Beta titanium alloys are materials that contain elements such as molybdenum, aluminum, vanadium, and iron. When heated at high temperature, pure titanium changes its crystalline form to become a different solid state called beta form of titanium. Key properties of beta titanium alloys include excellent fatigue and fracture resistance, high strength-to-weight ratio, compatibility with carbon or epoxy materials, biocompatibility, superior oxidation and corrosion resistance, non-magnetic character, and short radioactive half-life. Beta titanium alloys can be strengthened by heat treatment. They are commonly used in aerospace, automotive, and medical sectors due to the beneficial mechanical and thermal properties. One particular challenge for the beta titanium alloy is the necessity for strict process control, since most of the properties are sensitive to process variations. Powder metallurgy is one of the common methods of production of beta titanium alloys.
The beta titanium alloys market is primarily driven by the increase in demand for these alloys in military and commercial aircraft. McDonnell Douglas C-17 and the Boeing 777 have started employing the advanced properties of beta titanium alloys. These versatile titanium alloys are used in aircraft springs by replacing steel. The light weight and excellent strength of beta titanium alloys attracts manufacturers, retailers, and consumers. Thus, these are the key factors driving the beta titanium alloys market. Of late, beta titanium alloys have been employed in the medical sector, especially in orthopedic and orthodontic applications. The biocompatibility of the material makes it an ideal material to be used for these purposes. Despite these features, use of beta titanium alloys in engines and airframes
Based on production type, the beta titanium alloys market can be segmented into powder metallurgy and melting. In terms of application, the beta titanium alloys market can be categorized into aerospace, automobile, chemical, and medical sectors. The aerospace application segment can be further divided into aircraft and jet engines, and spacecraft. The chemical applications can be further segregated into manufacturing plants, tanker trucks, and heat exchangers. The medical applications of beta titanium alloys cover bone and dental surgeries.
The global beta titanium alloys market expanded moderately in 2016. This trend is estimated to continue during the forecast period. North America accounted for significant share of the beta titanium alloys market in 2016 due to the easy availability of raw materials and technological advancements in the region. The aerospace industry in North America is a key market, which is anticipated to expand further due to fleet expansion activities. Demand for highly fuel efficient vehicles and strong protective coating is increasing in the region. The beta titanium alloys market in Europe has been expanding significantly. Germany and France are considered the key countries in Europe. Recent advancements in the medical field are expected to drive the market in the near future. Demand for these alloys in aerospace and defense industries is boosting the beta titanium alloys market in Europe. Asia Pacific is also considered a key region for the beta titanium alloys market due to strong demand from China and India. Changes in lifestyle, the nature of emerging economy, and growth in the medical industry are the prominent factors augmenting the market for beta titanium alloys in Asia Pacific. Brazil primarily accounts for the demand for beta titanium alloys in Latin America due to the recent advancements made in the country is anticipated to offer promising growth opportunities to the beta titanium alloys market in the near future.
Key players operating in the global beta titanium alloys market include Allegheny Technologies, Haynes International Inc., and Advanced Metallurgical Group N.V.
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.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.