(MENAFN- GlobeNewsWire - Nasdaq) Wilmington, Delaware, United States, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global titanium aluminide market is projected to flourish at a CAGR of 20.0 % from 2022 to 2031. As per the report published by TMR, a valuation of US$ 1.9 million is anticipated for the market in 2031. As of 2023, the market for titanium aluminide is expected to close at US$ 450.3million.
The increasing demand for lightweight materials in aerospace and automotive industries drives the titanium aluminide market growth as it has high strength, corrosion resistance, and lightweight properties which will help in improving fuel efficiency and performance.
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Competitive Landscape
The global titanium aluminide industry is moderately consolidated, with a small number of large-scale vendors controlling majority share. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global titanium aluminide market report:
TIMET, ATI, Velta, ARCONIC, Daido Steel, and Kobe Steel.
In May 2023 - Arconic Corporation announced that it has entered into a definitive agreement to be acquired by Apollo Global Management, Inc. GE Aviation has been actively working on the development of advanced materials for aircraft engines. They have been investing in research to improve the performance and durability of titanium aluminide components, aiming to enhance engine efficiency and reduce emissions. In August 2023 - Ukrainian titanium innovator Velta and its US-based parent company announced they have contracted the global engineering consultancy Hatch to design a new, world-class titanium manufacturing facility in the United States. Velta's plannedfacility to produce titanium powders-bypassing the classic sponge stage through a revolutionary new method-will be among the first new titanium plants to open in thein recent history. In July 2023 - Ukrainian titanium leader Velta LLC announced Monday it had developed titanium aluminide (TiAl), a highly prized intermetallic compound, using its proprietary closed-cycle manufacturing process. This achievement represents an enormadvancement for titanium technology and will allow for new and more robust applications of intermetallic compounds across commercial and defense sectors at a fraction of the carbon footprint of traditional methods.
Titanium aluminide is used in aircraft engines and components due to its high-temperature strength and lightweight nature, making it a preferred choice in the aerospace sector. As the aerospace and automotive industries foon improving fuel efficiency and reducing emissions, materials like titanium aluminide play a role in achieving these goals.
The increasing industrialization and increased demand for aircraft, vehicles, and power generation equipment, consequently driving the demand for materials like titanium aluminide. The growing environmental concerns, government incentives, and technological advancements, and increased use of electric vehicles is estimated to fuel the titanium aluminide market growth in the next few years.
Key Takeaways from the Market Study
As of 2022, the titanium aluminide market was valued at US$ 375.3 million By application, the >39% to 66% segment accounted for highest market share of the global titanium aluminide market share in 2022. Based on the route of administration, the intravensegment accounts for the highest market share
Titanium Aluminide Market : Key Trends and Opportunistic Frontiers
Increased investments in aerospace infrastructure, including new aircraft and engine developments, contribute to the demand for advanced materials like titanium aluminide Increasing innovations in manufacturing methods, such as additive manufacturing (3D printing), enhance the production of complex titanium aluminide components. Companies specializing in advanced manufacturing technologies are partnering with aerospace and automotive industries to develop innovative methods for producing titanium aluminide parts.
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Titanium Aluminide Market – Regional Analysis
North America is expected to account for significant share in titanium aluminide market United States, is a major hub for the aerospace industry. Titanium aluminide is used in aircraft engine components, driving demand in this region. North American research institutions and companies are involved in R&D efforts to improve titanium aluminide properties and manufacturing processes. Asia Pacific is expected to account for a significant market share in the titanium aluminide market. The growth in aerospace and automotive industries in countries like China, Japan, and South Korea leading to increased demand for titanium aluminide. Research institutions in Asia-Pacific are contributing to titanium aluminide research and development.
Titanium Aluminide Market – Key Segments
Type
Alpha-2 Titanium Aluminide Gamma Titanium Aluminide Others
Aluminum Content
Up to 39% >39% to 66% 66%
Application
Jet Engines Bicycle Frames Automotive Engine Components Turbocharger Wheels Turbine Blades Implants and Surgical Instruments Drone Components Others
End-use
Automotive Aerospace Energy Sports Medical Others
Region
North America Europe Asia Pacific Latin America Middle East & Africa
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Tags Titanium Aluminide Market Titanium Aluminide Turbocharger Wheels Turbine Blades Drone Components Bicycle Frames Jet Engines Related Links Jet Engines Market 3D Printing Market Turbocharger Market