Dubai, UAE, Aug. 31, 2023 (GLOBE NEWSWIRE) -- According to the recent report published by Kings Research, the global Aerospace Titanium Market was valued at USD 4,141.5 million in 2022 and is anticipated to grow to USD 7,007.05 million by 2030, exhibiting a robust CAGR of 6.93% from 2023 to 2030. Numerous factors contributing to the growth of the market include a surge in air traffic, demand for lightweight and fuel-efficient aircraft, and the growing global aerospace sector.
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Furthermore, recent advancements in 3D printing and additive manufacturing techniques within the aerospace sector are also creating lucrative opportunities for the market's growth and development.
Competitive Landscape
The leading companies in the aerospace titanium market are focusing on several prominent business strategies, such as partnerships, mergers and acquisitions, product innovations, and joint ventures, to expand their product portfolio and fortify their market standing. Investments mainly constitute the strategic objectives of firms, such as funding for R&D projects, the construction of additional factories, and supply chain improvement.
Major players in the market are:
- Precision Castparts Corp.
- Supra Alloys
- Weldaloy Specialty Forgings Company
- Plymouth Tube Company USA
- thyssenkrupp Aerospace
- metalweb
- RTI International Metals
- RELIANCE STEEL & ALUMINUM CO.
- KOBE STEEL, LTD.
- NIPPON STEEL CORPORATION
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The Global Aerospace Titanium Market is segmented as:
By Material Type
- Titanium Alloys
- Commercially Pure Titanium
Increasing Adoption of Titanium Alloys to Gain Traction
The titanium alloys segment dominated the global aerospace titanium market in 2022, accounting for a substantial valuation of USD 3,101.3 million. The primary reason for the dominance of this segment is the widespread use of titanium alloys due to their enhanced capabilities and adherence to regulations. Additionally, owing to their significant qualities, including low density, high strength, and corrosion resistance, titanium alloys are frequently used in the aerospace sector.
The extensive use of titanium alloys in aerospace applications such as airframes, aircraft engines, helicopter components, and marine parts further propels market growth. The titanium alloy segment is estimated to retain its position due to all these aforementioned factors and garner a valuation of USD 5,427.2 million by the end of the forecast period.
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By Application
- Structural Airframes
- Engines
- Others
Unique Properties of Structural Airframes to Fuel Aerospace Titanium Market Growth
The structural airframes segment is projected to dominate the market, recording a CAGR of 7.77% over the projected period. The segmental growth can be attributed to its unique characteristics, such as its resistance to high temperatures and its lightweight nature. Structural airframes are used in a variety of applications, including wing structures, vital fasteners, springs, landing gear parts, and hydraulic tubing. Due to its high strength-to-weight ratio and corrosion resistance, titanium alloy is primarily used in aerospace structural airframe applications. Utilizing titanium alloys in airframes helps reduce aircraft weight and improve fuel efficiency, which eventually reduces operating costs.
Advancements in Manufacturing Processes to Propel Aerospace Titanium Market Growth
The increasing demand for titanium in the aerospace sector is driven by the expanding space industry and ongoing developments in aerospace technologies. Titanium is becoming more accessible and suitable for many aerospace applications due to product improvements and the material's reduced cost, which are emerging as major market drivers.
Rapid plasma deposition (RPD), one of the most cutting-edge additive manufacturing techniques, has significantly improved titanium product innovation in the aerospace sector. All these aforementioned factors are anticipated to fuel the market for aerospace titanium.
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By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Technological Advancements in North America to Drive Aerospace Titanium Market Development
North America held the largest regional share in 2022 and is anticipated to retain its dominance with a market valuation of USD 3,097.8 million by 2030. The presence of a highly advanced aerospace & defense industry in the U.S. is a major factor aiding the growth of the regional market. The United States, which contributed to 75% of the region's revenue, is estimated to expand at the fastest rate in North America.
Soaring Demand for Effective Aeronautical Solutions in APAC to Support Aerospace Titanium Market Expansion
Asia Pacific experienced the fastest growth with a valuation of USD 776.3 million in 2022. Japan and China are the two key nations contributing sizable shares and advancements that are anticipated to boost regional market expansion. The APAC market is undergoing notable advancements in titanium product innovation, along with a significant increase in demand for aerospace titanium products. The necessity for affordable and effective aeronautical solutions and the resurgence of air travel are two main factors that are driving product demand in the area.
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Key Points from TOC:
1 Introduction of The Global Aerospace Titanium Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Aerospace Titanium Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Aerospace Titanium Market, By Material Type
7 Global Aerospace Titanium Market, By Application
8 Global Aerospace Titanium Market, By Manufacturing Process
9 Global Aerospace Titanium Market, By Geography
10 North America
11 Europe
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Aerospace Titanium Market Competitive Landscape
15.1 Overview
15.2 Key Developments
15.3 Key Strategic Developments
15.4 Company Market Ranking
15.5 Regional Footprint
15.6 Industry Footprint
16 Company Profiles
16.1 Precision Castparts Corp.
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Product Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Supra Alloys
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Product Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Weldaloy Specialty Forgings Company
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Product Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 RTI International Metals
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Product Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Plymouth Tube Company USA
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Product Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
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