Categories: Aerospace & Defence

Aerospace Titanium Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Aerospace Titanium Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aerospace Titanium Global Market Report 2024, 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 in the historic period can be attributed to military aircraft demand, space exploration, air traffic growth, environmental concerns, research and development investments.

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 growth in the forecast period can be attributed to rise of urban air mobility (UAM), adoption of digital technologies, sustainable aviation, smart manufacturing, global defense modernization. Major trends in the forecast period include customization, integration of nanotechnology, rise of unmanned aerial vehicles (UAVs), increased outsourcing, increased use of data analytics.

The increase in military spending is expected to propel the growth of the aerospace titanium market going forward. Military spending refers to money spent by a government to provide its military with weapons, equipment, and soldiers. Aerospace titanium is utilized in aircraft, armor plating, naval ships, spacecraft, and missiles due to its high tensile strength-to-density ratio, good corrosion resistance, and ability to sustain fairly high temperatures without creep. For instance, in August 2022, according to Visual Capitalist, a Canada-based media and news company, the world’s military expenditure totaled $2.1 trillion in 2021, making it the seventh consecutive year of increased military spending. Therefore, the increase in military spending is driving the growth of the aerospace titanium market.

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The aerospace titanium market covered in this report is segmented –

1) By Type: TC4, TC6, TC16, Ti555, Other Types

2) By Alloy Type: Alpha, Alpha+Beta, Beta

3) By Aircraft Type: Commercial Aircraft, Regional Aircraft, General Aviation, Helicopter, Military Aircraft

4) By Application: Structural Airframes, Engines, Other Applications

Major companies operating in the aerospace titanium market are launching new technologies facilitating aerospace titanium manufacturing to increase their profitability in the market. Aerospace titanium manufacturing technologies refer to advanced methods and processes that enable the efficient and precise production of titanium components for aerospace applications. For instance, in June 2023, GKN Aerospace, an England-based automotive and aerospace components provider launched Cell3, the largest pre-production cell for additive manufacturing worldwide. GKN Aerospace’s latest technology boasts a 20KW laser, 10-axis motion capability, and a spacious inert environment. This titanium additive manufacturing cell caters to Defense and Civil platform parts with a generous substrate size of 5.6m x 2.5m and versatile deposition options. Accelerating GKN Aerospace’s technology integration and supporting ongoing product development, the equipment offers a sustainable alternative, particularly in civil applications. The LMD-w method proves to be a game-changer, delivering faster component production with substantial decrease in material wastage.

The aerospace titanium market report table of contents includes: