In April 2020, the international business Market Forecast published "the current situation of the global titanium alloy market and the forecast of its development trend in 2023", which was recognized internationally to a certain extent.
According to the report, the international titanium alloy market is experiencing steady growth due to the advantages of titanium alloys, including thermal resistance, better fire resistance and higher dependence on titanium in the aerospace field. In addition, there is also a wide range of demand in space manufacturing, ocean cleaning, chemistry, medical and other fields, resulting in a steady increase in demand for titanium alloys.
According to market Research Future (MRFR), titanium alloy has a very bright future in 2023 and is likely to show exponential growth. In fact, as early as 2017, MRFR pointed out that the titanium alloy market was stable and profits increased steadily during the period from 2017 to 2023. Indeed, titanium profits have continued to rise between 2017 and 2020, and MRFR says there is reason to believe that the future of titanium in 2020-2023 is so bright. In addition, MRFR's analysis attributed the rising profits to global factory demand and stricter pollution requirements (titanium is also very environmentally friendly). For example, titanium micromedia has reported that the international Ocean Association's increased sulfur emissions standards have led to a large number of factories adopting titanium ocean cleaners. In addition, at present, the technology of titanium alloy is also improving, the cost of titanium alloy is gradually reduced, but the strength is increasing, undoubtedly increasing the competitiveness of titanium alloy once again.
Applications of titanium alloys in aviation
For all these reasons, MRFR believes that the titanium market will be very bright and more stable. Titanium alloy suppliers will increase their output and continue to develop new products and technologies in order to maintain their competitiveness and consolidate their market share. This also encourages strategic and technical cooperation between suppliers. Experts predict that there will be more business mergers, acquisitions, cooperation and so on in 2020-2023. Indeed, in October 2019 AMG, a Dutch metals giant, announced the purchase of International Specialty Alloys Inc, a titanium supplier, of the United States.
Regarding the titanium alloy situation in The Asian sector, MRFR said that the titanium alloy market and demand dominated in the Asian region of China, Japan and India. Asia is a big market and MRFR is optimistic about the development of titanium alloy market in Asia. "It will be a good opportunity for China, Japan and India," said MRFR. MRFR experts say.
The North American market is relatively stable and the forecast trend will be relatively stable. Europe's titanium index is likely to slow, which experts say is good for the European market in the long run.
To sum up, the titanium alloy market is very bright!