NEW YORK, July 23, 2019 (GLOBE NEWSWIRE) -- Increasing demand for new aircrafts for commercial and military use is estimated to stimulate market growth.
The global aeronautical titanium market is expected to reach USD 4.26 Billion by 2026, according to a new report by Reports and Data. Titanium is an excellent material for aeronautical applications owing to its high strength to weight ratio and exceptional corrosion resistance.
Increasing demand for new aircraft for commercial and military use is estimated to stimulate the market growth in the forecast period. The extensive use of titanium in the aerospace market may be attributed to several factors, such as the demand for newer aircraft designs with increased carbon fiber reinforced polymer (CFRP) composition. The thermal expansion rate of titanium is similar to many popular composite materials, and this feature makes titanium highly preferred as a composite interface material. As the application of composites continues to grow, market demand for titanium is anticipated to increase. The new Boeing 787 Dreamliner is expected to use 15% titanium by weight, which is 5% more than steel usage. Increased usage of titanium in aircraft manufacturing directly relates to composite components based on the materials’ compatibility. The growth in composite design, construction, and deployment are causative of the increasing market demand.
Increasing demand for fuel-efficient aircrafts is projected to boost the market growth in the upcoming years. The engine is the most sophisticated part of an aircraft, houses the most individual components, and eventually determines fuel efficiency. To meet these temperature demands of aircraft engines like lean-burn engines, with temperature potentials as high as (2,100°C), heat-resistant super alloys (HRSA), including titanium alloys, Titanium 5553 (Ti-5553) which exhibit high strength, lightweight, and excellent corrosion resistance are projected to witness an increase in market demand. Key structural components (previously using stainless steel alloys) that demand strength along with a reduction in weight are ideal application points for titanium alloys.
The higher cost of titanium in comparison to other aeronautical materials may create hindrances in the growth of the market in the forecast period.
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Further key findings from the report suggest
- Titanium alloys are forecasted to grow at a faster rate in the forecast period owing to their lightweight, high strength (high specific strength) and heat resistance properties.
- Structural frames contributed to the largest market share in 2018 and are forecasted to maintain its dominance in the forecast period growing at a rate of 4.2%. Structural airframe applications comprise wing structures, critical fasteners, landing gear components, springs, and hydraulic tubing, with a precise strength to weight ratio.
- Use of titanium in commercial aeronautical applications dominated the market in 2018 and is projected to have a CAGR of 4.7% in the forecast period.
- The market in the Asia Pacific region is forecasted to witness the fastest growth rate of 5.0% in the forecast period. Increasing demand for lightweight and fuel-efficient aircrafts in countries such as China, India, and Japan is driving the market demand in the region.
- Key participants include Acnis International, Supra Alloys, Bralco Metals, Kobelco Group, Precision Castparts Corporation, Gould Alloys, Metalweb, Paris Saint-Denis Aero, RTI International Metals, and VSMPO-AVISMA Corporation, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global aeronautical titanium market on the basis of material type, application, end user, and region:
Material Type Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Commercially Pure Titanium
- Titanium Alloys
Application Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Structural Airframes
- Engines
- Others
End User Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Military
- Commercial
- Others
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Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Europe
- France
- UK
- Asia Pacific
- China
- India
- Japan
- Latin America
- Brazil
- Middle East and Africa
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