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Aerospace Titanium Market Size
Aerospace Titanium Market size valued at USD 1 billion in 2022 and is anticipated to register over 5% CAGR from 2023 to 2032. This is a result of the continued air travel rebound and the escalating commercial aircraft construction projects.
Air travel continues to observe an uptick despite the supply chain instability resulting from the cumulative impact of the Russia-Ukraine war, energy supply challenges, and constrained labor forces. As per statistics from the International Civil Aviation Organization, between January and August 2022, the number of air passengers surged by approximately 55%, as compared to the same period a year earlier. These global trends are encouraging aerospace firms to expand their commercial aircraft ranges to cater to the rising travel demand.
| Report Attributes | Details |
|---|---|
| Base Year: | 2022 |
| Market Size in 2022: | USD 1.5 Billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 5.3% |
| 2032 Value Projection: | USD 2.5 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 355 |
| Tables, Charts & Figures: | 509 |
| Segments covered: | Form, Manufacturing Method, Grade, End-User, and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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For instance, in October 2022, Airbus planned to deliver more than one aircraft per week for the Indian market, despite engine supply chain issues and the resultant impact on airline capacity enhancement in the country. Such initiatives will create lucrative growth avenues for manufacturers of aerospace composites including titanium matrix composites, consequently influencing market outlook. However, the availability of low-cost substitutes, such as HSCR steel, may create roadblocks to aerospace titanium market development.
Aerospace Titanium Market Analysis
The sheet form segment is poised to depict gains at nearly 5.5% through 2032. Favorable product attributes including lightweight, high strength, biocompatibility, corrosion resistance, and high-temperature performance are among the key drivers propelling industry growth. Additionally, metal manufacturing firms, including Nippon Steel Corporation, are manufacturing commercially pure titanium sheets for aircraft applications. These sheets have excellent cold formability compared to other sheets, thereby resulting in their increased usage in aircraft manufacturing.
Aerospace titanium market value from additive manufacturing method will surpass USD 250 million by 2032. Metal hybrid additive manufacturing machines are well suited for the aerospace sector, considering the requirement for lightweight aircraft parts with complex geometries. In recent years, additive manufacturing technology has gained massive momentum as a suitable alternative to traditional printers, owing to the ability to create stronger and lighter parts. With 3D printing, no extra costs are needed for adding complexity to improve rocket performance, making it the preferred manufacturing method to address the burgeoning aerospace titanium demand.
The 6AL-4V grade segment will exhibit a 5% CAGR between 2023 and 2032. High-temperature strength, ductility, fracture toughness, weldability, heat treatability, machinability, and other key properties will amplify the sales of 6AL-4V grade titanium. Fund generation for next-generation aircraft development has also increased. The U.S. Congress proposed funding worth USD 7 billion to enable the U.S. DOE to procure new aircraft in 2023 under the USD 1.7 trillion spending bill. The requirement for turbine engines and airframes for fighter aircraft will therefore surge, further increasing 6AL-4V grade titanium usage.
Aerospace titanium market revenue from the commercial aircraft end-user segment exceed USD 1.5 billion by 2032, given the rise in tourism. As per data from the Saudi Central Bank, in 2021, overall tourism spending, including foreigners and residents, showed a 52% increase from 2020 in Saudi Arabia. This rise in tourism spending is likely to boost travel passenger traffic and encourage commercial aircraft manufacturers to increase their fleets. These factors will consequently spur the use of aerospace titanium alloy in the production of landing gear and other aircraft components.
Asia Pacific aerospace titanium market is set to reach USD 400 million by 2032, owing to the growing population and the air travel recovery in the region. According to the International Air Transport Association, in November 2021, air traffic surged by 41.3% compared to 2021 levels, with the APAC region reporting the strongest Y-o-Y results. Furthermore, the rising disposable incomes and the escalating investment in space technologies will strengthen the regional market outlook.
Aerospace Titanium Market Share
- Plymouth Tube Company USA
- ATI
- TIMET
- Dynamic Metals Ltd.
- Reliance Steel & Aluminum Co
- Smiths Advanced Metals
- JINHAO Co., Ltd.
- ASM Aerospace Specification Metals, Inc.
- Aubert & Duval
- Jaco Aerospace
- Shenyang Yongye Industry Co., Ltd.
Nippon Steel Corporation are some of the prominent players in the aerospace titanium market. Mergers and acquisitions and business expansions are among the strategies being employed by these market participants to boost their presence in the industry.
To cite an instance, in December 2021, Reliance Steel & Aluminum Co. announced the acquisition of Nu-Tech, a manufacturer of custom fabricated parts, welded components and specialized extruded metals. The aim behind this takeover was to achieve Reliance’s goal to diversify its products, customer base and geographic reach, with the support of Nu-Tech. The acquisition was also intended to help the company strengthen its specialty metals portfolio and establish a strong presence in the aerospace titanium industry.
Impact of COVID-19 Pandemic
During the initial period of the COVID-19 pandemic, the global aviation industry witnessed a steep decline due to movement restrictions and economic disruptions. Considering the health crisis following the outbreak of the Omicron variant, BF.7, government bodies have also imposed stricter air travel norms. These factors may hamper the production of aerospace titanium for aircraft manufacturing applications. Moreover, the gradual ease in travel restrictions and the rebound of international air travel will create growth opportunities for the aerospace titanium industry.
Aerospace titanium market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Tons and revenue in USD Million from 2018 to 2032 for the following segments:
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By Form
- Round Bar
- Block
- Plate
- Sheet
- Others
By Manufacturing Method
- Traditional Manufacturing
- Additive Manufacturing
By Grade
- 6AL-4V
- 5AL-2.55N
- 15V-3CR-3SN-3AL
- 6AL-2SN-4ZR-2MO
- 3Al-2.5V
- Others
By End-User
- Commercial Aircraft
- Narrow Body
- Wide Body
- Regional & Business Aircraft
- Helicopter
- Military
- UAV
- Outer Space
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Sweden
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- UAE
- South Africa
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