In April, the International Commercial Market Forecast released the "Predictions on the Current Status of the Global Titanium Alloy Market and Development Trends in 2023", which has been recognized internationally.
The report pointed out: At present, due to the many advantages of titanium alloys, including better heat resistance and flame resistance, and the high dependence of the aviation field on titanium, the international titanium alloy market is experiencing steady growth. In addition, there is a wide range of demand in the fields of space manufacturing, ocean cleaning, chemistry, and medical treatment, making the demand for titanium alloys steadily increasing.
According to the international business market forecast (market research future hereinafter referred to as MRFR), in 2023, titanium alloys have a very bright prospect and may show exponential growth (larger growth). In fact, as early as 2017, MRFR pointed out that during the period from 2017 to 2023, the titanium alloy market was stable and profits grew steadily. This is indeed the case. Titanium alloy profits have continued to rise from 2017 to 2020. MRFR stated that we have reason to believe that the prospects for titanium alloys from 2020 to 2023 are so bright. In addition, MRFR analysis believes that the main factors stimulating the rising profit of titanium alloys are the global demand for factories and the increasingly stringent requirements for pollutants (titanium alloys are also very environmentally friendly). For example, Titanium Micromedia has reported that due to the improvement of the International Ocean Association's sulfur emission standards, a large number of factories and enterprises have adopted titanium marine cleaners. In addition, the current technology of titanium alloys is also improving, the cost of titanium alloys is gradually decreasing, but the strength is increasing, which undoubtedly increases the competitiveness of titanium alloys again.
For the above reasons, MRFR believes that the titanium alloy market will be very bright and more stable. Titanium alloy suppliers will increase production, and in order to continue to maintain their competitiveness and consolidate their market share, suppliers will continue to develop new products and technologies. This also encourages strategic and technical cooperation between suppliers. Experts predict that there will be more mergers, acquisitions, and cooperation between 2020 and 2023. In fact, in October 2019, the Dutch Advanced Metallurgical Group (one of the AMG international metal industry giants) announced the acquisition of American International Specialty Alloys Inc. (the company is a titanium alloy supplier).
Regarding the titanium alloy situation in Asia, MRFR stated that the titanium alloy market and demand of China, Japan, and India dominate the Asian region. The Asian market is relatively large, and MRFR is very optimistic about the development of the Asian titanium alloy market. "This will be a great opportunity for China, Japan and India." MRFR experts said.
The North American market is relatively stable, and the trend after the forecast will be relatively stable. The European titanium alloy growth index may slow down. Experts believe that this is conducive to the long-term development of the European market.