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Titanium Alloy Honeycomb Market - Forecast(2023 - 2028)
Titanium Alloy Honeycomb Market Overview
The Titanium Alloy Honeycomb market size is estimated to reach US$1.1 billion by 2027, with an estimated CAGR of 5.7% during the forecast period 2022-2027. Titanium Alloy Honeycomb is a low-density chemical alloy consisting of traces of metals such as molybdenum, vanadium, manganese and zirconium which have high corrosion resistance and damage tolerance features. The high-performance properties of the alloy (such as temperature resistance, thermal insulation and energy absorption) are driving the demand for the alloy in the automotive, aerospace, building & construction and medical healthcare sectors. This is influencing the Titanium Alloy Honeycomb market. Factors such as bolstering growth in automotive sectors, growing construction activities and rapid increase in orthopedic surgeries are driving the growth of the titanium alloy honeycomb industry. However, the growing price of titanium is anticipated to hamper the market growth, thereby negatively impacting the titanium alloy honeycomb market size. The disruptions caused by COVID-19 decreased the market demand for Titanium Alloy Honeycomb due to a decrease in the productivity of its major end-users. This adversely affected the Titanium Alloy Honeycomb industry outlook.
Titanium Alloy Honeycomb Market Report Coverage
The “Titanium Alloy Honeycomb Market Report
– Forecast (2022 – 2027)” by IndustryARC, covers an in-depth analysis of
the following segments in the Titanium Alloy Honeycomb Industry.
Key Takeaways
- North America dominates the Titanium Alloy Honeycomb market due to rapidly growing automotive as well as aircraft production in the region which is significantly influencing the demand for the alloy.
- The increase in orthopedic surgeries due to the growing number of chronic diseases such as osteoarthritis and bone cancer is driving the usage of Titanium Alloy Honeycomb in the medical & healthcare sector in pins & screws applications.
- The surge in the titanium price would limit the production scale of Titanium Alloy Honeycomb. This would hamper the market growth and would negatively impact the Titanium Alloy Honeycomb market size during the forecast period.
Titanium Alloy Honeycomb Market Segment Analysis – by Type
The metallic type held the largest Titanium Alloy Honeycomb market share in 2021 and is expected to grow at a CAGR of 5.5% during the forecast period 2022-2027. Titanium can form alloy honeycomb with several metals such as molybdenum, vanadium, zirconium and manganese. The rich mechanical strength, corrosion resistance and thermal insulation properties of metallic titanium alloy honeycomb are driving their demand in major end-use industries such as automotive, aerospace, medical & healthcare and building & constriction for pins & screws, sheets, engines vales and airframe applications. There is a rapid development witnessed in these sectors over the years due to the growing demand and usage of their products. This is propelling the usage of metallic titanium alloy honeycomb for such applications, thereby contributing to the segment growth in the Titanium Alloy Honeycomb market during the forecast period.
Titanium Alloy Honeycomb Market Segment Analysis – by End-use Industry
The aerospace sector held the largest Titanium Alloy Honeycomb market share in 2021 and is projected to grow at a CAGR of 5.9% during the forecast period 2022-2027. Titanium alloy honeycomb, consisting of metals such as zirconium, molybdenum and vanadium, has high corrosion resistance, thermal stability and mechanical strength equivalent to steel. Due to these features, they are used in airframes, wings and fan blades of aircraft. With the airline companies increasing their aircraft strength to tackle the growing scale of air passengers, the rate of new aircraft deliveries has also increased. For instance, according to the General Aviation Manufacturers Association, in Q1 of 2022, the global aircraft deliveries stood at 491, showing a 14.7% increase in comparison to the numbers for the corresponding period in 2021. Such an increase in aircraft deliveries resulting from the increase in manufacturing would boost titanium alloy honeycomb usage for wings, airframes and fan blade applications. This would positively impact the growth of the Titanium Alloy Honeycomb market during the forecast period.
