29.8% decline in comparison to the same period in 2019. However, with the government showing ease in restrictions, the productivity of such major end users is showing a steady increase which will further enhance in the future, thereby providing a positive outlook to the performance additives market.

Titanium Alloy Market Scope:

Segmentation

• By Type
  • Alpha
  • Beta
  • Alpha-Beta
• By Grade Type
  • Grade 5
  • Grade 6
  • Grade 12
  • Grade 23
  • Others
• By  Application
  • Aircraft Turbine
  • Engine Components
  • Sports Equipments
  • Valves & Connecting Rods
  • Orthopedic Appliance
  • Others
• By Industry Vertical
  • Aerospace
  • Automotive
  • Medical & Healthcare
  • Sports & Leisure
  • Others
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others