New York, United States , April 22, 2024 (GLOBE NEWSWIRE) -- The Global Aerospace titanium Market Size is to Grow from USD 3.7 Billion in 2023 to USD 7.6 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 7.46% during the projected period.
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Pure titanium and titanium alloys are commercially widely used for aircraft due to their light weight, high strength, and excellent corrosion resistance. The rising demand for titanium in airframes and engines is accompanied by improvements in aircraft fuel consumption. Titanium alloy has high heat resistance and strength which is a crucial feature in engines. Titanium and its alloy are the only materials related to aerospace. Titanium alloys are widely used in aerospace sector including airframe, engine helicopter, and space applications as it is stronger than pure titanium. The increasing demand for titanium in aircraft sectors such as landing gear, engines, aircraft structures, and other components enhances the market growth of the aerospace titanium market. The development in titanium manufacturing processes encourages market expansion and increases titanium accessibility for aeronautical applications. On the contrary, the high cost and limited supply of titanium components in aerospace restraining the market. Further, the reduced usage of titanium due to environmental concerns and the creation of better alternatives has lessened the market demand for aerospace titanium.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Aerospace titanium Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Titanium Alloy and Commercially Pure Titanium), By Application (Structural Airframes, Engines and Others), and By Manufacturing Processes (Casting, Machining, Powder Metallurgy, Additive Manufacturing, Superplastic Forming (SPF) and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The titanium alloy segment is expected to hold the largest share of the global aerospace titanium market during the forecast period.
Based on the material type, the global aerospace titanium market is categorized into titanium alloy and commercially pure titanium. Among these, the titanium alloy segment is expected to hold the largest share of the global aerospace titanium market during the forecast period. Titanium alloy possesses the properties which is required for aerospace applications including airframes, helicopter components, aircraft engines, and marine parts.
The structural airframes segment dominates the market with the largest market share through the forecast period.
Based on the application, the global aerospace titanium market is categorized into structural airframes, engines and others. Among these, the structural airframes segment dominates the market with the largest market share through the forecast period. Structural airframes are light weight in nature and are high heat-resistant. Wing structures, critical fasteners, springs, landing gear components, and hydraulic tubing are some of the examples of structural airframes.
The casting segment is expected to hold the largest share of the global aerospace titanium market during the forecast period.
Based on the manufacturing processes, the global aerospace titanium market is categorized into casting, machining, powder metallurgy, additive manufacturing, superplastic forming (SPF) and others. Among these, the casting segment is expected to hold the largest share of the global aerospace titanium market during the forecast period. Casting is the most commonly used technique for manufacturing titanium alloy for aerospace applications. It provides complex geometries with accurate near-net forms that allow for the economical manufacturing of massive components.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. About 75% of the region’s revenue comes from US thus the US is the dominant region in North America with the highest growth rate. The highly developed aerospace and defense industry in the region escalating the market demand for aerospace titanium.
Asia-Pacific region is expected to grow the fastest during the forecast period. The significant development of the aerospace sector in countries like China and Japan is expected to escalate the market growth of aerospace titanium. The significant advancement in the creation of innovative titanium products is likely to drive the aerospace titanium market. Further, the rising demand for cost-effective and efficient aerospace solutions is likely to drive market growth in the region.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Aerospace Titanium Market are Precision Castparts Corp, Supra Alloys, RTI International Metals, VSMPO-AVISMA Corporation, TIMET, NIPPON STEEL CORPORATION, Smiths Advanced Metals, Kobe Steel, Ltd, ATI Metals LLC, Bralco Metals, Acnis International, Gould Alloys, Weldaloy Specialty Forgings Company, Plymouth Tube Company USA, RELIANCE STEEL & ALUMINUM CO., and Other Key Vendors.
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Recent Developments
- In June 2022, Nippon Steel Corporation ("Nippon Steel") developed the world's first Eco-friendly Commercially Pure Titanium, TranTixxii™-Eco, and has started supplying it to Snow Peak, Inc. ("Snow Peak") from June.
Market Segmentation:
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global aerospace titanium market based on the below-mentioned segments:
Global Aerospace Titanium Market, Material Type Analysis
- Titanium Alloy
- Commercially Pure Titanium
Global Aerospace Titanium Market, Application Analysis
- Structural Airframes
- Engines
- Others
Global Aerospace Titanium Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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