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Aerospace Titanium Market size to exceed $2 Bn by 2032

  • Published Date: February 7, 2023

Aerospace Titanium Market size is estimated to reach USD 2 billion by 2032, according to a new research report by Global Market Insights Inc.

The increasing allocation of funds for lunar construction and outer space projects will stimulate the demand for aerospace titanium alloys. For instance, in November 2022, NASA awarded USD 57.2 million to Texas-based ICON for the lunar construction system of its Olympus project. Such initiatives will augment titanium alloy usage in spacecraft, considering the product’s high tensile strength-to-density ratio, corrosion resistance, and other attributes. However, the air travel sector has been facing multiple headwinds, ranging from new potential virus variants and inflation to supply chain disruptions, which may limit aerospace titanium market growth.

Aircraft manufacturing service expansion will proliferate the usage of titanium round bars

The round bar form segment is poised to witness gains at nearly 4.5% through 2032, given lightweight, corrosion resistance, fracture toughness, excellent tensile strength, and other product benefits. Titanium round bars are also suitable for products that are constantly under stress, such as aerospace equipment. Such factors are anticipated to bolster the use of titanium round bars in aircraft equipment.

Titanium alloy to gain traction in traditional manufacturing of high-precision aerospace parts

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The traditional manufacturing method of the aerospace titanium market is cross USD 2.5 billion by 2032, owing to the growing popularity of hybrid manufacturing services. Increasing awareness regarding the effectiveness of combining traditional and advanced 3D manufacturing as complementary processes in ensuring desirable product finishing has increased. While 3D printers can produce complex shapes, it offers lesser precision than traditional CNC machining since the parts made by 3D printers are near-net-shape. These factors will escalate the adoption of titanium in the traditional manufacturing of aerospace parts.

Browse key industry insights spread across 355 pages with 482 market data tables & 27 figures & charts from the report, “Aerospace Titanium Market Size, By Form (Round Bar, Block, Plate, Sheets, 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2023 – 2032” in detail along with the table of contents:

Lightweight & superior toughness attributes will push 5AL-2.55N grade titanium production

The 5AL-2.55N grade segment is anticipated to register over 5% CAGR from 2023 to 2032, as a result of the outstanding weldability and fabricability, medium strength, and high service temperature.  Composed of iron, aluminum, oxygen, and vanadium, titanium grade 5 is also known for its lightweight, formability, corrosion resistance, and superior toughness features. The acceleration of aircraft manufacturing programs will therefore accelerate the use of 5AL-2.55N grade titanium in developing aircraft parts such as turbine engines and airframes.

Military & defense spending plans may contribute to aerospace titanium alloy development

The aerospace titanium market from the military end-user segment is projected to surpass USD 250 million by 2032, due to the rising funding for new military aircraft procurement. For instance, in December 2022, the U.S. Congress proposed a military spending plan of roughly USD 7 billion for the procurement of new defense aircraft. The high emphasis on strengthening military services in the wake of the Russia-Ukraine war will further amplify titanium production for use in military aircraft.

Investment in space exploration projects to boost aerospace titanium demand in Europe

Europe aerospace titanium market is set to exhibit more than 5% growth rate between 2023 and 2032, considering the robust presence of aerospace manufacturers. Investment in space exploration projects has also surged. Furthermore, the rise in R&D and expansion in the network of aerospace engineering institutes will hasten the development of titanium in the region.

Strategic mergers & acquisitions by industry players to influence business landscape

ATI, TIMET, Dynamic Metals Ltd., Reliance Steel & Aluminum Co, Smiths Advanced Metals, ASM Aerospace Specification Metals, Inc., Aubert & Duval, Jaco Aerospace, Shenyang Yongye Industry Co., Ltd., and Nippon Steel Corporation are major key players in the aerospace titanium market. These companies are focusing on merger and acquisition strategies to reinforce their presence in the global industry.

Authors: Kiran Pulidindi, Kunal Ahuja