Flying is not as much fun as it used to be. From the ever-decreasing size of airlines' complimentary packets of peanuts to the introduction of eye-popping fuel surcharges, much of the sense of excitement and adventure seems to have gone from the whole experience.

After a tough couple of years, the titanium industry could be forgiven for feeling a similar sense of let-down. While airline passengers have a choice of things to blame for their current woes—from security restrictions to rising oil prices—titanium suppliers have a clear scapegoat for sluggish prices and concerns over excess capacity: Boeing.

That may seem tough on the giant aircraft...