Aerospace Forging Market Trends, Industry Growth, Outlook, By 2027

Aerospace Forging Market to 2027 - Global Analysis and Forecasts by Material Type (Titanium, Stainless Steel, Aluminum Alloy, and Others); Aircraft Type (Fixed Wing and Rotary Wing); Application (Rotors, Turbine Disc, Shafts, Fan Case, and Others)

Publication Month : Jul 2019

  • Report Code : TIPTE100001130
  • Category : Aerospace and Defense
  • Status : Published
  • No. of Pages : 155
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In terms of revenue, the global aerospace forging market was valued at US$ 4,206.1 million in 2018 and is projected to reach US$ 7,924.1 million by 2027; it is expected to grow at a CAGR of 7.5% during the forecast period from 2019 to 2027.

The aerospace forging market is broadly segmented into five major regions—North America, Europe, APAC, MEA, and SAM. The rising aircraft production, both commercial and military aircraft has led the aerospace forging market players to witness tremendous demand for their products. The aerospace forging market consists of some well-established players across the globe, which invest huge amounts in order to deliver the most sophisticated products to their customers. The aircraft manufacturers on the other hand, are procuring the advanced technologies from the aircraft component manufacturers to deliver aircrafts integrated with enhanced technologies. With an objective to deliver advanced aircraft components, the engine manufacturers, landing gear manufacturers, and other component manufacturers are increasing inclining towards lightweight solutions using different materials. Also, the aircraft component manufacturers are constantly tending towards forged products for their components. This factor is catalyzing the aerospace forging market in the current scenario.

Lucrative Regional Aerospace Forging Markets

Lucrative Regional Aerospace Forging Markets
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Market Insights–Aerospace Forging Market

Constantly Changing Aerospace Manufacturing Landscape

In the current scenario, both forging and casting are used for metal shaping. However forging is cheaper than the later and also stronger, and offer better resistance properties. The aerospace forged components are usually made with titanium and aluminium alloys. The mentioned alloys are used to manufacture engine frames, structural components, and compressor sections where lightweight structures and greater strength is required. The titanium alloy is corrosion-resistant, high temperature resistant, and a low weight; whereas, aluminium alloys are ductile in nature, fatigue resistant, low density, and need low forging process which helps in saving energy. Due to their respective proficiencies, they are attracting huge attention of aircraft manufacturers and assisting the aerospace forging companies to cater to the needs of their clientele. All these make qualities makes forging as most opted technology, being cost-effective and stronger in nature, the technology adoption is growing gradually.

Material Type Segment Insights

Based on material, the titanium dominated the global aerospace forging market in 2018. The forged titanium is ideal for aerospace, industrial, and naval sectors as this material is capable of enduring in intense situations. Products which are capable of being assembled through titanium forging includes both helicopters, aircraft, and other components.

Aircraft Type Segment Insights

Based on aircraft type, the fixed wing segment dominated the global aerospace forging market in 2018. Commercial aviation is witnessing robust growth in terms of volume and revenue. This is anticipated to continue over the next decade, which showcases a surging demand for fixed-wing aircraft. Also, rise in orders and deliveries for fixed-wing aircraft is expected to generate significant market space for the forging players to supply a massive amount of forged aircraft parts worldwide.

Application Segment Insights

Based on application, the others dominated the global aerospace forging market in 2018. Pertaining to the fact that, every component of landing gear (both main landing gear as well as nose landing gear) witnesses’ massive force during aircraft landing, the weight carrying capacity of the landing gear has to be significant.

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Aerospace Forging Market: Strategic Insights

aerospace-forgings-market
Market Size Value inUS$ 4,206.1 Million in 2018
Market Size Value byUS$ 7,924.1 Million by 2027
Growth rateCAGR of 7.5% from 2019-2027
Forecast Period2019-2027
Base Year2019
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The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.

  • In 2019, Schuler is awarded with a contract from Otto Fuchs to supply 30,000-ton closed-die forging press. The presses are used to produce engine discs and aircraft landing gear.
  • In 2019, Mettis Aerospace has received a contract from an engine manufacturer to provide forged components for the new generation engine. These components would be integrated in the single-aisle aircraft. The company is entitle to manufacture aluminium gearbox casings and steel gear.
  • In 2018, Pratt & Whitney, Division of United Technologies Corp has introduced C5 press. It is a new isothermal vacuum forge press revealed by the company’s Columbus Forge Disks business area. The new mechanism would be used in the production of compressor rotors and turbine disks for the engines of Pratt & Whitney.

The global aerospace forging market has been segmented as follows:

Aerospace Forging Market – By Material Type

  • Titanium
  • Stainless Steel
  • Aluminum Alloy
  • Others

Aerospace Forging Market – By Aircraft Type

  • Fixed Wing
  • Rotary Wing

Aerospace Forging Market – By Application

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

Aerospace Forging Market- By Region

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Russia
    • Turkey
    • Rest of Europe
  • Asia Pacific (APAC)

    • China
    • India
    • South Korea
    • Japan
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Rest of MEA
  • South America (SAM)

    • Brazil
    • Rest of SAM

Aerospace Forging Market – Companies Profiles

  • 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.
  • Victoria Drop Forgings Co. Ltd.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Material Type ; Aircraft Type ; Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina

The List of Companies

  1. Arconic Inc.
  2. All Metals & Forge Group
  3. Bharat Forge Limited
  4. Consolidated Industries, Inc.
  5. Farinia Group
  6. Fountaintown Forge, Inc.
  7. Mettis Aerospace
  8. Pacific Forge Incorporated
  9. Somers Forge Ltd
  10. Victoria Drop Forgings Co. Ltd.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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