Increase in Aircraft Engine Production to Boost Aircraft Engine Forging Market Share During 2021–2028
According to our latest market study on “Aircraft Engine Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis – by Forging Type, Material Type, and Application,” the market is projected to reach US$ 3,260.77 million by 2028 from US$ 2,145.80 million in 2021; it is expected to grow at a CAGR of 6.2% from 2021 to 2028.
The rise in air traffic across the world is leading to an increase in demand for commercial aircraft. Aircraft manufacturers have increased their rate of production of commercial aircraft and helicopters over the years. According to General Aviation Manufacturers Association, the US alone manufactured 709 helicopters and 1,555 airplanes in 2020. As per an official delivery report by Boeing, it delivered 302 planes from January to November 2021 to 36 clients, ranging from Aeroflot to WestJet. Similarly, from January through November 2021, Airbus supplied 518 planes to 80 different clients. Airbus and Boeing both experienced large aircraft orders during the Dubai Airshow. Such rise in the manufacturing of aircraft is supporting the aircraft engine forging market growth. 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 proliferation of the aircraft engine forging market size.
Based on forging type, the global aircraft engine forging market is further bifurcated into closed die forging and seamless rolled ring. In 2020, the closed die forging segment led the aircraft engine forging market with a larger share. The closed die forging, also known as impression-die forging, is a process in which dyes move toward each other and cover the workpiece either entirely or partially. The heated raw material, which is almost the size or shape of the final forged part. An impression-die forging of steel uses aluminum, titanium, and other alloys that can produce a series of 3D shapes with a better finish. AVIC Shaanxi Hongyuan Aviation Forging Co. Ltd. in January 2020 started its closed die forging operation, which is considered to be one of the biggest structural component manufacturing sites. Additionally, several companies, over the years, have increased their investments in closed die forging. For instance, in May 2017, Pratt & Whitney invested US$ ~386 million in the isothermal closed forging heating technology for jet engine building. Thus, owing to the above mentioned factor the aircraft engine forging market share is project to increase during the forecast period.
Impact of COVID-19 Pandemic on Aircraft Engine Forging Market Growth
The widespread COVID-19 infection has hampered the entire commercial aviation and general aviation industries, which came to a halt due to minimal resource availability in 2020. Several production units in the US, France, Russia, and China were temporarily closed to adhere to lockdown restrictions and physical distancing measures rolled out by governments, which impacted the supply chain of the aviation industry, as well as aircraft engine forging market. Aircraft manufacturers witnessed 30–50% reduction in demand for most of the aircraft models, especially, commercial aircraft models. A decrease in aircraft production and assembly activities affected the demand for aircraft engine forging, thereby showcasing a substantial drop in aircraft engine forging market size. According to several sources, the overall aircraft engine production declined by 28% in 2020.This severely hampered the businesses of aircraft engine forging market growth.
The key players operating in the global aircraft engine forging market include All Metals & Forge Group, ATI Metals, Doncasters Group Ltd, Farinia Group, Lisi Aerospace, Otto Fuchs GmbH, Pacific Forge Incorporated, and Precision Castparts Corp. Several other aircraft engine forging market players have also been analyzed to understand the aircraft engine forging market.
Aircraft Engine Forging Market - by Region, 2020 and 2028 (%)
Aircraft Engine Forging Market Size & Forecast Report by 2028
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Aircraft Engine Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Forging Type (Closed Die Forging and Seamless Rolled Ring Forging), Material Type (Nickel Alloys and Titanium Alloys), Application (Fan Case, Combustion Chamber Outer Case, Turbine Disc, Rotors, and Others)
Aircraft Engine Forging Market Size & Forecast Report by 2028
Download Free SampleAircraft Engine Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Forging Type (Closed Die Forging and Seamless Rolled Ring Forging), Material Type (Nickel Alloys and Titanium Alloys), Application (Fan Case, Combustion Chamber Outer Case, Turbine Disc, Rotors, and Others)
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