The global Aerospace Forging market is forecasted to grow at a rate of 7.5% during the period 2020-2027. The market under study had a value of USD 4.51 billion in 2019 and is forecasted to reach USD 7.89 billion in 2027.
Some of the most common forged components used within aircraft include connectors, valves, swashplates, propeller hubs, engine mount, compressor rings, gear blanks, spinners and these components are primarily forged with the help of aluminum, stainless steel, titanium, carbon steel, among others. The aerospace components are manufactured on the basis of its applicability. The increasing number of modern advanced aircraft is driving both the aerospace and the forging sector.
The increasing number of air traffic is compelling aviation companies to include newer aircraft under their wings, and as the manufacturing of aircrafts increases, the industry under study experiences heavy growth. The aviation companies are trying to increase production capacities and trying to improvise their manufacturing processes, which demands the use of improved forged components. Emerging economies around the world and superpowers are trying to strengthen their defense sector and are investing heavily in buying technologically advanced aircraft. The manufacturing of these aircraft with special features and designs requires the forging process to undergo modifications and creates opportunities in the forging sector. Amidst such rapid changes emerging in the market, limitations of the cold forging process are slowing down the sector to a certain extent. Apart from that, strict government regulations for the aerospace market and concerns regarding environmental hazards arising out of the forging process is forming barriers for the growth of the sector.
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Further key findings from the report suggest
- Key materials used in forging are aluminum alloys, titanium, and stainless steel. The stainless steel segment is projected to witness a growth rate of 8.0% during the forecast period. It is growing in popularity as a forging material due to its properties like corrosion resistance, heat resistance, and sustainability in high temperatures.
- It is forecasted that more than 18,000 rotary-wing aircraft would be manufactured during the forecast period, and it would generate a revenue of around USD 220.7 billion. This is due to the huge growth in the production of civil helicopters, although the demand from the defense sector is likely to slow down. These figures definitely indicate positive signs for the aerospace forging market, and the possibilities of high demand from this segment are quite high.
- Asia-Pacific region is the second-largest consumer of aerospace forging products followed by Europe. Commercial air travel passengers are rapidly increasing in the Asia-Pacific region, and the developed tourism industry in Europe is contributing to rising air traffic in these regions. The airline industry is thus investing largely in procuring newer aircraft which are driving the market under study in these regions.
- There has been a number of product launches in the market like forged components for new generation engines by Mettis aerospace, “The Millionth Crankshaft” by Bharat Forge Limited etc.
- Key participants include Arconic Inc., All Metals Forge Group, Bharat Forge Limited, Consolidated Industries Inc., Farinia Group, Fountaintown Forge Inc., Mettis Aerospace, Pacific Forge Incorporated, Somers Forge Ltd., and Victoria Drop Forgings Co. Ltd.
- Deals Landscape
- Important deals taking place in the market include acquisition of two US firms Walker Forge Limited and PMT Holding, by Bharat Forge Limited in 2016 and Chinese company revealing intentions of acquiring Mettis Aerospace in 2019.
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Based on types, the global Aerospace Forging market is segmented into
Material Type Outlook (Revenue, USD Billion; 2020-2027)
- Titanium
- Stainless steel
- Aluminum Alloy
- Others
Aircraft Type Outlook (Revenue, USD Billion; 2020-2027)
- Fixed Wing
- Rotary wing
Application Outlook (Revenue, USD Billion; 2020-2027)
- Rotors
- Turbine Discs
- Shafts
- Fan case
- Others
Regions assessed in the report include:
- North America (USA, Canada, Mexico)
- Europe (Italy, UK, Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, UAE, South Africa, Rest of MEA)
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