The aircraft engine forging market is projected to reach US$ 3,260.77 million by 2028 from US$ 2,145.80 million in 2021; it is expected to grow at a CAGR of 6.2% from 2021 to 2028.
According to the International Air Transport Association, air passengers are expected to quadruple over the next two decades. ~8.2 billion passengers are expected to have traveled by air by 2037. With rising passenger traffic, major aircraft manufacturers such as Airbus and Boeing expect to see a rise in their commercial aircraft deliveries in the coming years. Thus, a surge in air passenger traffic across various countries is a key factor driving the aircraft engine forging market. Additionally, the aircraft production capacity continues to increase in response to the rise in air traffic and the introduction of next-generation aircraft. The surge in the manufacturing of aircraft would further boost the aircraft engine forging businesses. The process of forging aircraft engine components includes metalworking and machining techniques such as closed die forging, seamless die forging, and isothermal forging.
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Aircraft Engine Forging Market: Strategic Insights
Market Size Value in US$ 2,145.80 million in 2021 Market Size Value by US$ 3,260.77 million by 2028 Growth rate CAGR of 6.2% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Aircraft Engine Forging Market: Strategic Insights
| Market Size Value in | US$ 2,145.80 million in 2021 |
| Market Size Value by | US$ 3,260.77 million by 2028 |
| Growth rate | CAGR of 6.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Impact of COVID-19 Pandemic on Aircraft Engine Forging Market
The US has witnessed the most severe impact of COVID-19 in 2020 and 2021. The aircraft engine manufacturers and engine component manufacturers in the country were affected due to nationwide lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The massive outbreak of the virus has created both a health crisis and an economic crisis in the US. It has led to major disruptions in the aerospace industry, impacting everything from supply chain and manufacturing to product sales. The pandemic has directly and indirectly impacted the industry’s short term and long term strategies.
Lucrative Regions for Aircraft Engine Forging Market
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Market Insights – Aircraft Engine Forging Market
North America has experienced a rise in demand for aircraft engines due to the early and rapid adoption of technologically advanced airplane engines. The booming aerospace and defense aviation business in the region encourages aircraft engine manufacturers to provide technologically innovative and efficient products for various aircraft types. The aircraft engine industry in North America is likely to be driven by rising demand for these engines and the presence of several major competitors, including General Electric Company, Honeywell International Inc., Collins Aerospace, and Pratt & Whitney. These companies undertake vigorous R&D activities to expand their product lines and manufacture aircraft engines with technologically improved systems, subsystems, and other components. Thus, the growth of the aircraft engine industry is supporting the growth of the aircraft engine forging market across North America.
Material Type-Based Insights
Based on material type, the aircraft engine forging market share is segmented into titanium alloy and nickel alloy. The nickel alloy accounted for the higher share in 2020. Numerous forging companies operating in the aerospace industry (irrespective of engine or structural parts) are more inclined towards the use of super nickel alloys. These materials come with high-temperature and heat-resistant properties. The nickel alloys are utilized in gas turbines for building energetics, blades, on rotors, turbo, and turbine aircraft engines, steam turbines, propelling nozzles, process equipment, valves, pumps, and other parts which must endure during critical environments. Nickel alloys are ideal for the environments where the temperature is in access of 1000 degrees F. Henceforth, in an aircraft engine, nickel alloys are used in combustion chamber and turbine. Pertaining to temperature is high in the rear half section, an iron-based or nickel-based alloy is used in an aircraft engine. Demand for nickel alloy is extremely high in both closed and open die forging techniques. For instance, Aubert & Duval has recently developed AD730. It is a new nickel-based superalloy which withstands during higher temperatures 1,350°F while holding strength, fatigue resistance, and creep at a competitive cost.
