Titanium is in many ways a mechanical intermediate between aluminum and steel. Generally, applications for titanium are where an improvement in strength over aluminum (in this case, Grade 2 does not have this advantage, but has better toughness than aluminum alloys) or where a weight advantage over steel is required.
In addition, titanium has chemical and physical advantages over competing metals, such as human tissue compatibility and low thermal conductivity. These could provide niche uses for titanium.
Grade 2 has very high elongation, similar to the austenitic stainless steels and compatibility with many chemicals.. One possible replacement application is a lighter-weight alternative for 300-series stainless steels.