Titanium and its alloys have been used in the aerospace industry since many years. Commercially produced pure titanium and titanium alloys are globally denominated by the formula Ti-6Al-4V. These are primarily used in the manufacture of engine parts and airframe of the aircraft. Aircraft engines rapidly consume aviation fuel. In order to reduce fuel consumption, the weight of the aircraft and its engine should be low. Therefore, titanium and its alloys are used in aircraft to lower weight and improve fuel efficiency. Commercial manufacturing of aircraft entails highly advanced technology and high quality management practices. Commercially available pure titanium is widely used as construction material in aircraft and its parts owing to its property of being light weight. It also offers high tensile & compressive strength and excellent corrosion resistance properties. By using reinforced titanium alloys in aircraft engine and mainframe fuel consumption of the aircraft has been reduced to a great extent which is the major reason for the growing demand of titanium and its alloys in the aerospace industry.
Titanium and its alloys are highly compatible with carbon fiber. Combination of carbon fibers and titanium alloys improves the tensile strength of the aircraft frame and also provides excellent prevention to metal corrosion. Titanium and its alloys also have high thermal coefficient. This provides enhanced stability to the aircraft at high engine temperature from thermal expansion during operations. Titanium alloys are replacing steel-based materials in areas where high strength is required. Titanium alloys provide protection from galvanic corrosion in the joints of the aircraft. These alloys also helps in structure strain elimination which is caused by the differentiating expansion coefficient between different joint materials. Titanium and its alloys are also employed in turbo fan engines, which are widely used in commercial aircraft to lower fuel consumption. Titanium and its alloys provides excellent crack propagation resistance, fatigue strength, corrosion resistance, and fracture toughness. This helps in reducing airframe maintenance costs.
Aerospace grade Ti-6Al-4V alloy typically consists of Vanadium (V) of 4 wt% and aluminum (Al) of 6 wt%. Titanium alloys are superior to aluminum alloys for usage in aircraft engines, as they provide high specific strength. Specific strength of aluminum alloys drops rapidly when the engine temperature exceeds 200?C. For the manufacturing of rotor fan blades and aircraft frame premium industry grade titanium alloys are used such as Ti-17 (Ti-5Al-2Sn-2Zr-4Cr-4Mo) and Ti- 6Al-4V. Other applications of titanium and its alloys are manufacture of gas turbine parts, helicopter rotor blades, medical devices, surgical equipment, and space applications.
Rise in defense and aerospace development activities across the globe provide immense potential for the titanium alloys market. Increase in demand for titanium alloys in the automotive industry is also driving the market around the globe. The market of titanium alloys for aerospace industry is driven by factors such as increase in trade of fighter aircraft, growth in defense deals among countries, expansion in the global aviation industry, technological advancements in the automotive technology, and expansion of space program in various countries around the globe. High prices of titanium and its alloys and lack of infrastructure and technology in emerging economies are the key restraints of the titanium alloys for aerospace industry market.
Currently, North America and Europe lead the global titanium alloys for aerospace industry market in terms of consumption. These regions are followed by Asia Pacific. Technological growth in material science and rapid economic growth in countries in Asia Pacific are expected to provide immense opportunities to the global players in the titanium alloys for aerospace industry market.
Prominent global players that produce titanium alloys for aerospace application are Precision Cast Parts Corporation, ThyssenKrupp AG, Allegheny Technologies, Alcoa Howmet Castings, Outokumpu, Nippon Steel, ATI Metals, Aperam, Haynes International Inc., and VSMPO are the major players operating around the world. Increase in investments for improvement of material strength of aircraft, led by the rise in per capita GDP of countries in Southeast Asia, is anticipated to boost the demand for titanium alloys for the aerospace industry.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.