According to the new research report published by The Insight Partners, titled “Aerospace Forging Market - Global Analysis and Forecast to 2027”, The Global Aerospace Forging Market is expected to reach US$ 7.92 Bn in 2027, registering a CAGR of 7.5% during the forecast period 2019-2027.
In 2018, North America was accounted for the largest share in the aerospace forging market, and the Asia Pacific is expected to be the fastest-growing region in the aerospace forging market. The entire aerospace forging industry is experiencing a remarkable rise in investments. The aerospace manufacturers in developed countries, as well as developing countries, are capitalizing significant amounts in the development of robust products with increased life span. The North American region consists of huge numbers of aerospace forging companies and coupling the count of forging companies with aerospace manufacturers have led the region to dominate the aerospace forging market heavily. The Asia Pacific is encompassed with countries such as China and India, which are constantly observing an increase in its aircraft production lines. More aircraft production units help in encouraging the business of aerospace forging.
In recent years, aerospace forging market has observed different product launch, partnership, as well as the inauguration of new facilities which would help the players to grow in the market. For instance, in 2019, Kalyani Strategic Systems Ltd. (KSSL) and IAI has signed an MoU for the establishment of maintenance center in Telangana (India). The center is meant for development, production, and sells of selected advanced air defense systems. Another initiative with respect to new product launch is undertaken by Otto Fuchs in the same year. In this, Schuler is awarded 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.
The aviation industry is growing rapidly in terms of commercial air travel passengers. The increasing air travel has led several governments and airlines to invest significant amounts in the procurement of newer aircraft over the past few years. According to the International Air Transport Association (IATA), the global passenger count to reach 8.2 Bn by 2037. The civil aviation companies, regional aviation companies, and business aviation companies are increasing aircraft procurements.
Key findings of the study:
Manufacturing of aircraft in the North America region is booming. Increasing disposable income, especially in the US and Canada, along with rising time constraints, has led the region to witness substantial growth in the aviation sector. The majority of air travelers is expected from the US market. Globalization and immigration are some of the factors which have positively impacted inbound and outbound air passenger traffic of the region. An ever-growing outlook on the air travels in the domestic as well as international arena positively impacts on the aerospace forging market as well. North America is a shelter for over 40% of the global helicopter fleet and therefore plans to purchase and replace existing fleet with new in coming few years. The region is proficient at catering the market requirement of aerospace. By replacing the existing fleets with new helicopters, growth opportunities for the business of aerospace forging would grow simultaneously.
Product Innovation and partnerships are expected to be the key growth strategy to be adopted by players for the next two-three years. However, this strategy could impact competition; it is also expected to generate new market as well as product opportunities as recently combined companies will thrive to maintain position and profitability.
Some of the key players operating in the aerospace forging market are 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 among others.
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