Press release
Aerospace Forging Market Growth Demand, Insights And Forecast To 2024-2033
Aerospace Forging Market
The aerospace forging market size is expected to see strong growth in the next few years. It will grow to $46.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing demand for next-generation aircraft, rapid growth in unmanned aerial vehicles (uavs), development of supersonic and hypersonic aircraft, globalization of aerospace supply chains. Major trends in the forecast period include technological advancements in forging processes, growing demand for lightweight components, rise in additive manufacturing technologies, stringent quality standards and certifications, focus on sustainable and eco-friendly practices.
Market Overview -
Aerospace forging refers to the shaping and forming process that uses high pressure and temperature to make parts that are essential to the operation of airplanes. Aerospace forgings require higher levels of precision and quality than standard mechanical products.
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Aircraft Production Surge Fuels Aircraft Forging Market
The rise in aircraft production is expected to propel the growth of the aircraft forging market going forward. Aircraft production refers to the manufacturing of airplanes and components such as propulsion systems, avionics, and other related equipment. Forged components are far more durable and stronger than components manufactured using bar stock and casting, making them ideal for use in various aerospace applications. For instance, in January 2023, according to an article published by Airbus SE, a Netherlands-based manufacturer and developer of aerospace services, solutions, and products, Airbus delivered 661 commercial aircraft to 84 customers in 2022, which is an 8% increase over 2021. Therefore, the rise in aircraft production is driving the aircraft forging market.
Competitive Landscape -
Major companies operating in the aerospace forging market report are Arconic Corporation, Bharat Forge Limited, Scot Forge Company, Larsen & Toubro Ltd., Jiangyin Hengrun Heavy Industries Co. Ltd. , Consolidated Industries Inc., Somers Forge Ltd, Pacific Forge Inc, Precision Castparts Corporation, Ellwood Group Inc, All Metals & Forge Group LLc, Farinia Group, Victoria Drop Forgings Ltd., Mettis Aerospace Limited, Berkshire Hathaway Inc., Eramet Group, Avic Heavy Machinery Co. Ltd., Fountaintown Forge Inc., GKN Aerospace service Limited, High Tech Metal Seals Inc., Sheffield Forgemasters International Ltd., Thyssenkrupp Aerospace, Weber Metals Inc., SIFCO Industries Inc., Doncasters Group Ltd., Howmet Aerospace Inc., PCC Forged Products, Alcoa Corporation, Carpenter Technology Corporation, Forged Solutions Group, Honsel Umformtechnik GmbH, LISI Aerospace SAS, Safran Forge America Inc.
Strategic Partnerships Driving Innovation In Aircraft Forging Technology
Major companies operating in the aircraft forging market are developing strategic partnerships to leverage each other's expertise, resources, and capabilities to meet the increasing demands of the aerospace industry. Collaboration between companies can lead to the development of new technologies and alloys, meeting the increasing demands of the aerospace industry for lighter, stronger, and more heat-resistant materials and forged parts. For instance, in April 2023, Jiuli, a China-based steel company granted SMS group the final acceptance certificate (FAC) for a hydraulic radial forging line. The SMX 900/18 MN hydraulic radial forging machine has a press force of 18 MN for each of the four press cylinders, making it capable of forging demanding aerospace components. The hydraulic drive ensures that all important forging parameters can be freely and flexibly selected, and the maximum forging force can be applied throughout the entire forging stroke. The horizontal forging machine SMI is an automatically controlled and hydraulically driven 2-ram forging machine with integrated manipulators and centering devices for automatic operation.
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Key Segments -
The aerospace forging market covered in this report is segmented -
1) By Material: Aluminum, Steel, Titanium, Other Materials
2) By Aircraft: Commercial, Military, Other Aircrafts
3) By Application: Rotors, Turbine Disc, Shafts, Fan Case, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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