According to the International Air Transport Association, air passengers are expected to quadruple over the next two decades. ~8.2 billion passengers are expected to have traveled by air by 2037. With rising passenger traffic, major aircraft manufacturers such as Airbus and Boeing expect to see a rise in their commercial aircraft deliveries in the coming years. Thus, a surge in air passenger traffic across various countries is a key factor driving the aircraft engine forging market. Additionally, the aircraft production capacity continues to increase in response to the rise in air traffic and the introduction of next-generation aircraft. The surge in the manufacturing of aircraft would further boost the aircraft engine forging businesses. The process of forging aircraft engine components includes metalworking and machining techniques such as closed die forging, seamless die forging, and isothermal forging.
The US has witnessed the most severe impact of COVID-19 in 2020 and 2021. The aircraft engine manufacturers and engine component manufacturers in the country were affected due to nationwide lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The massive outbreak of the virus has created both a health crisis and an economic crisis in the US. It has led to major disruptions in the aerospace industry, impacting everything from supply chain and manufacturing to product sales. The pandemic has directly and indirectly impacted the industry’s short term and long term strategies.
North America has experienced a rise in demand for aircraft engines due to the early and rapid adoption of technologically advanced airplane engines. The booming aerospace and defense aviation business in the region encourages aircraft engine manufacturers to provide technologically innovative and efficient products for various aircraft types. The aircraft engine industry in North America is likely to be driven by rising demand for these engines and the presence of several major competitors, including General Electric Company, Honeywell International Inc., Collins Aerospace, and Pratt & Whitney. These companies undertake vigorous R&D activities to expand their product lines and manufacture aircraft engines with technologically improved systems, subsystems, and other components. Thus, the growth of the aircraft engine industry is supporting the growth of the aircraft engine forging market across North America.
Based on material type, the aircraft engine forging market share is segmented into titanium alloy and nickel alloy. The nickel alloy accounted for the higher share in 2020. Numerous forging companies operating in the aerospace industry (irrespective of engine or structural parts) are more inclined towards the use of super nickel alloys. These materials come with high-temperature and heat-resistant properties. The nickel alloys are utilized in gas turbines for building energetics, blades, on rotors, turbo, and turbine aircraft engines, steam turbines, propelling nozzles, process equipment, valves, pumps, and other parts which must endure during critical environments. Nickel alloys are ideal for the environments where the temperature is in access of 1000 degrees F. Henceforth, in an aircraft engine, nickel alloys are used in combustion chamber and turbine. Pertaining to temperature is high in the rear half section, an iron-based or nickel-based alloy is used in an aircraft engine. Demand for nickel alloy is extremely high in both closed and open die forging techniques. For instance, Aubert & Duval has recently developed AD730. It is a new nickel-based superalloy which withstands during higher temperatures 1,350°F while holding strength, fatigue resistance, and creep at a competitive cost.
The aircraft engine forging market is segmented on the basis of forging type, material type, end-user, and geography. Based on type, the aircraft engine forging market is bifurcated into closed die forging and seamless rolled ring forging. Based on material type, the market is subsegmented into nickel alloys and titanium alloys. Based on end user, the market is further segmented into fan case, combustion chamber outer case, turbine disc, rotors, and others. On the basis of geography, the aircraft engine forging market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. All Metals & Forge Group, ATI Metals, Doncasters Group Ltd, Farinia Group, Lisi Aerospace, Otto Fuchs GmbH, Pacific Forge Incorporated, and Precision Castparts Corp. are among the key players that are profiled during the study of the aircraft engine forging market.
The regional trends and factors influencing the Aircraft Engine Forging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Aircraft Engine 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 2021 | US$ 2.15 Billion |
| Market Size by 2028 | US$ 3.26 Billion |
| Global CAGR (2021 - 2028) | 6.2% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Forging Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Aircraft Engine 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 Aircraft Engine Forging Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
Players operating in the aircraft engine forging market are mainly focused on the development of advanced and efficient products.
The global aviation industry is experiencing huge demand for air travel, for both military and commercial purposes. This is leading the aircraft manufacturers to procure the latest aircraft models, and models and adopt new and robust technologies. Therefore, the production of the next generation of aircraft is expected to be one of the key trends in the aviation industry in the future. The trend is predicted to pitch over the period, leading to huge opportunities for the proliferation of aircraft component forging players
China dominated the APAC aircraft engine forging market in 2020. With a rising population in China, the adoption of air transportation is also growing. The plan of China related to the procurement of new helicopters is increased by 9%, which provides more opportunities to the engine forging companies. The aviation industry is among the top ten key areas of focus in the “Made in China 2025†initiative. To achieve this pre-determined goal, the country is heavily dependent on imported engines, avionics, and other critical components/parts. These ‘one-generation-behind’ new aircraft are projected to assist in the growth of China.
ATI Metals, Safran, Precision Castparts Corp., Arconic, and Otto Fuchs are the five key market players operating in the global aircraft engine forging market. We have derived this listing of “Key Five Players†in the global aircraft engine forging market by giving weightage to the following key parameters: overall revenue, segmental revenue, brand image & industry experience, current geotechnical construction services portfolio, customer base, geographical reach, partnerships, mergers & acquisitions, and other market-related activities.
The aircraft engine forging market is dominated by closed die forging segment which held a market share of 62.5% in 2020 and is anticipated to continue its dominance during the forecast period to account for 58.4% of the aircraft engine forging market share by 2028.
The rise in the manufacturing of aircraft is directly magnifying the demand for aircraft engines over years. Additionally, airlines, aircraft operators, armed forces, and charter operators are likely to boost the demand for new engines as part of their fleet modernization and growth plans. The growing need for a new generation of engines with low emissions and weight, which would improve airplane fuel efficiency, is also contributing to the aircraft engine forging market proliferation.
North America held the largest share of the global aircraft engine forging market. North America has experienced a rise in demand for aircraft engines due to the early and rapid adoption of technologically advanced airplane engines. The booming aerospace and defense aviation business in the region encourages aircraft engine manufacturers to provide technologically innovative and efficient products for various aircraft types. The aircraft engine industry in North America is likely to be driven by rising demand for these engines and the presence of several major competitors, including General Electric Company, Honeywell International Inc., Collins Aerospace, and Pratt & Whitney. These companies undertake vigorous R&D activities to expand their product lines and manufacture aircraft engines with technologically improved systems, subsystems, and other components. Thus, the growth of the aircraft engine industry is supporting the growth of the aircraft engine forging market across North America.