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The Ti-6Al-4V Titanium Alloy Market is projected to grow by USD 707.41 million with a CAGR of 3.05% during the forecast period 2021 to 2026.
This market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the market segmentation by application (medical, aerospace, chemical, automobile, and others) and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The market report also offers information on several market vendors, including Allegheny Technologies Inc., AMETEK Inc., Baoji Titanium Industry Co. Ltd., Carpenter Technology Corp., Eramet, Haynes International Inc., Hebei Metals Industrial Ltd., Heraeus Holding GmbH, Hermith GmbH, NeoNickel, Nippon Steel Corp., Nova Steel Corp., PTC Industries Ltd., Rickard Metals Inc., Rostec, Sandvik AB, Smiths Metal Centres Ltd., Tekna Holdings ASA, and ThyssenKrupp AG among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the market. During the COVID-19 pandemic, the market demand has been impacted greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Ti-6Al-4V Titanium Alloy Market Driver
The high demand for Ti-6Al-4V titanium alloy for orthopedic implants is one of the factors driving the market growth. The most common forms of titanium used in medical devices and implants are titanium 6AL4V and 6AL4V ELI alloys composed of 6% of aluminum and 4% of vanadium. These titanium alloys are frequently used in surgical operations and body piercings due to their compatibility with the human body. In skeletally mature patients, titanium alloy is strongly recommended for spinal fusion procedures to be used with autogenous bone grafts. For instance, the Titanium/PEEK Posterior LEIF (Lateral Expandable Interbody Fusion) cage was introduced by Zavation Medical Products in 2021. Thus, the rising demand for Ti-6Al-4V titanium alloy implants in the medical devices industry is expected to drive the growth of the market during the forecast period.
Key Ti-6Al-4V Titanium Alloy Market Trend
Emerging applications of titanium alloys are one of the key market trends fueling the market growth. Commercially titanium-based alloys are becoming the standard material of construction in many applications due to their corrosion-resistant properties. The resistance of titanium to many unfavourable and harsh environments allows end-users to plan for longer equipment life with reduced maintenance and downtime. The applications of titanium alloys are gradually becoming popular in heat exchangers in many chemical processes, in dimensionally stable anodes for chlorine and chlorate production, and in bleaching equipment in pulp and paper plants. Thus, these factors are anticipated to drive the growth of the market during the forecast period.
Key Ti-6Al-4V Titanium Alloy Market Challenge
The stringent certification process hindering the adoption of new technologies is one of the factors limiting the market's growth. A significant barrier to the acceptance of new technologies in aerospace applications is the certification required for the use of new materials. In the aerospace industry, the standards are based on decisions by government bodies; for instance, in the US Air Force, materials and processes must be certified separately for each program. The certification process typically lasts 18-24 months and requires extensive qualification procedures. During this process, a company must manufacture test or prototype components and validate their properties at its expense. Thus, these factors are expected to hinder the growth of the market during the forecast region.
This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global Ti-6Al-4V titanium alloy market as a part of the global diversified metals and mining market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is fragmented, and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the Ti-6Al-4V titanium alloy market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and the evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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54% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for the Ti-6Al-4V titanium alloy in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The rising demand for medical implants will facilitate market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The COVID-19 pandemic negatively impacted the growth of the market in countries such as the US and Canada in 2020. However, there was a gradual recovery in the market in the region in the latter part of 2020 due to the availability of COVID-19 vaccines and the decline in the number of COVID-19 cases. Owing to these factors, the market is expected to witness growth during the forecast period.
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The market share growth in the medical segment will be significant during the forecast period. The ability of titanium to bond with living tissue and bone makes it the perfect material for orthopedic implants such as knee and hip replacements. It is suitable for manufacturing many different medical devices because of its strength and improved corrosion resistance. This, in turn, will have a positive impact on the regional market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on the post-COVID-19 impact on each segment.
Ti-6Al-4V Titanium Alloy Market Scope |
|
Report Coverage |
Details |
Page number |
127 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.05% |
Market growth 2022-2026 |
$707.41 million |
Market structure |
Fragmented |
YoY growth (%) |
2.9 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 54% |
Key consumer countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
Allegheny Technologies Inc., AMETEK Inc., Baoji Titanium Industry Co. Ltd., Carpenter Technology Corp., Eramet, Haynes International Inc., Hebei Metals Industrial Ltd., Heraeus Holding GmbH, Hermith GmbH, NeoNickel, Nippon Steel Corp., Nova Steel Corp., PTC Industries Ltd., Rickard Metals Inc., Rostec, Sandvik AB, Smiths Metal Centres Ltd., Tekna Holdings ASA, and thyssenkrupp AG |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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