The global Aeronautical Titanium market generated revenue of around USD 3452.0 million in 2020 and anticipated to grow at a CAGR of over 5.2% during the forecast period from 2021 to 2027 to reach around USD 4922.4 million in 2027.
Titanium is a lightweight, yet strong, uniquely versatile metal. These characteristics of titanium make it a preferable choice for use in the aerospace industry. By its very nature, aerospace applications demand parts that are both extremely strong and very light. This titanium grade is used almost exclusively for airframe, aircraft engine parts, marine, surgical implants, hydraulic tubing.
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Key Trends in Global Aeronautical Titanium Market
Increasing in demand for new aircraft
According to a data provided by ICAO, about 4.3 billion airline passengers carried in 2018 are expected to rise to about 10.0 billion by 2040, and about 90 million of departures are projected in the year 2040. The rapid increase in air travel by passengers to various part of world is increasing the demand for aircrafts. According to ICAO, the world’s leading manufacturers delivered approximately 1,606 new commercial aircraft in 2018 and recorded 1,640 new aircraft net orders. This increase in demand for aircrafts is anticipated to increase the demand for aeronautical titanium in the forecast period.
Impact of COVID 19 on Global Aeronautical Titanium Market
COVID 19 situation has affected various industries in various ways. Aviation industry is one of the industries which were badly affected by Covid-19pandemic. The restrictions on travels within and outside country and sealing of borders of various countries are majorly affecting the growth of the aeronautical titanium industry in this COVID-19 era. According to the data provided by IATA, revenue generated by aviation industry is expected to fall by 52% in the recent year.
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Global Aeronautical Titanium Market by Material Type Insights
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Global Aeronautical Titanium Market by Application Insights
On the basis of application, the Aeronautical Titanium market is divided into structural airframes, engines and other. Structural airframe is expected to dominate the application segment of aeronautical titanium market. Structural airframe applications comprise of critical fasteners, wing structures, landing gear components, hydraulic tubing, and springs, precisely its strength to weight ratio. Increase in fuel efficiency and growing emphasis on reduction of weight of aircraft is anticipated to fuel the demand for structural airframe segment.
Global Aeronautical Titanium Market by End-user Insights
Global Aeronautical Titanium market is segmented based on end-user industries such as military, commercial, and others. Commercial aviation is anticipated to dominate the end-user segment in the forecast period. Rise in preference of airways for travel, lower cost of oil, and replacement of old aircrafts after certain period is anticipated to fuel the demand for aeronautical titanium in commercial aviation industry.
Global Aeronautical Titanium Market by Regional Insights
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Global Aeronautical Titanium Market Competitive Landscape
The main players of the global Aeronautical Titanium market include RTI International Metals, Metalweb, Precision Castparts Corporation, Paris Saint-Denis Aero, Acnis International, Gould Alloys, Kobelco Group, Supra Alloys, Bralco Metals, VSMPO-AVISMA Corporation, and others. The report covers detailed profiles of the key players.
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DoC: https://issuu.com/robsonspot/docs/aeronautical_titanium_market.docx
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