Most of the fairway woods on the market will have a head constructed from steel. Because the head is not required to be large, steel offers a strong, forgiving element to the club. The inexpensive metal can be easily manufactured for a smaller head.
Relatively outdone by steel in this area, titanium is still used in many fairway woods. The basic lightweight nature of titanium makes it a useful face for fairway metals. Commonly reserved for slightly larger headed fairway woods, titanium is being used more and more by companies in their fairway clubs. Also, because it is lightweight, the thin face means that the weight and centre of gravity can be moved lower, wider and further back to produce high hitting forgiving wood. Like most titanium clubs however, the price of the metal is represented in a relatively expensive price tag.
There are a few composite fairway woods creeping onto the market. The carbon material is placed on the crown or rear of the clubhead allowing manufacturers to reduce the weight of the head for lower and perimeter weighting. This makes the club much more forgiving and at a cost that is less than titanium.