Aerospace Forging Market Growth Outlook | 2031
The Aerospace Forging Market size is projected to reach US$ 6.18 billion by 2031 from US$ 3.90 billion in 2023. The market is expected to register a CAGR of 6.0% in 2023–2031.
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.
Aerospace Forging Market Analysis
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.
Aerospace Forging Market Overview
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:
- The rising aircraft engine production leading to the production of fan cases
- Rising global aircraft & helicopter production
- Demand from MRO of existing aircraft fleet
- Increasing production of military aircraft
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.
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Aerospace Forging Market: Strategic Insights
Market Size Value in US$ 4,206.1 Million in 2018 Market Size Value by US$ 7,924.1 Million by 2027 Growth rate CAGR of 7.5% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Aerospace Forging Market: Strategic Insights
| Market Size Value in | US$ 4,206.1 Million in 2018 |
| Market Size Value by | US$ 7,924.1 Million by 2027 |
| Growth rate | CAGR of 7.5% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Aerospace Forging Market Drivers and Opportunities
Fabrication of Next-Generation Aircraft
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.
Utilization of Used Serviceable Material (USM) is Likely to Boost the Aerospace Forging Market Size
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.
Aerospace Forging Market Report Segmentation Analysis
Key segments that contributed to the derivation of the Aerospace Forging Market analysis are material type, aircraft type, application, and geography.
- Based on material type, the Aerospace Forging Market has been segmented into titanium, stainless steel, aluminum alloy, and others. The aluminum alloy segment held a larger market share in 2023.
- By aircraft type, the market has been segmented into fixed-wing and rotary-wing. The fixed-wing aircraft segment held the largest share of the market in 2023.
- In terms of application, the market has been segmented into rotors, turbine discs, shafts, fan cases, and others. The turbine disc segment dominated the market in 2023.
Aerospace Forging Market Share Analysis by 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.
Aerospace Forging Market News and Recent Developments
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:
- In November 2023, Safran Aircraft Engines signed a memorandum of understanding with Hindustan Aeronautics Limited to develop industrial cooperation in forging parts manufacturing for commercial aircraft engines. (Source: Safran Group, Press Release/Company Website/Newsletter)
- In February 2021, HAL and GE Aviation signed a contract worth US$ 12 million for the development of ring forgings including shrouds, cases, rings, and seals made of steel and nickel forgings. (Source: GE Aviation, Press Release/Company Website/Newsletter)
Aerospace Forging Market Report Scope
Aerospace Forging Market Report Coverage and Deliverables
The “Aerospace Forging Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Material Type ; Aircraft Type ; Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
- Arconic Inc
- All Metals & Forge Group
- Bharat Forge Limited
- Consolidated Industries, Inc
- Farinia Group
- Fountaintown Forge, Inc
- Fountaintown Forge, Inc
- Mettis Aerospace
- Pacific Forge Incorporated
- Somers Forge Ltd
- Victoria Drop Forgings Co. Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
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A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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