Titanium Alloy Honeycomb Market Segment Analysis – by Geography
North America held the largest share in the Titanium Alloy Honeycomb market share in 2021 up to 38%. Major end-use industries of titanium alloy honeycomb such as aerospace and automotive have shown significant growth in the region owing to an increase in their productivity. For instance, according to the International Organization of Motor Vehicles Manufacturers, in 2021, automotive production in the US increased by 4% in comparison to 2020’s production volume. Furthermore, according to the quarterly reports of aircraft manufacturer Boing, in Q1 of 2022, the company manufactured and delivered 95 commercial aircraft showing a 23% increase in comparison to 2021 for the corresponding period. With the increase in the productivity of the automotive and aerospace sector, the usage of titanium alloy honeycomb would increase in the automotive sector for valves & connecting rods, whereas for airframe & wings application in the aerospace sector, thereby boosting the growth of the titanium alloy honeycomb industry in the North American region during the forecast period.
Titanium Alloy Honeycomb Market Drivers
Bolstering Growth in Automotive Sector:
Titanium Alloy Honeycomb has high applicability in the automotive sector where the alloy is used in valves, connecting rods and retainers due to its anti-corrosive, thermal stability and high mechanical strength. The rapid development in the automotive sector resulting from technology upgradation, growing investment inflows and high demand for fuel-efficient vehicles has increased the automotive production scale. According to the International Organization of Motor Vehicle Manufacturers, in 2021, global automotive production stood at 80.1 million units, showing a 3% increase in comparison to 2020. Furthermore, according to the same data, the regional levels also witnessed a significant increase. For instance, the South American region witnessed an 18% increase in automotive production, whereas the African region witnessed a 16% increase. Such an increase in automotive production, both at global and regional levels, would stimulate the demand and usage of titanium alloy honeycomb in the automotive sector for connecting rod and valve applications. This would positively impact the Titanium Alloy Honeycomb industry growth during the forecast period.
Increase in Orthopedic Surgeries:
Titanium Alloy Honeycomb, due to the presence of various metals such as zirconium, vanadium and molybdenum, has great physical strength and impact absorption features. Due to these features, they are used in the medical & healthcare sector for pins and screws in orthopedic surgeries. Orthopedic surgeries have grown significantly over the years due to growing chronic trauma cases. According to the report published by the America Academy of Orthopedic Surgeons, in 2021, the number of orthopedic surgeries increased by 18.3% in comparison to 2020. Furthermore, according to the Organization for Economic Co-operation and Development, in 2019, the number of hip replacement surgeries in Germany stood at 244,590 showing a 3.2% increase. Such an increase in orthopedic surgeries has accelerated the usage of titanium alloy honeycomb for pins & screws application in the medical & healthcare sector. This has accelerated the growth of the Titanium Alloy Honeycomb industry, thereby significantly influencing the Titanium Alloy Honeycomb industry outlook.
Titanium Alloy Honeycomb Market Challenge
Increase in Titanium Prices:
Titanium Alloy Honeycomb primarily consists of pure titanium along with other metals and chemical elements. The surge in the price of titanium metal could pose a challenge to market growth. According to Asian Metal, the price of Chinese titanium increased from US$6.9 per kg in July 2020 to US$10.5 per kg in June 2021. Furthermore, in February 2019, US titanium manufacturer TIMET increased the price of its titanium metal and alloys by 8-12%. Such an increase in the price of the titanium metal would negatively impact the production volume of the titanium alloy honeycomb which would hamper the market growth of the alloy. It would also negatively impact the Titanium Alloy Honeycomb market size during the forecast period.
Titanium Alloy Honeycomb Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Titanium Alloy Honeycomb industry. The top 10 companies in the Titanium Alloy Honeycomb Market are:
- American Elements
- Tosolbond
- Koshii Maxelum America Inc.
- AirMetal
- Innovent Technologies
- ATI Metals
- Haynes International Inc.
- CRS Holding Inc.
- Baoji Titanium Industry Co. Ltd
- Eramet
Recent Developments
- In June 2021, Defense Research and Development Organization launched High Strength Metastable Beta Titanium Alloy containing metals such as vanadium, iron and aluminum. This can be used in aerospace structural forging.
- In April 2021, Montana Aerospace successfully acquired Paris-based Cefival which was a major producer and supplier of titanium alloys. These titanium alloys are used in the aerospace sector for manufacturing aircraft engines.
- In October 2019, AMG Advanced Metallurgical Group signed an agreement to acquire International Specialty Alloys which was a leading US producer of titanium alloys for the aerospace sector.
Relevant Reports
Report
Code – CMR 62509
Report
Code – CMR 1170
Report
Code – CMR 0290
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