Growing Preference for Titanium over Steel Fabricated parts to Provide Growth Opportunities for Aircraft Isothermal Forging Market During 2022–2028
According to our latest market study on "Aircraft Isothermal Forging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Aircraft Components, Forging Material, and Fit Type," the market is expected to grow from US$ 1,226.38 million in 2021 to US$ 2,041.55 million by 2028; it is anticipated to grow at a CAGR of 7.7% from 2022 to 2028.
The aircraft component manufacturers have relied on steel fabricated parts that increased the overall weight of the aircraft models. The heavyweight reduces fuel efficiency and increases carbon emissions. Thus, aircraft component manufacturers are adopting titanium as a lightweight substitute for steel. Preference for titanium over steel materials is increasing in various applications in the aerospace industry. For instance, almost every Airbus aircraft had ~2,772 steel bearings that increased the aircraft's overall weight. Hence, Airbus looked for a lightweight alternative for steel bearings. As a result, steel bearings were replaced with titanium bearings that helped Airbus reduce the aircraft's overall weight by 400 kg. Moreover, in July 2021, Research and Development Organization (DRDO) in India developed an isothermally forged high-strength beta titanium alloy containing aluminum, vanadium, and iron that can be used in fighter jet engines. Titanium parts have replaced steel parts in the manufacturing of aircraft components that are propelling the adoption of isothermal forging across the aerospace industry. Thus, the increasing preference for titanium over steel fabricated parts is augmenting the aircraft isothermal forging market size over the forecast period.
North America accounted for the largest market share of the global aircraft isothermal forging market in 2021. The market in North America is sub-segmented into the US, Canada, and Mexico. Geographic diversification across different North American countries and presence of major aircraft manufacturers, such as the Boeing Company (US), Airbus, and Bombardier Inc. (Canada), are among the major factors driving the market in North America. The rising spending in the aerospace sector and demand for new and modern aircraft contribute to the market growth in the region. The presence of major players, such as Alcoa Corporation; ALD Vacuum Technologies North America, Inc.; Allegheny Technologies Incorporated; and Precision Castparts Corp. (Berkshire Hathway), is fueling the aircraft isothermal forging market growth in the region. In addition, North America leads in the adoption of isothermal forging, technological advancements, and expenditure on aerospace technologies, which propels the aircraft isothermal forging market growth.
The European aircraft industry develops and manufactures various military and civil aircraft and helicopters and is one of the strongest contributors of the European economy. Airbus, BAE Systems PLC, Pilatus, Dassault Aviation S.A., Leonardo S.p.A., Thales Group, Safran, Rolls-Royce Holdings PLC, Boeing, and Lockheed Martin are among the prominent aircraft and component manufacturers in the region. The above-mentioned companies are responsible for strengthening the region’s position in the global aircraft isothermal forging market. Thus, there is a rising demand for services related with isothermally forged aircraft products in Europe that leads to manufacturing of commercial, private, and military aircraft, which is boosting the adoption of aircraft isothermal forging services in this region. In Europe, there is a high defense budget for the production of aircraft, helicopters, and fighter jets. For instance, in 2021, Dassault delivered 30 Falcon jets versus 34 in 2020. It also delivered 25 Rafale jets in 2021, compared to 13 units in 2020. Thus, the presence of leading aircraft manufacturers and growing defense budget are among the prominent factors driving the growth of the Europe aircraft isothermal forging market size.
The aircraft isothermal forging market analysis is segmented on the basis of aircraft components, forging material, and fit type. Based on aircraft components, the market is segmented into fan blades, turbine disks, shafts, and connector rings. By forging material, the aircraft isothermal forging market is segmented into titanium and nickel-based superalloys. Based on fit type, the market is segmented into line fit and retrofit.
Report : Aircraft Isothermal Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Aircraft Components (Fan Blades, Turbine Disks, Shafts, and Connector Rings), Forging Material (Titanium and Nickel-Based Superalloys), and Fit Type (Line Fit and Retrofit)
Precision Castparts Corp, ATI, AVIC, SCHULER GROUP, and Leistritz Turbinentechnik GmbH are among the key players profiled during the study on the aircraft isothermal forging market analysis. In addition, several other important market players were studied and analyzed during the course of this market research study to get a holistic view of the market and its ecosystem. The aircraft isothermal forging market report provides detailed market insights, which helps the key players strategize the growth.
The impact of the COVID-19 pandemic on various industries, such as military, defense, aerospace, and manufacturing, has been severe. Several government bodies invested a substantial amount in supporting the aerospace industry despite experiencing economic disruptions. These industries are trying to recover from the damage the pandemic caused in the past few years. During the initial months of the pandemic, the supply chain in the North American aircraft isothermal forging market was obstructed. A decline in production was also observed. Moreover, there were disruptions in supply chains of raw materials. Also, various orders placed by the customers and contractors were delayed or canceled, which resulted in revenue loss among key market players. The aerospace sector was one of the worst-hit sectors due to the pandemic. According to an EU report, the demand for aircraft and aerospace products decreased by 43% in 2020. Airlines have been struggling to recover from it ever since. Experts predict the global market will recover at a moderate rate in the post-COVID-19 pandemic recovery period, which is anticipated to drive the growth of the aircraft isothermal forging market during the forecast period.
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