Aerospace Titanium Market is Expected to Reach USD 7,007.5 Million by 2030
As per the report published by Kings Research, 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 has experienced a consistent increase in growth due to several contributing factors including an increase in air traffic, demand for fuel-efficient and lightweight aircraft, and the expanding global aerospace industry. The aerospace titanium market has exhibited consistent growth. Various companies are allocating resources towards technological improvements and pioneering novel ventures of titanium alloys to enhance aircraft functions and lower costs. Furthermore, contemporary advancements in 3D printing and additive manufacturing methods within the aerospace industry are generating novel prospects for the expansion and development of the market.
- Based on the material type, the titanium alloys segment accounted for 74.8% and held the largest market share in 2022
- Based on application, the structural airframes segment generated the highest revenue accruing a valuation of USD 2,102 million in 2022
- Based on the manufacturing process, the casting segment dominated the market share in 2022
- On the basis of region, North America accounted for the largest market share in 2022
Acquisition of Southern Steel Supply, LLC by Reliance Steel & Aluminium Co.
March 2023 - Reliance Steel & Aluminum Co. completed the acquisition of all the equity of Southern Steel Supply, LLC. Southern Steel Supply is a metal service company that provides a diverse portfolio of products, including pipes and tubes, structural steel & plate, ornamental products, as well as fabricated parts and laser cut.
Acquisition by Montana Aerospace of Cefival
April 2021 - Montana Aerospace, a prominent manufacturer of highly integrated system components and complex assemblies for the aerospace, energy, and e-mobility sectors, has completed its acquisition of Cefival, a French expert in titanium extrusion.
Product Innovations and Developments in Manufacturing Processes to Augment the Market Growth
The growing space industry and continuing advancements in aerospace technologies are observed to drive the demand for titanium in the industry. Additionally, product innovations and the decreasing cost of titanium are becoming key trends in the market, making the material more accessible and attractive for different aerospace applications.
The aerospace industry has witnessed significant advancements in titanium product innovation, with the introduction of cutting-edge additive manufacturing techniques, including rapid plasma deposition (RPD). RPD is a commercially qualified additive manufacturing process that utilizes titanium to produce high-quality structural components that satisfy aerospace regulatory standards.
Penetration of Cutting-Edge Technologies in Manufacturing Processes to Offer Opportunities for the Market Growth
Recent advancements in technology, including the integration of 3D printing, integration of machine learning, and automation in the manufacturing process of aerospace components, have led to significant changes in the industry. These technological innovations have resulted in more efficient and cost-effective production processes, positively impacting the economics of the aerospace sector. This improved cost-effectiveness allows for continuous innovation and adoption of new technologies in the industry, positioning aerospace as a significant contributor to technological innovation.
The integration of machine learning in the manufacturing processes has led to improved cost-effectiveness and safety along with higher capabilities. Advanced processes utilizing AI have resulted in increased safety, with reduced employee productivity. Moreover, the utilization of AI has enabled the market to attain useful insights that were previously challenging to acquire using traditional methods, contributing significantly to the advancement.
Advancing Developments in Manufacturing and Aerospace Industry to Fuel North America's Dominance in Global Aerospace Titanium Market
In 2022, North America dominated the regional share accounting for over 43.4% of the global value owing to developments in manufacturing processes and increasing demand from the aerospace industry in terms of aircraft components, airframes, and engines. The presence and high activities of the space agency in the region are other factors driving the continuous demand for titanium for aerospace. North America is anticipated to continue its dominance during the forecast period.
The Emergence of Titanium and Technological Advancements Attributes to Europe's Exponential Growth
Europe accounted for the second largest share in terms of market value and is anticipated to reach a market valuation of USD 2,104 million by 2030, with a growth rate of 6.45%. The market is expected to experience moderate growth in the coming years due to the steady demand for aerospace titanium products in the region. Major contributors to the European aerospace titanium market include France, Germany, Italy, and the UK. Despite the challenges such as growing competition and volatile demand, the aerospace titanium market in Europe is poised for growth and development. This is due to the advancements in manufacturing technologies and the emergence of innovative titanium alloys that provide new market opportunities.
Collaborative Deals Struck Among Major Industry Players
The market is consolidated/fragmented with significant players in the market, such as Precision Castparts Corp., Supra Alloys, Weldaloy Specialty Forgings Company, RTI International Metals, Plymouth Tube Company USA., RELIANCE STEEL & ALUMINUM CO., thyssenkrupp Aerospace, KOBE STEEL, LTD., metalweb, NIPPON STEEL CORPORATION., amongst others, are concentrating on expanding their business through collaboration and partnership strategies.