The global aircraft engine forging market accounted to US$ 3.30 Bn in 2018 and is expected to grow at a CAGR of 6.9% during the forecast period 2019 – 2027, to account to US$ 5.93 Bn by 2027.
The aircraft engine forging market is experiencing high growth during the forecast period. Approximately 15,000-18,000 forged components and parts are used within a single airplane. This has created massive opportunities for the forging industry catering aviation sector. The process of forging aerospace components consists of metalworking and machining techniques such as hot forging, grinding, broaching, drilling, threading, sawing, brazing, and welding. Different processes are also used for the production of an aircraft engine including, electroplating, heat treating, isothermal, metal finishing, and others. Therefore, the aircraft/airframe manufacturers and aircraft component manufacturers demand forged products for enhancing the efficiency of the engines, landing gears, aerostructures, and ultimately, the entire aircraft. Attributing to the increasing investments, and a growing number of aerospace manufacturing players, the countries are witnessing growth in numbers of aircraft engine forging market companies. The demand for aircraft engine forging market in American, Asian, and European countries are expected to grow in the coming years owing to the drastic rise procurement of aircraft by emerging territories. Another trend which is propelling the demand for aircraft engine forging market is the use of recycling and renewable materials for aircraft engine forging market.
Moreover, the global aviation industry is experiencing a huge demand for air travel in terms of both militaries as well as commercial aircraft. This is leading the aircraft manufacturers to procure the latest aircraft as well as adopt new and robust technologies. Therefore, the production of the next generation of aircraft is expected is projected to be one of a trend prevailing in the aviation industry. The trend is predicted to pitch over the period leading to a huge opportunity for the aircraft component forging players.
The aircraft engine forging market has been derived from market trends and revenue generation factors from five different regions across the globe namely; North America, Europe, Asia Pacific, Middle East & Africa, and South America. The APAC region is anticipated to be the fastest-growing region in the coming years. In comparison to other regions of the world, the economic outlook of APAC is quite dynamic. The economic growth in developing countries of APAC is quite impressive and these countries, which makes APAC as one of the most promising market for the growth of aircraft engine forging market.
Whereas, North America holds the highest market share in the aircraft engine forging market. The market is forecasted to experience significant growth pertaining to a rise in passenger traffic in the North American countries. Also, the availability of well-established aircraft manufacturers, huge capital, and high profitability margin of aerospace has contributed towards the growth of the entire aviation industry. The North American region is also a hub of some of the world’s largest aircraft and helicopter manufacturers such as Boeing, Textron, Gulfstream, Lockheed Martin, Northrop Grumman, Piper Aircraft Inc., Cirrus Design Corporation, Electric Aircraft Corporation, and Bombardier
The aircraft engine forging market by material type is segmented into closed-die forging and seamless rolled ring forging. The closed-die forging type holds a significant share in the market and is expected to continue its dominance in the forecast period as well. The closed die forgings are used for the production of small products such as forged fittings, forged automotive parts, forged lifting & rigging hardware, and other. Automotive, oilfield, aerospace, mining, and forestry & agriculture are some of the industries which uses closed die forging technique heavily. This type of forging is suitable for small critical parts with safety consideration due to its high precision. Therefore, closed die forgings is gaining high momentum within the aircraft engine forging market.
The major players operating in the market for aircraft engine forging market are All Metals & Forge Group, Allegheny Technologies Incorporated, Doncasters Group Ltd, Farinia Group, LISI Group, Otto Fuchs KG, Pacific Forge Incorporated, Precision Castparts Corp, Safran S.A., and VSMPO-AVISMA Corporation among others.
Aircraft Engine Forging Market - Geographic Breakdown, 2018
The report segments the global aircraft engine forging market as follows:
Global Aircraft Engine Forging Market – By Forging Type
Global Aircraft Engine Forging Market – By Material Type
Global Aircraft Engine Forging Market – By Application
Global Aircraft Engine Forging Market – By Geography
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