Future Market Insights
Titanium Aluminide Market: Introduction
Titanium Aluminide (TiAl) is a light weight and strong intermetallic alloy having high resistance towards oxidation and heat. Owing to its properties, Titanium Aluminide meets the requirement for several applications in high performance materials needed in automotive, aircraft and power sector application. Titanium Aluminide is found in intermetallic compounds: Alpha 2-Ti3Al, gamma TiAl and TiAl3. Among the three, gamma TiAl is the most preferred alloy, owing to its excellent mechanical & physical properties and high strength level up to 800°C. The density of gamma TiAl is about 4.0 g/cm?3;. Titanium Aluminide were initially used in components of Formula 1 race cars (valves). Now they are being used for several applications such as, Low pressure turbine blades in aircraft, valves and piston pins of high performance engines and for various components in power industries. Titanium Aluminide is one of the promising candidate to meet technical requirements hence Titanium Aluminide market is expected to have exponential growth rate over the forecast period.
Titanium Aluminide Market: Market Dynamics
Titanium Aluminide market is expected to have a potential growth over the coming years, owing to its attractive elevated temperature properties and low density, making it idle for both engine and airframe applications, particularly in the aerospace industry. Reducing structural weight to power ratio is one of the key factor for reducing the carbon foot print and improving the performance of aircraft and with the growth of global aerospace industry the Titanium Aluminide market is also expected to grow. Moreover, increasing demand of fuel efficient light-weighed high-end cars, multi-purpose vehicle (MPV) and sports-utility vehicles (SUV) governed by stringent rules and regulation along with continuous fluctuation in oil prices are driving the demand of light and strong materials, hence the global Titanium Aluminide market is expected to have a significant growth over the forecast period.
Although, Titanium Aluminide possesses several advantages over other materials, the technical advantage of using Titanium Aluminide is faced with the barrier of high price which will preclude its wide use for the foreseeable future, hence hampering the growth of Titanium Aluminide market. Moreover, it is also faced with a challenge of maintaining its characteristics while manufacturing it.
However, with the technological advancement, the key players are focusing on development of new applications of Titanium Aluminide especially for aircraft engine components such as High Pressure Compressor (HPC) blades and vanes, casings, exhaust structures and compressor-/ turbine discs. Increasing energy demand along with growing power industry is expected to hold new opportunity for the growth of Titanium Aluminide market.
Titanium Aluminide Market: Segmentation
On the basis of Product type, the global Titanium Aluminide market is segmented as follows:
On the basis of end use industry, the global Titanium Aluminide market is segmented as follows:
Titanium Aluminide Market: Regional Outlook
North America is expected to dominate the global Titanium Aluminide market owing to increasing application in automobile sector and growing aerospace industry. Moreover, increasing demand from U.S. navy for light weight and high strength material having high corrosion resistance is expected to drive the North America Titanium Aluminide market during the assessment period. European Titanium Aluminide market is expected to have significant growth owing to increasing application in automotive and aerospace industry driven by technological advancement and stringent rules and regulation along with the objective of improving efficiency. Expanding industrialization and increasing need of air transportation owing to increasing population supported by foreign investment in developing countries such as India and China, is expected to boost the Titanium Aluminide market in the Asia Pacific region.
Titanium Aluminide Market: Key Players
Examples of some of the market participants operating in the global Titanium Aluminide market are as follows:
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