North America is a shelter for over 40% of the global helicopter fleet and therefore plans to purchase and replace the existing fleet with a new one in the coming few years. By doing this, the region is proficient to cater market requirements of aerospace. Replacing existing fleets with new helicopters will also boost the market of aerospace forging simultaneously. Some of the companies involved in the business of manufacturing and supplying aircraft engines and forging products include The Boeing Company, Patriot Forge Co., Scot Forge, United Technologies Corporation, and others.
The aerospace forging market is likely to witness strong growth during 2023-2031. This demand for aerospace filters is mainly driven by the demand for aluminum and titanium alloys for the production of different components of aircraft such as fan cases, turbine discs, and rotors. Further, the rise in number of aircraft engine production is another major factor generating new demand for aerospace forgings across the world.
The aerospace forging market is likely to showcase vigorous growth during 2023-2031. The demand for the aerospace forging market is mainly driven by some of the below-mentioned factors:
These factors are likely to express a healthy growth of the aerospace forging market. Moreover, the US accounted for the largest share of the global aerospace forging market in 2023. The country is a leading manufacturer of general aviation equipment such as small aircraft, helicopters, and business jets. The aerospace industry of the country has observed a shift in manufacturing investment. The country currently accounts for more than 35% of global aircraft production. Further, the presence of some of the major aircraft OEMs, namely Boeing, Airbus, Bombardier, and Textron Inc. have their manufacturing bases established in the US. These renowned players also support the business of aerospace forging as the need for aerospace-forged products increases with an upsurge in the production of aircraft. Precision Metal Product Inc., Scot Forge, Fountaintown Forge, Pacific Forge Incorporated, Arconic Inc., and Mettis Aerospace Inc. are some of the significant players operating in the US aerospace forging market.
Within the commercial aerospace industry, the production of next-generation single-aisle, large twin-aisle aircraft, and jet engines is predicted to be a booming factor. The next-generation jet engine uses advanced metallic powder alloys and nickel-based superalloys. It is an economic model of the aircraft, which helps in enhancing fuel efficiency and performance of an aircraft. For instance, Airbus and Boeing have received an order for the manufacturing of more than 40,000 aircraft. Production of massive next-generation aircraft will increase the market of aerospace components eventually. Moreover, the production of next-generation aircraft is forecasted to provide ample growth prospects to the aerospace component forging companies also.
With a continuous increase in air travel, the number of airplanes is rising substantially to fulfill the increasing demand of consumers. However, nearly 400 to 600 commercial aircraft in the current scenario are retired, aging, and disassembled each year, which results in creating a heap of waste. This massive amount of waste includes approximately 1000 tonnes of carbon fiber, 1800 tonnes of alloys, 30000 tonnes of aluminum, and 600 tonnes of other scrap materials. In context to rising concern towards the environment, aerospace firms such as Pratt & Whitney along with government bodies have identified new ways to replace the raw materials with recycled and renewable for the manufacturing of aerospace parts.
As per the International Civil Aviation Organisation (ICAO), it is expected that the service life of nearly 18,000 airplanes is expected to end over the coming 10-15 years of the rise in air traffic. Therefore, the use of recycled materials is expected to provide huge opportunities for aerospace forging companies. For instance, Boeing and Bharat Forge Ltd. have shown their interest in making an entry into the USM market. Moreover, in the Americas and Europe, the business of recycling provides huge opportunities to both aircraft manufacturers and aerospace forging companies. On the contrary, every country has its terms and conditions related to industries and their activities. For instance, earlier, Europe faced difficulties when it came to buying or recycling titanium. Hence, to eradicate this situation, EcoTitanium is the first unit to recycle aircraft-grade titanium alloys. This facility used advanced furnaces to recycle titanium, meanwhile lowering emission levels.
Key segments that contributed to the derivation of the Aerospace Forging Market analysis are material type, aircraft type, application, and geography.
The geographic scope of the Aerospace Forging Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
In 2023, the most dominant region in the global aerospace forging market was North America. This is because the region is heavily concentrated with aerospace forging companies. The region houses several well-established aircraft manufacturers, aircraft engine manufacturers, and other aircraft component manufacturers. These aircraft/airframe manufacturers and aircraft component manufacturers demand forged products for enhancing the efficiency of the engines, landing gears, aerostructures, and ultimately the entire aircraft. Attributing to this, the region witnesses growth in several players, which contributes substantial revenue shares. These factors have led the North American region to dominate the global aerospace forging market.
The Aerospace Forging Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for aerospace forging market and strategies:
The regional trends and factors influencing the Aerospace Forging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Aerospace Forging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3.90 Billion |
| Market Size by 2031 | US$ 6.18 Billion |
| Global CAGR (2023 - 2031) | 6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Material Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Aerospace Forging Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Aerospace Forging Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The “Aerospace Forging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: