Global Aerospace Forging Market – Industry Trends and Forecast to 2029

Global Aerospace Forging Market, By Material Type (Titanium, Stainless Steel, Aluminum Alloy, Others), Aircraft Type (Fixed Wing, Rotary Wing), Application (Rotors, Turbine Disc, Shafts, Fan Case, Others), Product Type (Closed Die, Open Die, Rolled Rings), End-Use (Commercial, Military, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

The market has witnessed increasing demand for a high strength-to-weight ratio and robust aircraft structural dependability over the recent years. The growing demand for forged components made from various alloys in aircraft is expected to drive the market. Moreover, the rising air passenger traffic, major players in the commercial aviation industry are expected to see an increase in the number of aircraft deliveries, boosting the overall expansion of market.

Global Aerospace Forging Market was valued at USD 32.54 billion in 2021 and is expected to reach USD 59.51 billion by 2029, registering a CAGR of 7.61% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.

Report Scope and Market Segmentation

Market Definition

Aerospace forging is basically a manufacturing process that involves shaping metal using localized compressive forces. Alloys are blended with various components in the form of powder during the forging process. The pieces are then cut together to form a solid part. This method produces long-lasting and lightweight components for use in aircraft.

Aerospace forging Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• High Demand Across Aerospace Sector

The growing demand for forged components made from various alloys in aircraft is expected to drive the market. Furthermore, rising commercial aircraft production, as well as rising demand for aircraft parts such as engine parts, landing gears, machined parts, and turbines, is expected to drive market growth over the forecast period. The demand for aerospace forged elements is expected to rise as the number of military-grade aero planes such as helicopters, specialty fighters, and jets increases to improve air defense. Therefore, the increased applications across aerospace sector will further accelerate the market growth.

Factors such as the increase in international and domestic travel, as well as the well-established aircraft sector, are propelling the market's growth. Additionally, the expanding tourism sector as a result of an increase in foreign tourists globally has propelled the aviation business, thereby increasing the demand for aerospace forging.

Opportunities

• Advancements and Research and Development Activities

Furthermore, various developments such as development of 3rd generation of Al-Li alloys and advancements by the market players in distinctive alloys further enhance the applications of product, extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the growing research and development activities further promote the usage of aerospace forging will further expand the future growth of the aerospace forging market.

Restraints/Challenges

• High Competition from Other Methods

The increasing competition from other production method such as casting along with cyclic changes in commercial aerospace which are estimated to act as market restraint factor for the growth of the aerospace forging market in the above mentioned projected timeframe.

• Stringent Government Regulations

Also, the presence of various strict government regulations for the aerospace market due to the increasing concern regarding environmental hazards will prove to be a demerit for the aerospace forging market. These regulations associated with environment further pose as a challenge for the aerospace forging market growth rate.

This aerospace forging market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the aerospace forging market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Aerospace Forging Market

The recent outbreak of coronavirus had a negative impact on the aerospace forging market The pandemic has had a significant impact on the world's major economies, including China and the United States, and it is unclear when normalcy will be restored. The aerospace forging process is inextricably linked to the manufacturing process, and the pandemic is clearly having a negative impact on the industry. Aircraft manufacturers are concerned about their cash flow and liquidity because the industry is highly capital intensive, and they expect to spend less in the near future. The supply chain disruption caused by the lockdown is expected to have an impact on the companies' future growth. Due to a lack of laborers, aircraft manufacturing has ceased completely, and thus demand for spare parts has decreased significantly. Revenue is not being generated for the companies as a result of the ongoing pandemic, which will result in significant losses throughout the year. Moreover, the revenue generation of aerospace forging companies has suffered a significant financial loss.

To resurrect the market, businesses must deal on a high margin. Although, the market is estimated to recover due to the relaxation of enforced lockdowns but aerospace forging production will be more agile. The situation in the military aviation market is slightly better because project budgets have already been allocated, which will drive market understudy to some extent, but industry experts are unsure whether this trend will continue in the long term.

Global Aerospace Forging Market Scope

The aerospace forging market is segmented on the basis of material type, aircraft type, application, product type and product type. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Material Type

• Titanium
• Stainless Steel
• Aluminum Alloy
• Others

Aircraft Type

• Fixed Wing
• Rotary Wing

Application

• Rotors
• Turbine Disc
• Shafts
• Fan Case
• Others

Product Type

• Closed Die
• Open Die
• Rolled Rings

End-Use

• Commercial
• Military
• Others

Aerospace Forging Market Regional Analysis/Insights

The aerospace forging market is analyzed and market size insights and trends are provided by country, material type, aircraft type, application, product type and product type as referenced above.

The countries covered in the aerospace forging market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing prevalence of various aerospace and component manufacturing companies within the region.

Asia-Pacific on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the surging levels of investment for the development of aviation infrastructure along with prevalence of domestic air transport in the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Aerospace Forging Market Share Analysis

The aerospace forging market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to aerospace forging market.

Some of the major players operating in the aerospace forging market are

• Arconic (U.S.)
• ATI (Canada)
• Bharat Forge (India)
• ELLWOOD Group Inc (U.S.)
• JIANGYIN HENGRUN HEAVY INDUSTRIES CO., LTD (China)
• Precision Castparts Corp (U.S.)
• LARSEN & TOUBRO LIMITED (India)
• Scot Forge Company (U.S.)
• Pacific Forge Incorporated (U.S.)
• Somers Forge (U.K.)
• Eramet (France)
• VSMPO-AVISMA Corporation (Russia)
• ALL METALS & FORGE GROUP (U.S.)
• Consolidated Industries, Inc (U.S.)
• Farinia (U.S.)
• Mettis Group (U.S.)