Titanium metal and related titanium materials are one of the important strategic metal materials in the mainland.
With the rapid development of the current military and civil aviation markets, the demand for titanium alloys is strong.
Titanium alloy has a lightweight structure and excellent high temperature resistance, which can be highly matched to composite structures. While maintaining structural strength, it can also achieve a significant weight reduction effect, which can significantly reduce the weight of the aircraft, thereby increasing the carrying capacity and reducing fuel consumption.
At present, high-end titanium alloy has become the main structural material of aircraft and engines, and the landing gear components of aircraft, the beams, frames and fasteners of the fuselage, as well as the key components such as fans, compressors, blades and shafts of the engine, are inseparable from the support of titanium alloy.
At present, the mainland titanium industry is in the acceleration period of industrial upgrading, and the titanium industry is expected to continue to maintain a strong growth momentum with a large number of titanium alloys in the fields of national defense and "three airlines".
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Diagram of the application of titanium alloys in aircraft:
Source: Disclosure or rationality
Titanium alloy industry chain
Titanium alloys for aerospace applications need to be able to withstand high temperatures, pressures, and loads. Ordinary titanium alloy is difficult to meet the requirements of the engine in the environment of more than 600°C. Therefore, it is necessary to finely optimize the process parameters from alloy composition, melting, forging, thermomechanical treatment to machining.
The industrial chain of the titanium industry includes the whole process from raw material supply to product processing to application market. The upstream link is the supply of raw materials, mainly including titanium concentrate and ilmenite, and the midstream link is the processing process of titanium products, which converts the upstream raw materials into titanium products. Among them, titanium sponge, titanium dioxide and titanium processing materials are the main outputs of this link, and the downstream of the industrial chain is the application market, in addition to the above-mentioned aviation, but also shipbuilding, chemical, papermaking and medicine, etc., are important application fields of titanium products.
Titanium alloy industry chain combing:
Source: Western Superconductor, GF Securities
The domestic aerospace titanium alloy industry chain presents the characteristics of concentration at both ends and slightly scattered in the middle.
The technical threshold of the middle and upper reaches of the titanium alloy industry chain is relatively high, and new material companies need to go through several years of hard work and verification if they want to become qualified suppliers. In addition, the requirements for production capacity and cost control in the middle and upstream links are also very strict, and the current leading enterprises have obvious advantages.
In addition, raw materials occupy a large proportion of the cost structure in the middle and upper reaches, and downstream customers have higher requirements for price stability, so upstream titanium suppliers need to bear the risk of raw material price fluctuations, and cost control ability has become an important factor affecting the profitability elasticity of titanium links.
The supply field of titanium sponge presents a certain natural monopoly characteristic. The CR3 of the mainland titanium sponge industry has reached 50%, of which Xiangrun New Materials, Pangang Group and Shuangrui Wanji occupy the top three.
Titanium alloy forgings have certain barriers. As a hard-to-deform material, titanium alloy has a large deformation resistance, and needs to exert greater external force during the forging process, making it more challenging than other materials in the forging process. The main layout manufacturers of forging links include Shaanxi Hongyuan, Guizhou Anda and Jinghang Forging, Triangle Defense, Wanhang Die Forging, Parker New Materials, Aerospace Technology, etc., which are subordinate to AVIC Heavy Machinery.
Titanium alloy industry pattern and leading carding
The core competitiveness and main added value of titanium alloy are concentrated in the processing and application of titanium materials, mainly the R&D capabilities and manufacturing processes of high-end titanium materials, and the barriers mainly come from three aspects: technology, capital and access threshold.
There are a large number of titanium alloy enterprises in mainland China, but the industry concentration is high, and the number of large enterprises with large-scale effect is limited. In the high-end titanium market, Baoti and Western Superconductor have formed a duopoly competition pattern.
Baoti Co., Ltd. has the largest titanium and titanium alloy production and scientific research base in China, of which the market share of high-grade titanium and military titanium is as high as more than 80%. The company has undertaken a number of major scientific research projects, such as the independent design and manufacture of the titanium alloy manned capsule of the 4500-meter deep submersible, the development of titanium alloy plates for domestic C919 large aircraft, the development of titanium alloy for large-scale use and the development of titanium alloy for marine ships.
Western Superconductor has participated in the development of C919 large aircraft and the supply of some materials, and the company's products mainly include high-end titanium alloy materials, superconducting products and high-performance superalloy materials. #飞机##钛合金##高温合金##军工##航空##财经##科技##制造##低空经济#
epilogue
At present, the amount of titanium used in civil aircraft is rising, and the demand for high-end titanium alloy is growing simultaneously, and the proportion of titanium alloy in domestic large passenger aircraft C919 has reached 9%; With the booming development of the aerospace and aircraft industry chains, the upstream materials link is expected to usher in broad opportunities.
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