Aerospace Titanium Market

Aerospace Titanium Market Size

The global Aerospace Titanium Market size was valued at USD 4,141.5 million in 2022 and is projected to reach USD 7,007.5 million by 2030, growing at a CAGR of 6.93% from 2023 to 2030. The aerospace titanium market is an essential industry that plays a vital role in the aviation sector, providing materials that impact aircraft performance and safety. Aerospace-grade titanium serves as an ideal material for manufacturing planes, spacecraft, and other aerospace-related products due to its unrivaled ratio of strength-to-weight, corrosion resistance, and high-temperature tolerance.

North America, Europe, and Asia Pacific regions are observed to experience the majority of growth in terms of value, and product innovations owing to increasing demand from the aerospace industry. Developing space agencies and increasing the deployment of space crafts is another factor that could provide lucrative growth opportunities for the aerospace titanium market. However, volatility of prices and ups and downs in the supply of aerospace-grade titanium could result in a slower growth rate for the overall market.

Analyst’s Review 

The global aerospace titanium market has been witnessing steady growth over the years, driven by factors such as rising air traffic, increasing demand for fuel-efficient and lightweight aircraft, and the expansion of the global aerospace industry.

Market Definition

Aerospace titanium refers to the usage of titanium and its alloys in the aerospace industry for various applications such as jet engines, missiles, and spacecraft. Titanium is valued for its high strength-to-weight ratio, corrosion resistance, and excellent fatigue resistance, making it an ideal material for use in harsh and demanding environments. Its use in aerospace has increased as engineers have sought to reduce aircraft weight and increase their performance, while also maintaining safety and durability.

The usage of titanium in aerospace is particularly prominent in areas where weight savings and high strength are critical requirements. One specific example of a titanium alloy commonly used in aerospace is Ti-6Al-4V, which is an alloy containing a blend of titanium, aluminum, and vanadium. This alloy has been widely utilized in various applications, including aircraft engine parts, airframe components, hydraulic tubing, and surgical implants. Overall, the utilization of titanium and its alloys in the aerospace industry has been instrumental in improving aircraft performance, reducing consumption of fuel, and enhancing passenger safety. Titanium alloys or pure titanium is observed to be a good resisting material against excessive heat for outer space aircraft.

Market Dynamics

The growing demand for advanced aircraft technology has resulted in an increasing demand for titanium, a highly valued, lightweight, and corrosion-resistant material. Countries with significant investments in military and aerospace technologies, including the United States, are contributing to this demand for titanium. Its use in aerospace applications has resulted in improved aircraft performance, fuel efficiency, and passenger safety, making it a critical material in the industry. The current economic instability and rising fuel costs have led to a growing demand to design and manufacture aerospace components that would increase fuel efficiency.

However, the production and manufacturing of titanium-based aerospace components require the necessity for specialized knowledge and expertise in titanium production and processing. A lack of skilled professionals could slow down the manufacturing processes on a global level. Another factor that could restrain the growth of the aerospace titanium market is the scarcity of high-quality titanium resources. It could impact the price volatility if the demand for aerospace titanium upsurges suddenly. Additionally, the market is highly susceptible to changes in other related global economic conditions, and geopolitical tensions as well.

Segmentation Analysis

The global aerospace titanium market is segmented based on material type, application, manufacturing process, and geography.

By Material Type

Based on material type, the market is further categorized into titanium alloys and commercially pure titanium. Titanium alloys dominated the material segment in 2022, accounting for a substantial share of 74.8%. The widespread adoption of titanium alloys owing to their strengthened capacities and adherence to regulations is the prominent factor for the dominance of this segment. Titanium alloys are widely utilized in the aerospace industry due to their notable features such as low density, high strength, and corrosion resistance. The utilization of titanium alloys has penetrated numerous aerospace applications including airframes, aircraft engines, helicopter components, and marine parts. The titanium alloy sub-segment is estimated to dominate the segment with the highest potential growth rate of 8.32% during 2023-2030.

By Application

Based on application, the market is further categorized into structural airframes, engines, and others. In 2022, structural airframes dominated the segmental share accruing USD 2,102 million owing to its unique properties such as resistance to high temperatures, and its light-weight nature. Titanium alloys are majorly utilized in aerospace structural airframe applications owing to their high strength-to-weight ratio and their corrosion-resistant properties. The utilization of titanium alloys in airframes assists in reducing aircraft weight and increasing fuel efficiency, ultimately resulting in cost efficiency. Some examples of structural airframe applications include wing structures, critical fasteners, springs, landing gear components, and hydraulic tubing.

By Manufacturing Process

Based on manufacturing processes, the market is further categorized into casting, machining, powder metallurgy, additive manufacturing, superplastic forming (SPF), and others. In 2022, the casting process held the largest share in terms of value that were followed by the machining process accounting for 29% and 24% of the segment’s share respectively. The casting process is a prevalent method for fabricating titanium alloys because of its capacity to yield intricate shapes and high-precision near-net shapes. Furthermore, casting enables the cost-effective production of large components.

Aerospace Titanium Market Regional Analysis

Based on regional analysis, the global aerospace titanium market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

North America held the largest regional share in terms of revenue and demand, accruing more than USD 1,800 million in 2022. North America is estimated to observe a substantial growth rate of approximately 7.15% during the forecast period. The U.S. dominated the region owing to presence of the technologically advanced aerospace and military industry. The U.S. accounted for 75% of the regional revenue and is estimated to experience the highest growth rate in North America.

Asia Pacific is anticipated to experience the fastest growth rate of 8.09% and is anticipated to reach a valuation of USD 1,424 million by 2030. China and Japan are the countries attributing significant shares and developments that are expected to support regional market growth. The aerospace titanium market in the region is experiencing noteworthy advancements in titanium product innovation, coupled with a robust surge in demand for aerospace titanium products. Factors such as a revival of air travel along with the need for cost-effective and efficient aerospace solutions are observed to be two major factors growing the demand in the region.

Competitive Landscape

The aerospace titanium industry study report will provide valuable insight with an emphasis on the fragmented nature of the global market. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization. 

List of Key Companies in Aerospace Titanium Market

• Precision Castparts Corp.
• Supra Alloys
• Weldaloy Specialty Forgings Company
• Plymouth Tube Company USA.
• thyssenkrupp Aerospace
• metalweb.
• RTI International Metals
• RELIANCE STEEL & ALUMINUM CO.
• KOBE STEEL, LTD.
• NIPPON STEEL CORPORATION.

Key Industry Developments

• June 2022 (Product Launch) – Nippon Steel announced the launch of its newly developed eco-friendly product named TranTixxii™️-Eco. Snow Peak Inc., has collaborated with Nippon Steel for the supply of the newly developed product. 
• July 2021 (Acquisition) – Schwerter Technik was recently acquired by Plymouth Tube Company due to insolvency of Schwerter Technik’s managing company. Plymouth acquired the company from Hoesch Schwerter GmbH. The business unit had been an HSP division, has been renamed Plymouth Schwerter Technik. The exact terms of the transaction have not been disclosed.

The Global Aerospace Titanium Market is segmented as:

By Material Type

• Titanium Alloys
• Commercially Pure Titanium

By Application

• Structural Airframes
• Engines
• Others

By Manufacturing Process

• Casting, Machining
• Powder Metallurgy
• Additive Manufacturing
• Superplastic Forming (SPF)
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• Middle East & Africa
  • GCC
  • North Africa
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America