Global Titanium Aluminide Market: Overview
Titanium aluminide (TiA) is widely known as gamma titanium and it is an inter-metallic chemical compound. The chemical is resistant to heat and oxidation and is lightweight. The chemical, however, comes with low ductility. It finds utilization in a wide variety of applications, such as automobiles, sporting equipment, jet engines, and aircraft. Such extensive use of the chemical is expected to support growth of the global titanium aluminide market in the years to come. Titanium aluminide come with three important inter-metallic compounds, namely TiAl3, alpha 2-Ti3Al, and gamma TiAl. Of all the three types, gamma TiAl has garnered most of the attention and is widely utilized in several applications. This variation of titanium aluminide has excellent mechanical attributes and outstanding resistance to corrosion and oxidation at higher temperatures i.e. temperature over 600 degrees Celsius. This attribute of titanium aluminide enables it to replace the usual nickel (Ni) based superalloy substances in the turbine engines of aircrafts
Type, application, and region are the three important parameters based on which the global titanium aluminide market has been classified. Such detailed analysis of the market comes with the sole purpose to provide stakeholders with a detailed and clear analysis of the global titanium aluminide market.
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Global Titanium Aluminide Market: Notable Developments
One of the important market developments that give a quick view of the dynamics pertaining to the global titanium aluminide market is mentioned as below:
- In November 2019, Amsterdam-based AMG Advanced Metallurgical Group N.V. has acquired US-based International Specialty Alloys. The latter is a leading producer of titanium master alloys and other binary alloys for use in the aerospace sector. This acquisition is expected to widen and diversify the customer base of the AMG Group.
Some of the prominent organizations in the global titanium aluminide market comprise the below-mentioned:
- AMG Advanced Metallurgical Group NV
- Castings Technology International Ltd.
- Moeller Mfg. Company, LLC
- Kaiser Aluminum Corporation
- Precision Titanium Products, Inc.
- Arconic Inc.
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Global Titanium Aluminide Market: Key Trends
The global titanium aluminide market is characterized by the presence of the following restraints, drivers, and opportunities.
High Demand from the Aerospace Industries is Foreseen to Support Market Growth
The global titanium aluminide market is foreseen to witness considerable growth in the forthcoming years due to the advantages it offers, such as low density and elevated temperature. The properties of the chemical make it ideal for use in both airframe and engine applications, especially in the aerospace sector. Less structural weight to power ratio is one of the major reasons responsible for the reduced carbon footprint and improvement in the aircraft’s performance is likely to foster growth of the global titanium aluminide market in the years to come.
Rising demand for sports-utility vehicles or SUV, multi-purpose vehicle or MPV, and fuel efficient lightweight vehicles is likely to drive the demand for titanium aluminide. Besides, strict rules and regulation pertaining to the environment pollution and constantly fluctuating prices of oil are likely to support growth of the global titanium aluminide market.
However, titanium aluminide is priced highly, which is likely to restrain growth of the global titanium aluminide market in the years to come.
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Global Titanium Aluminide Market: Geographical Analysis
In the global titanium aluminide market, North America is estimated to emerge as a dominant region in the market. Such growth of the regional market is ascribed to the augmented application of the chemical in the aerospace and automobile sectors. Rising demand for high strength and lightweight material in the US is expected to play an important role in the growth of the North America market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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