Aerospace Titanium Market Size will witness lucrative growth opportunities during the forecast period from 2022 to 2028. The primary factor contributing to the industry expansion is the increasing product application in wind structure, springs, critical fasteners, landing gear components, hydraulic tubing, and engines in both commercial and military aircraft. Titanium is gaining considerable traction in the aerospace industry due to the several benefits the product offers.
An upsurge in demand for lightweight titanium materials in ballistic and space structure applications due to its strength to weight ratio, reliability, thermal expansion, and ability to withstand high temperature will augment the aerospace titanium industry outlook in the forthcoming years.
In addition, a rapid surge in the demand and deliveries of aircraft, rising preference for Carbon Fiber Reinforced Plastic engines and frames coupled with the increasing perforation of titanium usage per aircraft will further support the market expansion in the foreseeable future.
The growing application of commercially pure titanium in several non-structural applications like water sanitary systems, ducts, and pipings due to its corrosion resistance and good formability and increasing technological developments to reduce the overall production cost of titanium alloys will propel the industry share in the years ahead. In July 2021, DRDO developed a high-strength beta titanium alloy containing Aluminium, Vanadium, and Iron that can be used to manufacture aerospace structures as a substitute for conventional Nickel-Molybdenum-Chromium structural steels. This alloy is lightweight and is ideal for aircraft structural applications due to its strength, fracture toughness, ductility, and fatigue.
With respect to the product application, the aircraft frame and structure segment may experience significant growth trends during the projected timeframe due to the product’s excellent fuel efficiency. Increasing demand for newer and lighter aircraft and the proliferating use of CFRP for preventing the designing joints from corrosion and the elimination of strain due to thermal expansion is likely to contribute to the segment expansion.
Regarding the regional outlook, the North America aerospace titanium market register substantial growth in the years ahead. The presence of eminent manufacturers and escalating demand and supply for lightweight aircraft will augment the industry expansion over the forecast timeframe. Furthermore, the U.S. being one of the biggest consumers of titanium in the aerospace industry will further contribute to regional growth.
Some of the prominent players of the aerospace titanium market include Bralco Metals, Precision Castparts Corporation, Acnis International, Kobelco Group, Gould Alloys, Metalweb, Supra Alloys, RTI International Metals, Paris Saint-Denis Aero, Timet, and VSMPO-AVISMA Corporation. Development strategies adopted by these industry players will help in capacity expansion and meet the growing consumer requirement in the future.
The sudden outbreak of the global pandemic had a grave impact on the aerospace titanium market last year. The market registered a significant slowdown due to a considerable reduction in the demand for aircraft internationally. Furthermore, travel and movement restrictions coupled with declining revenues impacted the production and supply of these products.
However, with the diminishing effects of the pandemic, the industry is expected to recoup gradually, towards a full recovery in the next few years.