Titanium is approximately 45% lighter than steel, has comparable tensile strength, and does not corrode in seawater, body fluids, or most industrial environments, but costs roughly 30-40 times more per kilogram to produce, because extracting it from ore requires the Kroll process, a complex batch operation that has not been significantly improved since 1940.
Every aircraft, medical implant, and submarine that uses titanium is paying a premium for a manufacturing process invented 86 years ago.