The aircraft isothermal forging market size is projected to reach US$ 2.40 billion by 2031 from US$ 1.36 billion in 2023. The market is expected to register a CAGR of 7.4% during 2023–2031. The healthy demand for Titanium and Nickel-based alloys in aircraft manufacturing is likely to remain a key trend in the market.
Aircraft Isothermal Forging Market Analysis
The market players that manufacture aircraft components through the isothermal forging process include ATI, H.C. Starck Solutions, Bharat Forge, Alcoa Corporation Schuler AG, SMT Limited, and ALD VACUUM TECHNOLOGIES. The growing initiatives for strengthening the production capacities is also aiding the market growth. For instance, in March 2022, Ramkrishna Forgings expanded its forging capacities and machining and heat treatment capabilities, including isothermal annealing, which allows the company to manufacture components for OEMs and Tier 1 companies.
Aircraft Isothermal Forging Market Overview
The major end users of the isothermal forging market include aerospace manufacturers, military & commercial aircraft MROs, and aircraft component manufacturers. These companies procure the aircraft components and parts made from the isothermal forging process for specific aircraft applications. These companies incorporate long-term contracts and supply agreements with the isothermal forging companies. Moreover, the MROs also caters to the demand for aircraft parts replacement or refurbishment that also includes engine parts such as turbine blades, disks, fasteners, etc that requires deployment of isothermally forged parts which is another major end user driving the aircraft isothermal forging market. Moreover, the rising commercial aircraft operations worldwide is also boosting the demand for isothermal forging products from MRO services.
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Aircraft Isothermal Forging Market: Strategic Insights
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Aircraft Isothermal Forging Market: Strategic Insights
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Aircraft Isothermal Forging Market Drivers and Opportunities
Increasing Demand for Components Made of Titanium Alloys And Ring Forgings
The major stakeholders in the global isothermal forging market ecosystem include raw material suppliers, isothermal forging companies, and end users. The raw material supplier is the crucial stakeholder in the ecosystem of the isothermal forging market. The major raw materials are titanium, titanium alloy, and nickel-based superalloy material, primarily used to manufacture the aircraft components through isothermal forging technology. The major raw material suppliers include Metalmen Sales Inc., Ferralloy Inc., Universal Metals, Advanced Global Materials Inc., Continental Steel & Tube Co., VSMPO-AVISMA, and Siddhagiri Metals & Tubes. In November 2021, Boeing signed an agreement with VSMPO-AVISMA, a leading Russian titanium producer, to develop new titanium alloys and technologies. In addition, in February 2021, Hindustan Aeronautics Ltd. signed a contract worth US$ 15 million with GE Aviation for the development and supply of ring forgings for its aviation military and commercial engine programs. Thus, such growing initiatives from supplying raw materials are strengthening aircraft production through isothermal forging technology, which is propelling the market growth.
The Increasing Global Aircraft Fleets
According to the Market analysis, in 2022, the global commercial aircraft fleet was estimated to be around 25,578 which is further likely to reach more than 28,400 aircraft by the end of 2024. Further, the commercial aircraft fleet is expected to reach around 36,400 aircraft by the end of 2034. Moreover, according to the Boeing and Airbus’ forecasts, more than 40,800 commercial aircraft are expected to be delivered globally by the end of 2042 which is further expected to generate the demand for forging products in the coming years. Such factors are anticipated to generate new opportunities for isothermal forging market vendors in the coming years.
Aircraft Isothermal Forging Market Report Segmentation Analysis
Key segments that contributed to the derivation of the aircraft isothermal forging market analysis are aircraft component, forging material, and fit type.
- Based on aircraft component, the aircraft isothermal forging market is segmented into fan blades, turbine disks, shafts, and connector rings. The fan blade segment held a larger market share in 2023.
- Based on forging material, the aircraft isothermal forging market is segmented into titanium and nickel-based superalloys. The nickel-based superalloys segment held a larger market share in 2023.
- Based on fit type, the aircraft isothermal forging market is bifurcated into line fit and retrofit. The line fit segment held a larger market share in 2023.
Aircraft Isothermal Forging Market Share Analysis by Geography
The geographic scope of the aircraft isothermal forging market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific has dominated the market in 2023 followed by North America and Europe regions. Further, Asia Pacific is also likely to witness highest CAGR in the coming years. One of the major reasons behind the higher market share of the region is mainly due to the increasing aircraft deliveries and the rising regional aircraft fleet. Further, the exepected deliveries of more than 18,800 new commercial aircraft across the region in the next two decades is likely to generate new market opportunities across the Asia Pacific region.
Aircraft Isothermal Forging Market Regional Insights
The regional trends and factors influencing the Aircraft Isothermal Forging Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Aircraft Isothermal Forging Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
- Get the Regional Specific Data for Aircraft Isothermal Forging Market
Aircraft Isothermal Forging Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.36 Billion |
| Market Size by 2031 | US$ 2.40 Billion |
| Global CAGR (2023 - 2031) | 7.4% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Aircraft Components
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Aircraft Isothermal Forging Market Players Density: Understanding Its Impact on Business Dynamics
The Aircraft Isothermal 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 Isothermal Forging Market are:
- Alcoa Corporation
- ALD Vacuum Technologies
- Allegheny Technologies Incorporated
- H.C. Starck GmbH
- Howmet Aerospace
Disclaimer: The companies listed above are not ranked in any particular order.
- Get the Aircraft Isothermal Forging Market top key players overview
Aircraft Isothermal Forging Market News and Recent Developments
The aircraft isothermal forging market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the aircraft isothermal forging market are listed below:
- India’s leading aviation company Hindustan Aeronautics Limited (HAL) and Safran Aircraft Engines, the French global leader in aero engine design, development and manufacturing, signed today a MoU (Memorandum of Understanding) announcing their intent to develop industrial cooperation in forging parts’ manufacturing for commercial engines. (Source: Safran, Press Release, Oct 2023)
Alcoa secured a 10 year agreement with Pratt & Whitney worth US$ 1.1 billion for the supply of critical components of PurePower geared turbofan jet engines that also oncludes titanium forged parts. (Source: Alcoa, Press Release, July 2014)
Aircraft Isothermal Forging Market Report Coverage and Deliverables
The “Aircraft Isothermal Forging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Aircraft isothermal forging market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Aircraft isothermal forging market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Aircraft isothermal forging market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the aircraft isothermal forging market
- Detailed company profiles
- Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
- PEST and SWOT Analysis
- Market Size Value / Volume - Global, Regional, Country
- Industry and Competitive Landscape
- Excel Dataset
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Aircraft Components, Forging Material, and Fit Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Asia Pacific region dominated the aircraft isothermal forging market in 2023.
Increasing preference for titanium over steel fabricated parts and the growing demand for components such as ring forgings are some of the factors driving the growth for aircraft isothermal forging market.
The demand for titanium and nickel-based parts in military aircraft engine production is one of the major trends of the market.
Alcoa Corporation, ALD Vacuum Technologies, Allegheny Technologies Incorporated, H C Starck GmbH, Howmet Aerospace LTD, Leistritz Turbinentechnik GmbH, Nanshan Forge Company, Precision Castparts Corp (Berkshire Hathaway), Schuler AG, and SMT Limited are some of the key players profiled under the report.
The estimated value of the aircraft isothermal forging market by 2031 would be around US$ 2.40 billion.
The aircraft isothermal forging market is likely to register of 7.4% during 2023-2031.
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