The market was negatively affected due to COVID-19 in 2020. Owing to pandemic scenario, several countries went into lockdown. This had negative impact on various end-user industries such as aerospace, automotive, chemical and others, due to supply chain disruptions and workforce shortages. According to OICA, global automotive production has witnessed a decline of approximately 23% in Q3 of 2020 compared to Q3 of 2019. However, the condition is expected to recover in 2021, which is expected to drive the market during the forecast period.

- Over the short term, the market's growth is majorly driven due to its excellent mechanical and physical properties, as well as extensive usage in a wide range of end-user applications. The major application of titanium alloys is in the aerospace industry, for use in jet engines and other related parts. These alloys are mainly used in gas turbine engines, aircraft structures, such as landing gear, space-crafts, and helicopter rotors. The demand for titanium alloys from emerging countries is also expected to increase, particularly in China and Russia. China is witnessing a significant increase in the orders for domestically manufactured commercial aircrafts, with major companies being Chinese airlines and other leasing companies.

- On the flipside, the premium pricing of titanium alloys and negative impact of COVID-19 pandemic are expected to act as a restraints for the market.

- Furthermore, innovative product development is likely to act as an opportunity for the market, during the forecast period.

- By microstructure segment, the alpha and near-alpha alloy segment is estimated to account for the largest share.

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Key Market Trends

Alpha and Near-alpha Alloys to Drive the Titanium Alloys Market

- Alpha and near-alpha alloys are primarily the pure commercial titanium alloys, which maintain alpha phase at room temperature and contain alpha stabilizers, aluminum, oxygen, and tin.
- Near-alpha alloys have some amount of beta-phase ductility, and are alloyed by 1-2% of beta stabilizers (silicon, molybdenum) in few alloy products.

- Alpha alloys and near-alpha alloys hold good fracture toughness and creep resistance, along with moderate mechanical strength. Moreover, these alloys can adapt temperatures up to 1,100 ºf (600ºc).

- Alpha alloys, such as Ti-6Al-2Sn-4Zr-2Mo+Si, Ti-5Al-2.5Sn, and Ti-8Al-1Mo-1V, find wide applications in steam turbine blades, gas turbines, autoclaves and other process equipment vessels, aircraft engine compressor blades, airframe and jet engine parts, welded stator assemblies, missile fuel tanks, structural parts, and hollow compressor blades, among others. They can be used at a high range of temperatures than alpha-beta alloys.

- The increasing production of new aircrafts and defence products, and increasing population using passenger aircrafts as a mode of transport are driving the demand for alpha and near-alpha titanium alloys from the aerospace and defence sector, globally.

- In United States, in November 2020, the Senate was observed planning investment of about USD 1.7 billion to buy 17 more F-35 fighter jets for the military in fiscal year 2021. The plan includes order of twelve F-35As for the Air Force and five F-35Cs for the Navy and Marine Corps for a total of 96 jets in FY21. Hence, with such trends in aerospace and defense sector, the demand is expected to drive the production of aircrafts and jets, thus creating derived demand for titanium alloys.

- The increasing demand for SUV’s and lightweight vehicles, and governments supporting the production and sale of electric vehicles through favourable policies are also expected to stimulate the market for titanium alloys.

- The titanium alloy is lighter in weight than other alloys, such as iron, steel, etc., which serves as an advantage for such titanium alloys in replacing specific automotive components, further driving the demand for the titanium alloy market during the forecast period.

- All the afore-mentioned factors are expected to drive the demand of alpha and near-alpha alloys over the forecast period.

China to Dominate the Asia-Pacific Region

- China dominated the titanium alloy market in Asia-pacific region, and is expected to continue dominating the market during the forecast period, owing to the increasing demand from the chemical, high-end aerospace, medical, and environmental protection sectors.

- The launch of new production facilities by Xinjiang New Material Co. Ltd and Chaoyang Baisheng Co. Ltd, in China, is expected to have a major role in boosting the production rate of titanium.

- The demand for titanium alloy in the aerospace industry, in China, is mainly driven by the growing manufacturing activities of the aerospace industry, in the country. Aerospace is a priority industry for the country, with the government investing huge amounts to increase its domestic manufacturing capabilities.

- The Chinese aerospace policy represents one of the most comprehensive attempts to enter the top levels of aerospace development and production. China is expected to be the world’s largest single‐country market for civil aircraft sales, over the next 20 years.

- According to Boeing, China is estimated to require around 7,600 new commercial aircraft, valued at USD 1.2 trillion, over the next two decades.

- Under the plan ‘Made in China 2025’, it is expected that China is likely to supply over 10% home-made commercial aircraft to the domestic market by 2025. This is expected to propel the demand for titanium alloys during the forecast period.

- Thus, positive growth is expected to drive the titanium alloy market throughout the forecast period. Overall, the Asia-Pacific region is expected to register a high CAGR over the forecast period.

Competitive Landscape

The titanium alloy market is partially consolidated. The major companies include VSMPO-AVISMA Corporation, NIPPON STEEL CORPORATION, Allegheny Technologies Inc. (ATI), CRS Holdings Inc., and Baoji Titanium Industry Co., Ltd.

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