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UK: 44.330.808.0580 (24x5)
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Report Overview: Global Aerospace Forging MarketThe global aerospace forging market size was valued at USD 17.09 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 6.2% from 2021 to 2027. Increasing air passenger traffic across various regions is the primary factor driving the market for aerospace forging. With growing passenger traffic, giant companies such as Airbus and Boing are likely to witness an increase in the number of commercial aircraft deliveries over the coming years. As per the International Air Transport Association, air passengers are likely to double over the next decades compared to today’s levels. Nearly 8.2 billion passengers are projected to travel using air transportation services by 2037. Continuous investments in military equipment and strong air transportation demand are projected to assist in the growth of aerospace forging industry in U.S. Operators are projected to replace the old models with advanced, lighter, and fuel-efficient models. As per the data published by Boeing, 9,130 new aircrafts are likely to be delivered in North America by 2038. The aerospace and defense sector requires a large number of forged components manufactured using various alloys. Components such as turbines, landing gears, engine parts, and machined parts are projected to witness increasing demand over the coming years. The high strength of these components makes them suitable in aerospace applications. R&D in new materials and methods and development of special and high-performance alloys are some of the other key factors likely to promote the use of forged parts over the long term. For instance, the development of 3rd generation of Al-Li alloys is projected to benefit the performance and light design of aircraft. These alloys have the potential to replace the conventional 2XXX and 3XXX series aerospace aluminum alloys.
Material Insights: Global Aerospace Forging MarketAluminum emerged as the largest segment in 2019 with a volume share of 55.7%. The use of aluminum in the aerospace industry is increasing at a rapid pace owing to its lightweight properties. Aircraft nowadays are becoming lighter, modern, and fuel-efficient compared to old models. The development of advanced aluminum alloys in combination with other metals is another key factor that is likely to propel the demand for aluminum forged parts. Titanium is projected to expand at a CAGR of 7.1% from 2020 to 2027 in terms of revenue. It is a lighter material like aluminum and has a superior specific strength, corrosion resistance, and ability to withstand high temperatures. The amount of titanium used in aircraft is growing at a rapid pace. It also has high compatibility with materials, such as carbon fiber. However, difficulty during the forging of titanium material represents a major challenge for forging companies. Other materials such as stainless steel, nickel-based alloys, magnesium alloys, and copper are also used in the aerospace sector. Demand for precision forged parts is one of the key focus areas for aerospace forging vendors for the usage of these materials.
Aircraft Insights: Global Aerospace Forging MarketThe commercial aircraft segment held the largest share of 51.1% in 2019 in terms of volume and is expected to witness the fastest growth from 2020 to 2027. Strong travel demand has boosted the new aircraft demand in recent years. Growth in air passenger traffic in Asia Pacific is likely to attract demand for forged components over the long term. Globally, Airbus and Boeing delivered more than 20,000 jetliners over the last 10 years, an increase of 66% compared to the previous decade. As per the latest published data of Airbus, from 2028 to 2038, Asia Pacific is likely to witness demand for 10,040 new aircraft deliveries. The emerging middle-class population in developing countries is expected to play a significant role in rising passenger traffic. As per the same data, the middle-class population in Asia Pacific has increased from 32% in 2008 to 50% in 2018. The military segment is expected to witness considerable growth over the forecast period 2021-2027. Growing demand for military aircraft on account of the increasing defense budget is likely to remain a key factor for the growth of the segment. Defense spending has been witnessing an incessant increase over the last few years owing to the increasing global security concerns and focus on military modernization. This is also likely to create opportunities for defense contractors and vendors in the supply chain.
Regional Insights: Global Aerospace Forging MarketNorth America accounted for the largest revenue share of 32.6% in 2019 and is likely to witness lucrative growth over the long term. The region is characterized by the presence of leading aerospace and component manufacturing companies. Some of the major companies are Boing, Northman Grumman, United Technologies, and Textron. In terms of volume, Asia Pacific is likely to expand at the fastest CAGR of 7.8% over the forecast period. The growth of the region can be attributed to domestic air transport in countries, such as India and China. Investment in aviation infrastructure is another factor that is projected to contribute to the growth of the market. For instance, the development of Hong Kong Airport worth USD 24 billion is likely to increase its capacity to 100 million passengers per year by 2023. Europe is projected to remain an attractive regional market for the aerospace forging vendors. The aerospace sector in Europe is one of the advanced sectors consisting of over 2,000 companies. It is likely to represent numerous opportunities for market vendors, mainly for the exporters of forged parts in terms of subcontracting and production of metal parts.
Key Companies & Market Share Insights: Global Aerospace Forging MarketThe development of advanced materials such as lightweight aluminum and titanium is likely to open up new sales avenues for market vendors. Investment in new forging presses and production capacities is projected to remain a key strategy among market participants. For instance, in 2019, Otto Fuchs KG, a Germany-based company, invested in 30,000 tons forging press for the production of engine, landing gear, and structural parts. Some of the prominent players in the aerospace forging market include:
Key companies Profiled: Global Aerospace Forging Market Report
Table of Contents Chapter 1. Methodology and scope 1.1. Market segmentation & scope 1.2. Market definition 1.3. Information procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF internal database 1.3.3. Secondary sources & third-party perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data analysis models 1.5. Market formulation & data visualization | read more...