Pune, June 12, 2023 (GLOBE NEWSWIRE) -- As per a recent report by Quince Market Insights, Global Aerospace Titanium Market size is expected to reach USD 2.90 Billion in 2023 and could grow at a CAGR of 7.50% from 2023-2032 owing to various benefits of titanium.
Titanium is known for its exceptional strength-to-weight ratio. It is one of the lightest and strongest metallic elements, making it ideal for aerospace applications. Using titanium components helps reduce the overall weight of an aircraft, leading to improved fuel efficiency and increased payload capacity.
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Moreover, advancements in manufacturing techniques, such as additive manufacturing, have made it easier to produce complex titanium parts with greater precision. This has opened up new possibilities for designing lightweight and optimized components that were previously challenging to manufacture using traditional methods.
Titanium possesses excellent fatigue strength, which means it can endure repeated loading and unloading cycles without experiencing failure. In aircraft, where components are subjected to constant stress and vibrations, titanium's fatigue resistance is highly beneficial. It allows for longer service life, improved reliability, and enhanced safety.
However, titanium production is limited to a few countries. This concentration of supply can create potential supply chain vulnerabilities and dependence on specific regions. Disruptions in the supply chain, such as trade conflicts, political instability, or natural disasters, can lead to shortages or increased prices, affecting the availability of titanium for aircraft manufacturing. The Russia-Ukraine war has fueled this supply-demand gap as Russia is one of the major titanium and titanium forging market player.
What Does the Report Provide?
- A summary of the global aerospace titanium market and associated technologies.
- Analysis of global industry dynamics, yearly projections, and annual compound growth rate predictions (CAGRs).
- Identification of new market opportunities and targeted consumer marketing strategies for the global fuel additives market.
- Analysis of R&D and demand for new technologies and new applications
- Extensive company profiles of key players in the industry.
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Demand for Titanium Bars is Expected to Rise Significantly
In terms of products, aerospace titanium market is segmented into plates, bars, tubes, and others. Among these, the bar segment is anticipated to hold a substantial market share in 2023 and grow at a notable CAGR through 2032.
Titanium bars find application in critical areas of aircraft construction, such as landing gear components, wing spars, engine mounts, and structural frames. These components require materials that can withstand high stress, fatigue, and extreme operating conditions. Titanium's superior strength, corrosion resistance, and durability make it a preferred choice for these demanding applications.
Titanium bars also possess excellent heat resistance properties, allowing them to maintain their structural integrity even at elevated temperatures. They are commonly used in turbine components, exhaust systems, and other areas where heat resistance is crucial.
Usage of Titanium in Aircraft Engines to Increase in the Near Future
In terms of application, the market is segmented into structure, engine, and others. aerospace titanium industry revenue from the engine segment is expected to grow at a considerable rate over 2023-2032.
Titanium has a remarkable strength-to-weight ratio, making it an ideal material for critical engine components. Its strength allows for the design of lightweight parts without compromising structural integrity. By utilizing titanium in engine components, aircraft manufacturers can reduce overall weight, leading to improved fuel efficiency and increased payload capacity.
Titanium's corrosion resistance is vital for engine components exposed to aggressive environments. In aircraft engines, where components are subject to high temperatures, humidity, and exposure to corrosive gases, titanium's corrosion resistance is highly advantageous. It reduces the risk of corrosion-related failures and prolongs the service life of critical engine parts.
Aircraft engines operate under extreme temperatures, and titanium exhibits excellent heat resistance. It can withstand the high temperatures generated by combustion and the harsh conditions within the engine.
Asia Pacific to Emerge as a Profitable Avenue for aerospace titanium market
Regionally the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. APAC aerospace titanium market share to poised to grow at a considerable rate from 2023 to 2032.
The region has witnessed significant growth in its aerospace industry. Countries like China, Japan, South Korea, and India have been expanding their domestic aircraft manufacturing capabilities and investing in the development of their aerospace sectors. This expansion has led to an increased demand for titanium, as the material offers unique properties that are crucial for building modern aircraft.
Moreover, the increase in air travel is driven by factors such as an increase in disposable incomes, economic growth, and increased connectivity. As per a 2023 press release of IATA, in comparison to March 2022 air traffic, Asia-Pacific experienced a 283.1% increase in March 2023.
This growth in air travel has prompted airlines in the region to expand their fleets and procure new aircraft. As a result, there is a higher demand for titanium to meet the requirements of manufacturing lightweight and efficient aircraft.
Regulatory bodies in the Asia Pacific region have been actively supporting the growth of their aerospace industries through various initiatives, policies, and investments. These initiatives aim to enhance domestic manufacturing capabilities, promote research and development, and attract foreign investments. Such government support creates a conducive environment for the increased demand and usage of titanium in aircraft manufacturing.
Meanwhile, North America aerospace titanium industry revenue is expected to grow substantially driven by an increase in demand for commercial aircraft.
Rising research and development activities in Europe are anticipated to make it a notable growth ground for the market.
The market share in the Middle East and Africa could grow owing to the increasing demand for low-cost carriers.
Increasing focus on economic stability could fuel the South America titanium for aircraft market dynamics.
Major players mentioned in aerospace titanium market includes:
- VSMPO-AVISMA
- Berkshire Hathaway Incorporated
- Allegheny Technologies Incorporated (ATI)
- Alcoa
- Baoji Titanium Industry Co. Ltd.
- Kobelco Group
- Toho Titanium Co., Ltd
- Kaman Corporation
- MONTANA AEROSPACE AG
- Ducommun Incorporated
- Norsk Titanium US Inc.
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Market Segments
- By Product
- Plate
- Bar
- Tube
- Others
- By Application
- Structure
- Engine
- Others
- By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
FAQs
What is the size of the aerospace titanium market?
Aerospace titanium industry revenue could reach USD 2.90 Billion in 2023 and could grow at a CAGR of 7.50% from 2023-2032.
Why is the demand for titanium bar rising?
Aerospace titanium market revenue from bars is anticipated to grow significantly owing to its superior strength, corrosion resistance, and durability.
How will the aerospace titanium industry benefit from engine application?
The overall market size from engine application to grow notably driven by its strength-to-weight ratio.
Why is Asia Pacific aerospace titanium market growing?
APAC accounted for a substantial market share in 2022 and could grow owing to increasing investment in the aerospace industry.
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