According to a new market report published by Lucintel, the future of titanium consumption in the aerospace market looks promising with opportunities in commercial and military aircraft. Titanium in the global aerospace industry is forecast to grow at a CAGR of 3.3% by value from 2015 to 2020. The major growth drivers of this market are increasing deliveries of aircraft, demand for lightweight materials, and increasing penetration of titanium usage per aircraft.
In this market, the commercial aircraft segment is the largest segment in terms of titanium consumption. The demand for titanium in the commercial aircraft segment is expected to remain the largest due to an increase in aircraft delivery and increasing penetration of titanium alloys in commercial aircraft. The regional aircraft segment is likely to experience the highest growth in the forecast period, supported by the rise in delivery of regional aircraft and small base phenomenon.
Within the titanium in global aerospace industry, aircraft structure (airframe) is the largest segment, followed by engine, and it is expected to remain the leading segment by value and volume consumption during the forecast period. Increased focus on weight reduction and fuel efficiency by aircraft manufacturers has augmented the use of titanium alloys in aircraft.
North America is expected to remain the largest market due to the growth in aircraft deliveries and the presence of major aircraft and component manufacturers. The US is the largest consumer of titanium material in the aerospace industry. Europe is expected to witness the highest growth (by value and volume) over the forecast period by virtue of growth in the commercial and regional aircraft markets, followed by Asia Pacific and North America.
For market expansion, the report suggests innovation and new product development, where the unique characteristics of titanium can be capitalized. The report further suggests the development of partnerships with customers and the development of performance-driven solutions for end users.
The emerging trends, which have a direct impact on the dynamics of the industry, include developing technologies to reduce production cost and increasing applications of titanium in aircrafts. Precision Castparts Corp., VSMPO-AVISMA Corporation, Allegheny Technologies Incorporated, Baoji Titanium Industry Co. Ltd., RTI International Metals, Inc., and Kobelco Group are among the major suppliers of titanium to the aerospace industry. Some companies are opting for M&A as a strategic initiative for driving growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed titanium in the global aerospace industry by aircraft type, application type, region and has come up with a comprehensive research report, “Growth Opportunities for Titanium in Global Aerospace Industry 2015-2020: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a springboard for growth strategy, as it provides a comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for titanium in the global aerospace industry through 2020, segmented by aircraft type, application type, and region as follows:
By aircraft type [value ($ million) and volume (million pounds) from 2009 to 2020]-
· Commercial Aircraft
· Regional Aircraft
· General Aviation
· Helicopter
· Military Aircraft
By application type [value ($ million) and volume (million pounds) from 2009 to 2020]-
· Structure (airframe)
· Engine
· Other
By region [value ($ million) and volume (million pounds) from 2009 to 2020]-
· North America
· Europe
· Asia Pacific
· Rest of World
This 160-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link http://www.lucintel.com/reports/aerospace_defense/global_growth_opportunities_for_titanium_in_global_aerospace_industry_2015_2020_trends_forecast_and_opportunity_analysis_july_2015.aspx or helpdesk@lucintel.com.
About Lucintel
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