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Aerospace Titanium Market 2023 - Market Size, Product Trends, Key Drivers, Share Analysis And Forecast To 2032
Aerospace Titanium Market Analysis
The Business Research Company's Aerospace Titanium Global Market Report 2023 identifies increase in military spending as the major driver for the aerospace titanium market's growth in the forecast period. Military spending refers to money spent by a government to provide its military with weapons, equipment, and soldiers. Aerospace titanium is utilized in aircraft, armor plating, naval ships, spacecraft, and missiles due to its high tensile strength-to-density ratio, good corrosion resistance, and ability to sustain fairly high temperatures without creep.
The global aerospace titanium market size is expected to grow from $2.61 billion in 2022 to $2.83 billion in 2023 at a compound annual growth rate (CAGR) of 8.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aerospace titanium market size is expected to grow to $3.76 billion in 2027 at a CAGR of 7.4%.
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Major competitors in the aerospace titanium market are Acnis International, Supra Alloys, Bralco Metals Inc., Kobelco Group, Precision Castparts Corporation, Gould Alloys Limited
A key trend in the aerospace titanium market includes product innovations. Market players are concentrating on creating new technical innovations to boost their market shares. For instance, in July 2021, the Defence Research and Development Organisation (DRDO), an India-based Government agency operating in aerospace titanium, launched a high-strength metastable beta-titanium alloy. This was created on an industrial scale to create structural forgings for the aircraft industry. The product has unique features, such as the fact that titanium, alloyed with vanadium, iron, and aluminum, has an extraordinarily high strength-to-weight ratio.
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The aerospace titanium market is segmented -
1) By Type: TC4, TC6, TC16, Ti555, Other Types
2) By Alloy Type: Alpha, Alpha+Beta, Beta
3) By Aircraft Type: Commercial Aircraft, Regional Aircraft, General Aviation, Helicopters, and Military Aircraft
4) By Application: Structural Airframes, Engines, and Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the aerospace titanium market.
The Business Research Company's "Global Aerospace Titanium Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Aerospace Titanium Market Include:
1. Executive Summary
2. Aerospace Titanium Market Characteristics
3. Aerospace Titanium Market Trends And Strategies
4. Aerospace Titanium Market - Macro Economic Scenario
5. Aerospace Titanium Market Size And Growth
…….
26. Africa Aerospace Titanium Market
27. Aerospace Titanium Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Aerospace Titanium Market
29. Aerospace Titanium Market Future Outlook and Potential Analysis
30. Appendix
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