Overview and Scope
Aerospace forging refers to the shaping and forming process that uses high pressure and temperature to make parts that are essential to the operation of airplanes. Aerospace forgings require higher levels of precision and quality than standard mechanical products.
Sizing and Forecast
The aerospace forging market size has grown strongly in recent years. It will grow from $31.49 billion in 2023 to $34.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to military modernization programs, stringent safety standards, growing emphasis on fuel efficiency, global expansion of air cargo services, rise in commercial air travel.
The aerospace forging market size is expected to see strong growth in the next few years. It will grow to $46.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing demand for next-generation aircraft, rapid growth in unmanned aerial vehicles (uavs), development of supersonic and hypersonic aircraft, globalization of aerospace supply chains. Major trends in the forecast period include technological advancements in forging processes, growing demand for lightweight components, rise in additive manufacturing technologies, stringent quality standards and certifications, focus on sustainable and eco-friendly practices.
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The aerospace forging market covered in this report is segmented –
1) By Material: Aluminum, Steel, Titanium, Other Materials
2) By Aircraft: Commercial, Military, Other Aircrafts
3) By Application: Rotors, Turbine Disc, Shafts, Fan Case, Other Applications
North America was the largest region in the aerospace forging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aerospace forging market report during the forecast period. The regions covered in the aerospace forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in aircraft production is expected to propel the growth of the aircraft forging market going forward. Aircraft production refers to the manufacturing of airplanes and components such as propulsion systems, avionics, and other related equipment. Forged components are far more durable and stronger than components manufactured using bar stock and casting, making them ideal for use in various aerospace applications. For instance, in January 2023, according to an article published by Airbus SE, a Netherlands-based manufacturer and developer of aerospace services, solutions, and products, Airbus delivered 661 commercial aircraft to 84 customers in 2022, which is an 8% increase over 2021. Therefore, the rise in aircraft production is driving the aircraft forging market.
Key Industry Players
Major companies operating in the aerospace forging market report are Arconic Corporation, Bharat Forge Limited, Scot Forge Company, Larsen & Toubro Ltd., Jiangyin Hengrun Heavy Industries Co. Ltd. , Consolidated Industries Inc., Somers Forge Ltd, Pacific Forge Inc, Precision Castparts Corporation, Ellwood Group Inc, All Metals & Forge Group LLc, Farinia Group, Victoria Drop Forgings Ltd., Mettis Aerospace Limited, Berkshire Hathaway Inc., Eramet Group, Avic Heavy Machinery Co. Ltd., Fountaintown Forge Inc., GKN Aerospace service Limited, High Tech Metal Seals Inc., Sheffield Forgemasters International Ltd., Thyssenkrupp Aerospace, Weber Metals Inc., SIFCO Industries Inc., Doncasters Group Ltd., Howmet Aerospace Inc., PCC Forged Products, Alcoa Corporation, Carpenter Technology Corporation, Forged Solutions Group, Honsel Umformtechnik GmbH, LISI Aerospace SAS, Safran Forge America Inc.
The aerospace forging market report table of contents includes:
1. Executive Summary
2. Aerospace Forging Characteristics
3. Aerospace Forging Trends And Strategies
4. Aerospace Forging – Macro Economic Scenario
5. Global Aerospace Forging Size and Growth
…..
32. Global Aerospace Forging Competitive Benchmarking
33. Global Aerospace Forging Competitive Dashboard
34. Key Mergers And Acquisitions In The Aerospace Forging
35. Aerospace Forging Future Outlook and Potential Analysis
36. Appendix
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