PUBLISHER: The Business Research Company | PRODUCT CODE: 1435635
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435635
Aerospace titanium denotes titanium utilized in various aerospace applications such as aircraft, armor plating, naval ships, spacecraft, and missiles. Its popularity stems from its exceptional characteristics, including a remarkable tensile strength-to-density ratio, excellent resistance to corrosion, and the capability to withstand elevated temperatures without experiencing creep.
The primary varieties of aerospace titanium encompass TC4, TC6, TC16, Ti555, and several additional types. TC4, for instance, maintains a grade level of 0.008 under nominal load, 0.02 at a 10% overload, and 0.05 at a 20% overload. These titanium alloys fall into three categories such as alpha, alpha+beta, and beta alloys. Moreover, these aerospace titanium variations find application in diverse aircraft categories such as commercial aircraft, regional aircraft, general aviation, helicopters, and military aircraft. They serve crucial roles in structural airframes, engines, and various other aviation-related applications.
The aerospace titanium market research report is one of a series of new reports from The Business Research Company that provides aerospace titanium market statistics, including aerospace titanium industry global market size, regional shares, competitors with an aerospace titanium market share, detailed aerospace titanium market segments, market trends and opportunities, and any further data you may need to thrive in the aerospace titanium industry. This aerospace titanium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The aerospace titanium market size has grown strongly in recent years. It will grow from $2.83 billion in 2023 to $3.06 billion in 2024 at a compound annual growth rate (CAGR) of 8.2%. The growth observed in the historical period can be attributed to factors such as demand for military aircraft, advancements in space exploration, growth in air traffic, increasing environmental concerns, and substantial investments in research and development.
The aerospace titanium market size is expected to see strong growth in the next few years. It will grow to $4.12 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The anticipated growth in the forecast period can be attributed to the rise of urban air mobility (UAM), the adoption of digital technologies, a focus on sustainable aviation, the implementation of smart manufacturing practices, and ongoing global defense modernization efforts. Key trends expected in the forecast period encompass customization in aerospace products, the integration of nanotechnology, the increasing prominence of unmanned aerial vehicles (UAVs), a rise in outsourcing practices, and an increased utilization of data analytics in the industry.
The anticipated rise in military expenditure is set to significantly drive the expansion of the aerospace titanium market in the foreseeable future. Military spending denotes the financial resources allocated by a government toward providing its military forces with weaponry, equipment, and personnel. Aerospace titanium finds extensive use in various military applications such as aircraft, armor plating, naval ships, spacecraft, and missiles due to its exceptional attributes, including a high tensile strength-to-density ratio, excellent corrosion resistance, and its ability to withstand relatively high temperatures without experiencing creep. For example, according to Visual Capitalist, a Canada-based media and news company, the global military expenditure reached $2.1 trillion in 2021, marking the seventh consecutive year of increased military spending, as reported in August 2022. This consistent surge in military spending worldwide underscores the driving force behind the growth trajectory of the aerospace titanium market.
The aerospace titanium market is poised for growth owing to the escalating demand for commercial aircraft in the foreseeable future. Commercial aircraft, which serve the purpose of transporting passengers, cargo, or both, are benefiting from this surge in demand. Aerospace titanium, renowned for its exceptional properties such as robust strength-to-weight ratio, corrosion resistance, temperature resilience, and fatigue resistance, stands as a pivotal material in the construction of these aircraft. As disclosed by Airbus SE, a Netherlands-based aircraft manufacturer, the commercial aviation sector experienced a notable upswing in 2022. The year witnessed the delivery of 661 aircraft, marking an 8% increase from the 611 delivered in 2021. Moreover, there was a substantial surge in new orders, with 820 net commercial aircraft orders in 2022 compared to 507 in the preceding year. This surge in demand for commercial aircraft serves as a driving force behind the burgeoning growth of the aerospace titanium market.
The aerospace titanium market is witnessing a surge in the prominence of product innovations as a key trend. Industry participants are intensifying their focus on pioneering technical advancements to enhance their market foothold. A notable instance occurred in July 2021 when the Defence Research and Development Organization (DRDO), an India-based Government agency specializing in aerospace titanium, introduced a high-strength metastable beta-titanium alloy. This groundbreaking alloy was developed on an industrial scale specifically for crafting structural forgings in the aircraft industry. Distinguished by its unique composition of titanium alloyed with vanadium, iron, and aluminum, this product boasts an exceptionally high strength-to-weight ratio, showcasing remarkable properties within the aerospace domain.
Prominent entities within the aerospace titanium market are actively introducing cutting-edge technologies aimed at optimizing aerospace titanium manufacturing processes to drive market profitability. These manufacturing technologies encompass advanced methodologies and systems that facilitate the efficient and precise production of titanium components specifically tailored for aerospace applications. A case in point is GKN Aerospace, a UK-based provider of automotive and aerospace components, which unveiled Cell3 in June 2023-the most extensive pre-production cell globally for additive manufacturing. This groundbreaking technology by GKN Aerospace features a 20KW laser, 10-axis motion capabilities, and a sizable inert environment. With a substantial substrate size of 5.6m x 2.5m and flexible deposition options, this titanium additive manufacturing cell is tailored for Defense and Civil platform parts. The integration of GKN Aerospace's state-of-the-art technology and ongoing product development is significantly expedited through this equipment, offering a sustainable alternative, particularly within civil applications. Notably, the LMD-w method employed by this technology proves transformative, enabling swifter component production while considerably reducing material wastage.
In November 2021, WeAre Group, an aerospace company headquartered in France, completed the acquisition of Taramm for an undisclosed sum. This strategic move aims to bolster the technological advancements and broaden the product offerings of both entities within the titanium casting market. Taramm, also based in France, specializes in the production of titanium alloys specifically catering to the aerospace titanium market. This acquisition presents a significant opportunity for synergies, allowing the combined strengths of WeAre Group and Taramm to further enrich their technological capabilities and expand their presence within the aerospace titanium sector.
Major companies operating in the aerospace titanium market report are Berkshire Hathaway Incorporated, Aperam Ltd., GE Aviation, Precision Castparts Corporation, Allegheny Technologies Incorporated, GKN Aerospace Services Limited, Makino Milling Machine Co. Ltd., Carpenter Technology Corporation, VSMPO-AVISMA Corporation, Aarti Industries Limited, Montana Aerospace AG, Baoji Titanium Industry Co. Ltd., Kobelco Group Ltd., Ducommun Incorporated, Kaman Corporation, Toho Titanium Co., Haynes International Ltd., Starrag Group Holding AG, Bralco Metals Inc., Metalex Co. Ltd., EDAC Technology Corp., Plymouth Tube Company, Acnis International, Gould Alloys Limited, Supra Alloys Inc., Weldaloy Specialty Forgings Company, Norsk Titanium US Inc., Titanium Metals Corporation, RMI Titanium Company Inc., Admat Inc.
North America was the largest region in the aerospace titanium market in 2023. The regions covered in the aerospace titanium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the aerospace titanium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The market consists of sales of commercially pure titanium and titanium alloys. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Aerospace Titanium Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on aerospace titanium market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for aerospace titanium ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The aerospace titanium market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.