Aircraft Engine Casting Market is Forecast to Reach US$ 11.7 Billion in 2028, Says Stratview Research

The aircraft engine casting market is likely to rise at a CAGR of 7.3% during 2023-2028, to reach US$ 11.7 billion in 2028, states Stratview Research.

DETROIT, Dec. 27, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the global aircraft engine casting market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on the Aircraft Engine Casting Market

The global aircraft engine casting market is segmented based on aircraft type, engine type, application type, process type, material type, end-user type, and region.

Based on aircraft type - The aircraft engine casting market is segmented into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Commercial aircraft dominated the market with a share of more than 70% in 2022 and is projected to hold the biggest portion of the overall aircraft engine casting market in the coming five years. The demand for new commercial aircraft in the wake of rebounding air passenger traffic will be the key driving force of the market demand. Almost all the major airframers have announced to raise the production rates of their key programs. Supply chain disruption, labor shortage, inflation, etc. remain the major factors, increasing difficulties in achieving those targets. For instance, Boeing is targeting to produce an average rate of between 33 and 38 737s per month for 2023 (a total of about 400-450 units for the year), lower than that of its earlier projections (38 units per month in the first half of 2023 and 47 units per month by the end of 2023).

Based on the engine type - The aircraft engine casting market is segmented into turbofan, turboprop, turbojet, and turboshaft. Turbofan occupied a market share of more than 75% in 2022 and is anticipated to be the dominant as well as the fastest-growing segment in the coming years, due to the increasing demands from commercial aircraft and business jets across regions. The turbofan engine is the most fuel-efficient and generates very little noise among all engines. Leap engine is likely to remain the biggest demand generator for cast parts in the foreseeable future. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in the year 2023, despite supply chain disruption. 

Based on the process type - The market is segmented into investment casting and die & other castings. Investment acquired a market share of more than 85% in 2022 and is expected to remain the dominant as well as the fastest-growing process type in the market during the forecast period. Investment casting has a host of advantages like high accuracy and precision; superior surface finish; high strength and durability; and design flexibility, making the process the most preferred choice for manufacturing engine components. All the leading cast parts suppliers, such as PCC and Howmet, are mainly relying on the investment casting process.

Based on material type - The market is segmented into nickel, titanium, stainless steel, and others. Nickel dominated the market with a share of more than 60% in 2022 and is expected to remain dominant, whereas titanium is expected to be the fastest-growing material type in the market during the forecast period. Nickel alloys offer superior adhesion, corrosion resistance, and toughness. They are suitable for situations where stress needs to be minimized. The Russo-Ukrainian war led to several changes in the market dynamics, especially at the raw material level. Titanium is sourced mostly from Russia by both Boeing and Airbus. The ban on imports from Russia after the war led to an acute increase in the price of all Russian-dependent materials, especially titanium, whose tremor was felt across the value chain including cast parts.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that North America dominated the market with a share of more than 50% and is expected to remain the largest market for aircraft engine casting during the forecast period. This growth is majorly attributed to the following –

• This region has the presence of many major OEMs and MRO providers, such as Boeing and Airbus, which make the region a growth propeller of the aerospace industry.
• Most of the aircraft engine casting suppliers have their presence in the region to address the emergent needs of OEMs of the region like GE Aerospace and Pratt & Whitney.

Aircraft Engine Casting Market Drivers

Some of the key drivers listed in the report are given below.

• Increasing production rate of key aircraft programs.
• Increasing demand for lightweight engine components.
• Increasing aircraft fleet.
• Technical developments in the casting process that enhance product performance.

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Top 5 Companies in the Aircraft Engine Casting Market?

The market is fairly consolidated with the presence of some global and regional players. Stratview Research has identified the following companies as the top market players.

• Howmet Aerospace
• Precision Castparts Corp.
• Consolidated Precision Products
• Doncasters Group
• Chromalloy Gas Turbine LLC

What Deliverables Will You Get in this Report?

Related reports which might be useful:

• Aircraft Investment Casting Market
• Airfoils Market

About us –

Stratview Research is a global market research firm that highly specializes in aerospace and defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers to make convincing business decisions.

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