We attended Titanium USA 2025 held in Boston in late September and the titanium supply base was clearly languishing in an oversupply situation. In fact, Airbus announced that their 2026 purchases of titanium would be lower than 2025’s before resuming growth in 2027. In contrast, Boeing said their 2026 purchases would be flat or slightly increasing versus 2025’s despite being on a multi-year drawdown of built-up stocks. We attribute the oversupply to lower than expected widebody build rates as the oversupply felt for airframe applications is not being felt for engine applications. Most suppliers thought the market for titanium would be soft for another year (i.e., through Q3 2026). For the record, we forecast nearly 8% growth in aerospace titanium mill product demand over the next 5 years.
