The military budget has been increasing year by year, and the growth potential of military aircraft is huge. In recent years, China's military expenditure has been growing continuously, with a compound annual growth rate of 7.2% from 2017 to 2021. With the increasing of China's comprehensive national strength, national defense construction has achieved "compensatory" development. It is expected that the compound growth rate in the next five years is expected to reach 7.5%, and there is a huge demand for military aircraft installation in the future. The military budget has been increasing year by year, and the growth potential of military aircraft is huge. In recent years, China's military expenditure has been growing continuously, with a compound annual growth rate of 7.2% from 2017 to 2021. With the increasing of China's comprehensive national strength, national defense construction has achieved "compensatory" development. It is expected that the compound growth rate in the next five years is expected to reach 7.5%, and there is a huge demand for military aircraft installation in the future.
It is expected that in the next 5 years, the domestic military + civil aerospace titanium material demand accumulated 110,000 tons, a compound growth rate of 16%. Since 2016, under the guidance of supply-side reform, backward production capacity has been gradually closed down and industrial concentration has continued to increase. Considering that the proportion of aerospace titanium materials in the domestic market is much lower than 50% of the total demand of titanium materials in the world, it is estimated that the total market demand of domestic aerospace titanium materials in the next 5 years is 110 thousand tons, and the compound growth rate of the industry is 16%.