Aerospace Forging Market Revenue Share Analysis, Market Growth...

Aerospace Forging Market Revenue Share Analysis, Market Growth Forecast, 2023–2028

Posted 2023-03-31 12:00:09

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.

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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.

Top 10 Companies Operating in the Global Aerospace Forging Market:

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.

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The global market is further segmented into type and application:

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

Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.

North America (U.S., Canada, Mexico)
Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
Latin America (Brazil, Rest of LATAM)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key Takeaways of the Competitive Overview Section:

Overview of the company profiles of each market player
Industrial chain analysis of each player
Revenue share contribution
Sales network and distribution channels and net profits and losses of each company
Key business growth strategies are undertaken by these players

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