The Aircraft Forging Market is likely to grow at a significant CAGR of 6.9% during 2023-2028, to reach US$ 28 Billion in 2028, states Stratview Research.
DETROIT, Nov. 28, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the aircraft forging 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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Market Size in 2028
US$ 28 Billion in 2028
6.9% during 2023-2028
Number of Segments Covered
Number of Tables & Graphs
Country-Level Market Assessment
Segment Insights on the Aircraft Forging Market
The aircraft forging market is segmented based on aircraft type, process type, application type, component size type, material type, end-user type, and region.
Based on aircraft type- Stratview has first segmented the aircraft forging market in terms of aircraft type (commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation). Commercial aircraft is anticipated to dominate the aircraft forging market in the coming years. The commercial aircraft segment is driven by increasing passenger demand, fleet modernization, and fuel efficiency. Emerging markets, particularly in Asia-Pacific and the Middle East, are experiencing significant growth in air travel. A rise in the production rates of various commercial aircraft is anticipated to boost market demand in the coming years. Boeing, in its recent outlook (2022-2041), predicted that there would be deliveries of about 41,170 commercial and regional aircraft over the next twenty years, averaging over 2,059 aircraft each year. This growth leads to higher demand for commercial aircraft, which, in turn, will drive the demand for forged components.
Based on process type- The aircraft forging market is segmented into open/ring-die forging and closed-die forging. The closed-die forging type is expected to be dominant as well as the fastest-growing segment of the market during the forecast period. Closed-die forging produces components with exceptional strength. The compressive forces applied during the forging process realign the metal's grain structure, improving its mechanical properties and ensuring high performance in demanding aerospace applications. Closed-die forging minimizes material waste and is used to manufacture cost-effective components.
Based on application type- The aircraft forging market is segmented into engine and airframe. Engine is expected to lead the aircraft forging market during the forecast period. Due to the critical nature of engine components and the continuous advancements in engine technology, the engine segment maintains significant dominance in the aircraft forging market. Strength, precision, and reliability offered by forged components are crucial for achieving optimal engine performance and meeting the demanding requirements of modern aircraft engines. 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 2023, despite supply chain disruption, these factors will result in healthy growth of the engine segment in the market.
Based on material type- The market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to maintain its dominance, whereas titanium is expected to register the highest growth during the forecast period due to the extensive use of nickel-based alloys in the manufacturing of critical aerospace components. Their high-temperature performance, corrosion resistance, strength, and fatigue resistance make them indispensable for ensuring the reliability, performance, and safety of aircraft structures and engine systems.
Based on end-user type- The market is segmented into OE and aftermarket. OE is expected to be the dominant segment, whereas aftermarket is expected to be the fastest-growing segment of the aircraft forging market. Increasing aircraft production rates of important aircraft programs like the B737 and A320 families, entry of new players in the market such as COMAC, and upcoming aircraft programs are a few of the factors propelling the growth of the OE segment.
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Which Region Offers the Best Opportunity and Growth?
The report suggests that North America is likely to remain the most dominant region for the aircraft forging market during the forecast period.
This growth is majorly attributed to the following –
- Various significant aircraft manufacturers, such as Boeing, as well as various engine manufacturers, including General Electric and Pratt & Whitney, are based in North America.
- Most of the aircraft forged parts suppliers have their presence in the region to address the emergent needs of OEMs and to be the partners for their fuel-efficient versions of existing programs.
Asia-Pacific is expected to be the fastest-growing region in the long-term scenario.
Aircraft Forging Market Drivers
Some of the key drivers listed in the report are given below.
- The growing demand for commercial and military aircraft worldwide.
- The expected increase in the production rate of key programs (A320neo, B737 Max, A220, B787, and A350XWB).
- The introduction of new aircraft programs (C919, MC-21, B777x, etc.).
- Increasing investments in high-performance components.
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Top Companies in the Aircraft Forging Market?
The market is fairly populated with the presence of several regional and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the aircraft forging market. Aircraft forging manufacturers face intense competition and strive to differentiate their products by offering advanced features and improved performance.
- Precision Castparts Corp.
- Forgital Group
- ATI Inc.
- Doncasters Group
- Voestalpine BÖHLER Aerospace GmbH & Co KG
- Aubert & Duval SAS
- Otto Fuchs KG
- Howmet Aerospace
What Deliverables Will You Get in this Report?
Key questions this report answers
Relevant contents in the report
How big is the sales opportunity?
In-depth Analysis of the Aircraft Forging Market
How lucrative is the future?
Market forecast and trend data and emerging trends
Which regions offer the best sales opportunities?
Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and forecast
Which are the top players and their market positioning?
Competitive landscape analysis, Market share analysis
How complex is the business environment?
Porter's five forces analysis, PEST analysis, Life cycle analysis
What are the factors affecting the market?
Drivers & challenges
Will I get the information on my specific requirements?
10% free customization
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