The future of titanium in the global aerospace market looks promising with opportunities in the commercial aircraft, military aircraft, helicopter, general aviation, and regional aircraft, according to a new report.
Titanium in the global aerospace industry is expected to reach an estimated value of $5.4 billion by 2030 with a CAGR of 3.6% from 2018 to 2030. The major growth drivers for this market are increasing deliveries of aircraft and the demand for lightweight titanium materials.
Emerging trends include developing technology to reduce production cost and increasing applications of titanium in aircraft.
The study includes the market size for titanium in the global aerospace industry and forecast for titanium in the global aerospace industry through 2023, segmented by aircraft type, application, alloy type, and region.
Some of the titanium companies profiled in this report include VSMPO-AVISMA, Berkshire Hathaway Incorporated, Allegheny Technologies Incorporated, Alcoa (previously RTI International Metals), Baoji Titanium Industry and Kobelco Group.
On the basis of its research, Lucintel forecasts that the aircraft structure will remain the largest application over the forecast period. The major parts fabricated from titanium include seat tracks, fuselage chords, door frame, wing spar, and crown bulkhead chord. Increased focus on weight reduction and fuel efficiency by aircraft manufacturers has augmented the use of titanium alloys in aircraft structure.
Within the titanium in global aerospace industry, commercial aircraft is expected to remain the largest segment and witness the highest growth by aircraft type due to an increase in aircraft delivery and increasing penetration of titanium alloys in commercial aircraft.
North America is expected to remain the largest region and witness the highest growth over the forecast period due to a significant increase in aircraft deliveries and increasing demand for lightweight materials.
