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Aerospace Titanium Market Size

Report ID: GMI2080
Published Date: Feb 2023
Report Format: PDF

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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.

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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.

Aerospace Titanium Market Report Attributes
Report Attribute	Details
Base Year:	2022
Aerospace Titanium 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:	Increasing usage of titanium material in aerospace application worldwide Increasing commercial aircraft production Growing space industry to spur the global market demand
Pitfalls & Challenges:	Adverse impact of the coronavirus pandemic on the aircraft industry Availability of product substitutes in the industry

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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.

Authors: Suraj Gujar, Partha Paul

Frequently Asked Questions (FAQ) :

The market size of aerospace titanium crossed USD 1 billion in 2022 and will register over 5% CAGR from 2023 to 2032, due to the air travel recovery and the increasing commercial aircraft construction projects.

The aerospace titanium sheet segment is poised to depict nearly 5.5% gains through 2032, considering lightweight, high strength, biocompatibility, corrosion resistance, and other product attributes.

Asia Pacific aerospace titanium market is set to reach USD 400 million by 2032, owing to the growing population and the air travel recovery.

Plymouth Tube Company USA, ATI, TIMET, Dynamic Metals Ltd., Reliance Steel & Aluminum Co, Smiths Advanced Metals, Aubert & Duval, Jaco Aerospace, and Nippon Steel Corporation are some of the prominent players in the aerospace titanium industry.