Howmet Takes Cautious Stance on Boeing’s 2025 Output Targets

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Titanium supply, spares demand, and inventory drawdowns drive a conservative forecast

Howmet Aerospace is taking a measured approach to 2025, forecasting lower titanium component demand than Boeing’s optimistic targets suggest. The Pittsburgh-based titanium melter expects slower build rates for the 737 MAX and 787 Dreamliner, citing supply chain instability and inventory adjustments.

Boeing predicts a ramp-up to 38 aircraft per month for the 737 MAX in H2 2025 and potentially 42/month by year-end. However, Howmet plans for a steady 25/month for the 737 MAX and 6/month for the 787. CEO John Plant explained that Boeing’s efforts to normalize inventory levels could reduce near-term orders for structural titanium parts.

Titanium bottlenecks and certification delays influence forecast

Howmet is particularly cautious about the 787 Dreamliner, where titanium-intensive heat exchangers remain in short supply. Additionally, delays in certifying certain seating systems have added further uncertainty to Boeing’s output timeline.

While some suppliers are aligning with Boeing’s aggressive plans, Howmet expects early 2025 demand to lean heavily on spare parts and aftermarket services. These segments are less dependent on new aircraft production and continue to show strong growth due to aging fleets.

Strong profit and revenue despite production restraint

Despite conservative production forecasts, Howmet projects its 2025 revenue to reach between $7.93 billion and $8.13 billion. This reflects a notable increase from $7.4 billion in 2024, driven by rising demand from both Boeing and Airbus.

The company also benefits from soaring demand for spare turbine blades and engine parts. These items made up 17% of 2024’s revenue, and that share is expected to grow. Delayed aircraft retirements are further expanding the aftermarket sector.

Howmet reported a 51% rise in full-year profit, hitting $1.2 billion. Fourth-quarter earnings also rose 33% year-over-year to $314 million, affirming its resilient position in the titanium market. At SuperMetalPrice, we’ll continue to track how titanium and aerospace demand evolve through 2025.