Global Aerospace Titanium Machining Market Size, Growth, Analysis 2031

(MENAFN- Straits Research) Introduction

Aerospace titanium machining refers to the systematic process involved in shaping and forming titanium components utilized in the aerospace industry. Machining is the procedure by which material is removed from a workpiece to achieve the desired shape and dimensions. In titanium machining for aerospace applications, numerous operations are utilized, including grinding, turning, milling, and cutting.

In aerospace applications, accuracy is critical, and machining procedures must conform to rigorous quality criteria and tolerances. Furthermore, due to the material's high value, titanium waste and production expenses must be reduced by utilizing efficient machining processes. Aerospace titanium machining can be performed using an array of technologies, including both traditional machining methods and advanced systems like Computer Numerical Control (CNC) machining.

Market Dynamics Growing Aerospace Industry Drives the Global Market

Growing defense expenditures, expanding air travel, and emerging markets all contribute to the expansion of the aerospace industry, which in turn affects the demand for titanium components of aerospace quality. In 2022, worldwide military spending, as the Stockholm International Peace Research Institute (SIPRI) reported, surpassed all previous figures by a significant margin of USD 2.2 trillion. This signifies the eighth year in a succession that military budgets have increased.

Furthermore, according to the International Air Transport Association (IATA), total traffic in July 2023 increased by 26.2%, as measured in revenue passenger kilometers or RPKs, compared to July 2022. On a global scope, traffic has returned to pre-COVID levels by 95.6%. Globally, passenger demand will return to pre-COVID-19 levels in several significant aviation markets by 2024. Thus, expanding the aerospace sector increases global demand for commercial and military aircraft, stimulating production rates. As a result, there is a heightened need for effective titanium machining methods to fulfill production objectives.

Presently, research and development endeavors are focused on improving titanium-specific machining techniques, tools, and materials, thereby fostering advancements in the industry. For instance, Spirit AeroSystems implemented laboratory-identified advancements at its manufacturing facility in July 2019. Spirit devised an innovative methodology called the Joule Form process, wherein aerospace components are manufactured by forming titanium raw material at elevated temperatures.

Spirit can manufacture components from titanium plates rather than machining substantial titanium slabs by employing the Joule Form method. An outcome of this is a decrease in both waste and machining. Joule Form technology applies to aircraft components machined from plates or forgings, especially expensive and difficult-to-machine steel and titanium alloys. Thus, a surge in R&D is anticipated to generate market expansion opportunities.

Regional Analysis

North America is the most significant global aerospace titanium machining market shareholder and is estimated to expand substantially during the forecast period. The aerospace and defense industry in the United States is tasked with manufacturing civil and military aircraft. Commercial aircraft production constitutes the largest subsegment within the aerospace and defense sector. It has approximately 20,000 supplier organizations. The United States incurs approximately 40% of worldwide military expenditures, with an expenditure of USD 877 billion in 2022. This is anticipated to increase the production of military aircraft, which will stimulate the market for aerospace titanium machining.

Furthermore, titanium components are in high demand among the major players in the aerospace industry, who are even forming alliances to acquire them for their aircraft. For instance, Lockheed Martin recently awarded Magellan Aerospace, a Canadian aerospace systems manufacturer, a contract in November 2022 to supply machined titanium components for the F-35 Lightning II combat aircraft. The contractual arrangement carries significant financial implications and is legally enforceable from 2023 to 2027. The primary focus of the agreement is the delivery of containers containing machined wing tie bars intended for the aircraft's flap.

Key Highlights

• The global aerospace titanium machining market size was valued at USD 91 billion in 2022. It is estimated to reach USD 6.93 billion by 2031, growing at a CAGR of 6.58% during the forecast period (2023–2031).
• Based on material type, the global aerospace titanium machining market is segmented into titanium alloys and commercially pure titanium.
  The titanium alloys segment is the largest contributor to the market.
• Based on application, the global aerospace titanium machining market is bifurcated into structural airframes, engines, and others.
  The structural airframes segment dominates the global market.
• Based on the manufacturing process, the global aerospace titanium machining market is segmented into casting, powder metallurgy, machining, additive manufacturing, superplastic forming (SPF), and others.
  The casting segment is the highest contributor to the market.
• North America is the most significant global aerospace titanium machining market shareholder and is estimated to expand substantially during the forecast period.