The global alloy market is booming and may continue to experience consistent market growth by next year. The said values were perceived to be 'good news' for manufacturers in the alloy industry. It was also reported that titanium alloy, in particular, would grow to 3.38 percent for the next four years.
Experts claimed that the global titanium alloy market would generate a compound annual growth rate of approximately 3.38 from this year throughout 2024. The forecasted growth was perceived to be caused by mechanical and physical properties which makes the commodity have extensive usage in a wide range of end-user applications.
It was also reported that the premium pricing of the commodity is forecasted to be a restraint for the market. Therefore, the experts claimed that it would be a healthy investment in the coming years. Furthermore, it was also reported that innovative product development would highly likely act as a complementary investment opportunity in the market for the forecasted period of growth.
The report also enumerated the major key players of titanium alloy in the market today. These include Advanced Metallurgical Group NV, Allegheny Technologies Inc., and Baoji Titanium Industry Co. Ltd.
The report also indicated key market trends in the alloy market to date. It was revealed that Near-alpha alloys made with beta-phase ductility and alloyed by one to two percent of beta stabilizers such as silicon and molybdenum are some of the profit-friendly commodities within the forecasted year.
it was also claimed that alpha alloys and near-alloys have a good fracture toughness and creep resistance making them sturdier and more capable of mechanical strength. Thus, since the commodity could adapt to temperatures up to 1100 degrees Celsius, it would be an attractive investment for those looking to partake in the manufacturing industry.
In other news, it was also reported that the automotive alloy material market would also share the same boom in the coming years as that of the titanium alloy market.
According to a report by CNBC News, China would lower tariffs on products to boost imports and alleviate its slowing economy. The imposition would be temporary and would include products such as ferroniobium which is an additive to high-strength low alloy steel and stainless steel material used for oil and gas pipelines including automotive alloy materials.
The waiver of tariff would be from one percent current tariff and would then be zero percent or tariff-free by 2020. The said waiver was reported to be China's response to higher demand for high-tech development which includes the alloy commodity.