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.
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.
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.