Aerospace Titanium Market size valued at USD 1 billion in 2022 and is anticipated to register over 5% CAGR from 2023 to 2032

Aerospace Titanium Market Size
Aerospace Titanium Market size was worth USD 1 billion in 2022 and is expected to record more than 5% CAGR from 2023 to 2032.

This is due to the ongoing air travel recovery and the increasing commercial aircraft building projects.

Air travel continues to record an increase in spite of the supply chain volatility caused by the combined effect of the Russia-Ukraine war, energy supply issues, and limited labor resources. According to data from the International Civil Aviation Organization, between January and August 2022, air passengers increased by about 55%, compared to the same period in the previous year. These international trends are compelling aerospace companies to lengthen their commercial airplane ranges to support the growing demand for travel.

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
Growing use of titanium material in aerospace application across the globe
Rising production of commercial aircraft
Emerging space industry to drive the global market demand
Pitfalls & Challenges
Negative effect of the coronavirus pandemic on the aircraft sector
Availability of product substitutes within the industry

For example, in October 2022, Airbus intended to deliver over one plane a week to the Indian market, irrespective of engine supply chain disruptions and the associated effect on airline capacity growth in India. These kinds of activities will develop profitable growth channels for aerospace composite manufacturers like titanium matrix composites, thus having an impact on market outlook. The presence of cheap alternatives like HSCR steel could, however, pose impediments to the growth of aerospace titanium markets.

Aerospace Titanium Market Analysis
Discover more about the major segments defining this market

The sheet form segment is expected to outline gains at close to 5.5% by 2032. Such positive product properties as light in weight, high strength, biocompatibility, corrosion resistance, and high-temperature properties are some of the major drivers stimulating industry growth. Moreover, metal production companies such as Nippon Steel Corporation are producing commercially pure titanium sheets for aviation uses. These sheets possess superior cold formability as compared to other sheets, hence leading to their higher application in aircraft production.

Aerospace titanium market worth from additive manufacturing process will exceed USD 250 million by 2032. Hybrid additive manufacturing metal machines are perfectly suited for the aerospace industry, given the need for light aircraft components with intricate geometries. Additive manufacturing technology has picked up tremendous pace in recent years as a viable substitute for conventional printers, due to the capability of producing stronger and lighter components. There are no additional expenses for the increase in complexity required to enhance rocket performance when it comes to 3D printing, so it is the production process of choice to handle the surging aerospace titanium requirements.

Know more about the primary segments that define this market

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 buy new aircraft in 2023 under the USD 1.7 trillion appropriations bill. The demand for turbine engines and airframes for fighter jets will thus increase, further driving 6AL-4V grade titanium consumption.

Revenue from the commercial aircraft end-user segment of the aerospace titanium market exceeds USD 1.5 billion by 2032, owing to the growth in tourism. According to statistics from the Saudi Central Bank, in 2021, total tourism expenditure, both foreigners and residents, recorded a 52% growth compared to 2020 in Saudi Arabia. The increase in tourism expenditure is expected to increase travel passenger traffic and prompt commercial aircraft manufacturers to expand their fleets. These will, in turn, drive the consumption of aerospace titanium alloy in the manufacture of landing gear and other aircraft parts.

Asia Pacific aerospace titanium market will grow to USD 400 million by 2032, thanks to the expanding population and regional air travel bounce back. Based on the International Air Transport Association, in November 2021, air traffic increased by 41.3% against the levels of 2021, with the APAC region observing the best Y-o-Y figures. In addition, the expanding disposable incomes as well as increasing investment in space technologies will propel 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.