The
titanium alloys market has been analyzed with regard to five key regions-North America,
Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The
market in Asia-Pacific accounted for the largest share in 2017 and is expected to grow at a significant rate during the review
period. The strong and broad-based global growth and trade, reinforced
by the US fiscal stimulus are expected to
support Asia’s exports and investments in growing end-use industries in the
region, while accommodative financial conditions are expected to support
domestic demand through growing small, medium and large enterprises in the
region. The increasing trade agreement among nations such as the Comprehensive
and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and successful
implementation of the Belt and Road Initiative is expected to support trade,
investment, and growth in Asia-Pacific. The booming aerospace industry in
Asia-Pacific is expected to further fuel the demand for titanium alloys.
According to Boeing, the passenger growth has increased at an average rate of
more than 10 percent annually in China and fueled the world traffic growth over
the past few years. The economic and income
growth in large emerging economies such as China and India are major
drivers to the global GDP growth and air travel demand, which, in turn, is
expected to add more fleets in the region fueling the titanium alloys market
growth during the forecast period.
The
market in North America is expected to grow at a considerable CAGR, owing to
the large base of aviation and automobile industries. The fastest growing
end-industries in Canada and the US are expected to propel the market growth in
the region.
Europe
is a prominent market for titanium alloys as a result of well-established
automotive industries, which is expected to
drive the demand for titanium. The demand for titanium alloys is
accepted show new potential due to growing research and development to make titanium alloys viable, cost-effective for automotive parts such as
engines parts and valves. Other important regions expected show significant growth opportunity in the European including France, Spain, Italy, Switzerland,
and Russia.
The
Latin American market is expected to exhibit lucrative opportunity for manufacturers, as the free-trade agreements
with the European Union, Mexico and China
is expected to offer industrial growth, investment, and demand in the region. The market
in the Middle East & Africa is likely to witness substantial growth
during the review period as the oil and
gas industry is expected to grow owing to the presence of vast reserves of
crude oil in the region, which in turn is expected to fuel the demand for
titanium alloys due to its application in drilling equipment. The industry will
witness considerable due to significant investments in re-exploring oil &
gas and exploring new reserves.
Segmentation
The
global titanium alloys market has been segmented
by microstructure, end-use industry, and region.
On the basis of microstructure, the market has been segmented into alpha alloy, near alpha alloy, alpha beta alloy, and beta alloy.
Based
on end-use industry, the market has been
segmented into aerospace, automotive, power and desalination, chemical, marine, and
others.
By region, the market has been categorized as North America,
Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Key Players
Some of the key players in the global titanium
alloys are Arcam (UK), ATI (US), Daido Steel Co., Ltd (Japan), United Titanium,
Inc. (US), TOHO TITANIUM CO., LTD (Japan), Haynes International (US), Metalysis
(UK), TLS Technik (Germany), Global Titanium Inc. (US), OSAKA Titanium
Technologies Co., Ltd (Japan), and ADMA Products, Inc. (US).
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