A plane’s worth of titanium could make up as much as $1,500 (£1,200) a piece, according to an industry expert.
A plane carrying up to 10 passengers would be worth $2,000 (£1) a day, said Chris Hill, of aerospace consultancy Hill Aviation.
He said the value of each piece was “almost in the billions”.
But the metals needed to make planes could be as much more than that.
He told the BBC that airlines could be paying about $6,000 per plane for each of its four main components, including the wings and fuselage, a total of $25,000 a day.
There are also costs associated with getting the metal to the factory where it is manufactured, including transporting it to the site, and paying for the metal itself.
He told the ABC the cost could be higher than the average annual value of a plane.
Aircraft metal costs are also growing faster than other industries.
A decade ago, planes would typically cost around $150,000, according the US Air Force.
By 2020, planes could cost more than $1.5 million.
But it is not just the cost of aircraft components that are rising.
The value of the aviation industry is also expected to grow faster than the value in the broader economy.
The number of passengers on flights is expected to increase by 1.4 million in 2023, and that will lead to a 2.6 per cent increase in the number of people flying each year.
In 2020, the number that will fly an international flight rose by 1 million to 9,000.
That will make for an average increase of 1.7 per cent each year, but the number flying each month will likely grow by 1 per cent in 2037, Hill said.
At the same time, air travel will also increase by 10 per cent, according Hill.
This growth in air travel is being driven by the need for more planes, and the demand for more seats, and by the increasing availability of planes with better safety systems, such as the autopilot system and seat belts.
For example, the National Transportation Safety Board in the US said in 2016 that a plane’s average speed was now three times faster than it was in 2001.
Even though air travel has grown, it is still dwarfed by the cost associated with cars and trucks.
Car-related costs are expected to rise by 1,000 to $10 billion in 2035, according estimates from the International Association of Machinery Manufacturers.
And truck-related cost are expected be about 4,000 times higher in 2036 than they are today, according an OECD study.
So how does the cost compare to the economy?
The growth in costs has been driven by technology that has improved the safety of planes.
By the year 2020, an average of four out of every five accidents involving planes will result in injuries, according data from the Federal Aviation Administration.
However, accidents still happen.
A recent study by the Federal Trade Commission found that nearly half of all aircraft accidents involved the pilot, and another third involved passengers.
Although the FAA does not track passenger numbers, it found that in 2016, more than one in four of all accidents involving passengers resulted in death or serious injury.
How much does the aviation sector contribute to Australia’s economy?
In 2020 alone, the aviation and aviation related industries generated $6.2 billion in revenue.
It is estimated that the value to Australia of all aviation-related services, including aircraft, passenger and cargo transport, and maintenance, has been growing by 1 to 2 per cent per annum.
That means the aviation trade and trade and aviation industry contributes more to the Australian economy than the manufacturing sector and the service sector combined.
Airports are also key to the growth of the Australian manufacturing sector, according figures from the Australian Bureau of Statistics.
The industry employs more than 4.4 per cent of the workforce.
“The sector provides a significant part of the manufacturing base, providing jobs for over 10 per, 15 per, 20, 30, 40 per cent [of the workforce],” Hill said, adding that it is expected that the industry will contribute $4.5 billion to Australia in 2034.
What are the biggest industries in Australia?
Although there are a number of industries that provide jobs and income to Australians, they are not the most important.
Domestic services such as food services and hospitality, retail and hospitality and accommodation and food processing, accommodation and service industries are among the fastest growing industries in the country.
Food and beverage services, retail trade and accommodation, accommodation, food and beverage and related services, and accommodation trade and related industries accounted for almost all of the growth in the economy in the year to the end of 2020, according TOI’s analysis.