Global Aerospace Titanium Market Size By Material Type (Titanium Alloys, Commercially Pure Titanium), Application (Structural Airframes, Engines, Others), Manufacturing Process (Casting, Machining, Powder Metallurgy, Additive Manufacturing, Superplastic Forming, Others), and Region - Market Share, Trend Analysis, Competitive Intelligence, Historical Data, and Forecast 2023 - 2030

Market Perspective

Global Aerospace Titanium Market size was recorded at around USD 4.14 billion in 2022 and is anticipated to grow to nearly USD 7.00 billion by 2030 at a CAGR of approximately 6.93% over 2023 - 2030.

Aerospace titanium is the use of titanium and its alloys in the aerospace industry for essential purposes such as aircraft components, spacecraft, and engines. Titanium is a popular material in aviation due to its impressive strength-to-weight ratio, corrosion resistance, and durability. The aerospace titanium market is growing due to the increasing demand for air travel, the demand for more fuel-efficient and lightweight aircraft, and the expanding global aerospace sector. The market is also influenced by the development of advanced aircraft technologies, space exploration initiatives, and the use of titanium alloys for enhanced performance and safety. Over the forecast period, the aerospace titanium market will continue to grow as the industry focuses on environmental sustainability and requires innovative, lightweight materials with excellent mechanical properties.

Key Insights

• Based on material type, the titanium alloys segment held the dominating position with a market value of USD 3.10 billion in 2022
• Based on application, the structural airframes segment acquired the largest market share of 50.76% in 2022
• Based on manufacturing process, the additive manufacturing segment is growing with the highest CAGR of 9.03%
• Based on region, North America accounted for the largest market share of 43.47% in 2022

Rising Air Travel Demand Propels Market Growth

The aerospace titanium market is growing due to the increasing demand for air travel. As airlines and aircraft manufacturers strive to improve aircraft efficiency, safety, and passenger experience, they are turning to aerospace titanium. Its exceptional strength-to-weight ratio and corrosion resistance make it ideal for constructing lighter and more fuel-efficient aircraft components. This is especially important as airlines look to cut costs and reduce carbon emissions while maintaining performance and safety standards. The growing need for modern, efficient, and environmentally friendly aircraft makes aerospace titanium a crucial material, driving sustained growth in the market.

Scarcity of High-Quality Titanium Resources Hinders Market Growth

The growth of aerospace titanium market is hindered by the scarcity of high-quality titanium resources. As the demand for aerospace-grade titanium grows, the limited availability of top-tier titanium resources creates challenges for the market. High-quality titanium is vital in meeting the stringent requirements of aerospace applications, where strength, durability, and corrosion resistance are essential. The scarcity of such resources can cause supply fluctuations, leading to price volatility and market instability. This is especially concerning because aerospace materials must meet rigorous specifications, and any compromise in quality can affect the safety and performance of aircraft components. The shortage of high-quality titanium resources may slow down the progress and create obstacles in meeting the increasing demand for lightweight, high-performance materials.

Recent Development

March 2023: Reliance Steel & Aluminum Co. acquired the full equity of Southern Steel Supply, LLC. This acquisition was in addition to previously acquired assets such as merchant and pipe and tubes, structural steel & plate, ornamental items, as well as fabricated parts and laser cut. Southern Steel Supply is a metals service firm that offers a comprehensive array of goods.

Segmentation Analysis

Based on material type, the market is bifurcated into titanium alloys, and commercially pure titanium. In 2022, the titanium alloys segment held a significant market dominance, capturing the largest share of 74.88%. These alloys are favored for their exceptional properties, such as their low density, high strength, and corrosion resistance. This large market share emphasizes the widespread use and importance of titanium alloys in various aerospace applications, further cementing their crucial role in the aerospace titanium market.

Based on application, the market is classified into structural airframes, engines, and others. The structural airframes segment is projected to generate the most significant revenue of USD 3.78 billion by 2030. This segment's growth can be attributed to the increasing demand for air travel and the need for advanced aircraft structures that can withstand harsh conditions. Additionally, advancements in material technology and design capabilities have enabled the production of lightweight yet robust airframes, further driving the growth of this segment.

Based on manufacturing process, the market is segmented into casting, machining, powder metallurgy, additive manufacturing, superplastic forming, and others. The additive manufacturing segment is set to grow with the highest CAGR of 9.03% over 2023-2030. The increase in growth is due to the growing use of additive manufacturing techniques in the aerospace titanium market. This is because these techniques can create lightweight and complex structures, which can improve the overall performance and fuel efficiency of aircraft.

Established Industry and Ongoing Advancements in North America Fuel Aerospace Titanium Market Growth

In 2022, North America dominated the aerospace titanium market, with a valuation of USD 1.80 billion, due to its robust aerospace industry and advanced technological capabilities. The region's dominance can be attributed to established aerospace manufacturers, extensive research and development investments, and a history of aerospace innovation. The US, in particular, has a well-established aerospace and military sector, significantly contributing to the market growth. Furthermore, North America's focus on enhancing aircraft efficiency, safety, and environmental sustainability has propelled the demand for aerospace titanium. Going forward, the region is expected to maintain its leadership, driven by advancements in aerospace technologies, collaborations between industry players and research institutions, and a consistent demand for cutting-edge, high-performance materials in the aviation sector.

Market Growth Driven by Asia-Pacific's Strong Expansion, Air Travel Resurgence, and Technological Advancements

Asia-Pacific is the fastest-growing region, expected to depict a CAGR of 8.09% through the assessment period. The increasing need for cost-effective and efficient aerospace solutions, coupled with the revival of air travel, has spurred the demand for lightweight and durable materials like titanium. Countries such as China and Japan have made noteworthy advancements in titanium product innovation and are investing in aerospace technologies, driving market expansion. Additionally, space exploration initiatives and the development of indigenous aircraft manufacturing capabilities in Asia-Pacific have further boosted the demand for aerospace-grade titanium. As the region experiences a surge in air travel demand and ongoing efforts to modernize aviation infrastructure, Asia-Pacific is set to emerge as a significant player in the global aerospace titanium market, contributing substantially to its growth trajectory.

Competitive Landscape

The global aerospace titanium market is fragmented with key players such as Precision Castparts Corp., Supra Alloys, Weldaloy Specialty Forgings Company, RTI International Metals, Plymouth Tube Company USA, RELIANCE STEEL & ALUMINUM CO., thyssenkrupp Aerospace, KOBE STEEL, LTD., Metalweb, and NIPPON STEEL CORPORATION., amongst others. These Companies are employing a variety of strategic measures such as acquisitions, mergers, partnerships, product introductions, and collaborations to expand their business globally and enhance their competitive position.

The global aerospace titanium market is segmented as follows:

By Material Type

• Glass
• Metal
• Plastic
• Others

By Application

• Tubes
• Jars & bottles
• Solo
• Tins
• Clamshells & Blisters
• Others

By Manufacturing Process

• Online
• Dispensaries

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
• Middle East & Africa
  • GCC
  • South Africa
  • North America
  • Rest of Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America