The aircraft engine forging market is segmented on the basis of forging type, material type, end-user, and geography. Based on type, the aircraft engine forging market is bifurcated into closed die forging and seamless rolled ring forging. Based on material type, the market is subsegmented into nickel alloys and titanium alloys. Based on end user, the market is further segmented into fan case, combustion chamber outer case, turbine disc, rotors, and others. On the basis of geography, the aircraft engine forging market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. All Metals & Forge Group, ATI Metals, Doncasters Group Ltd, Farinia Group, Lisi Aerospace, Otto Fuchs GmbH, Pacific Forge Incorporated, and Precision Castparts Corp. are among the key players that are profiled during the study of the aircraft engine forging market.
Players operating in the aircraft engine forging market are mainly focused on the development of advanced and efficient products.
- In 2019, Doncasters sold its two businesses with operations in Sheffield, Shrewsbury, and Blaenavon. Blaenavon Forgings is sold to a US private equity firm Arlington Capital Partners and its UK Fabrications business to Radius Aerospace.
- In 2018, LISI Aerospace developed “hot dies” forging technology at its Forges de Bologne plant. This new concept helps to maintain the productivity of conventional forging while achieving a metallurgical quality close to that of isothermal forgings i.e., forging installation operating at 1,250/1,300°C, in terms of microstructure homogeneity and external health of the parts.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Forging Type, Material Type, Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Brazil, Canada, China, France, Germany, India, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America held the largest share of the global aircraft engine forging market. North America has experienced a rise in demand for aircraft engines due to the early and rapid adoption of technologically advanced airplane engines. The booming aerospace and defense aviation business in the region encourages aircraft engine manufacturers to provide technologically innovative and efficient products for various aircraft types. The aircraft engine industry in North America is likely to be driven by rising demand for these engines and the presence of several major competitors, including General Electric Company, Honeywell International Inc., Collins Aerospace, and Pratt & Whitney. These companies undertake vigorous R&D activities to expand their product lines and manufacture aircraft engines with technologically improved systems, subsystems, and other components. Thus, the growth of the aircraft engine industry is supporting the growth of the aircraft engine forging market across North America.
The rise in the manufacturing of aircraft is directly magnifying the demand for aircraft engines over years. Additionally, airlines, aircraft operators, armed forces, and charter operators are likely to boost the demand for new engines as part of their fleet modernization and growth plans. The growing need for a new generation of engines with low emissions and weight, which would improve airplane fuel efficiency, is also contributing to the aircraft engine forging market proliferation.
The aircraft engine forging market is dominated by closed die forging segment which held a market share of 62.5% in 2020 and is anticipated to continue its dominance during the forecast period to account for 58.4% of the aircraft engine forging market share by 2028.
ATI Metals, Safran, Precision Castparts Corp., Arconic, and Otto Fuchs are the five key market players operating in the global aircraft engine forging market. We have derived this listing of “Key Five Players†in the global aircraft engine forging market by giving weightage to the following key parameters: overall revenue, segmental revenue, brand image & industry experience, current geotechnical construction services portfolio, customer base, geographical reach, partnerships, mergers & acquisitions, and other market-related activities.
China dominated the APAC aircraft engine forging market in 2020. With a rising population in China, the adoption of air transportation is also growing. The plan of China related to the procurement of new helicopters is increased by 9%, which provides more opportunities to the engine forging companies. The aviation industry is among the top ten key areas of focus in the “Made in China 2025†initiative. To achieve this pre-determined goal, the country is heavily dependent on imported engines, avionics, and other critical components/parts. These ‘one-generation-behind’ new aircraft are projected to assist in the growth of China.
The global aviation industry is experiencing huge demand for air travel, for both military and commercial purposes. This is leading the aircraft manufacturers to procure the latest aircraft models, and models and adopt new and robust technologies. Therefore, the production of the next generation of aircraft is expected to be one of the key trends in the aviation industry in the future. The trend is predicted to pitch over the period, leading to huge opportunities for the proliferation of aircraft component forging players
The List of Companies - Aircraft Engine Forging Market
- All Metals and Forge Group
- ATI
- Doncaster Group Ltd
- Farinia Group
- Lisi Aerospace
- Otto Fuchs GmbH
- Pacific Forge Incorporated
- Precision Castparts Corp.
- Safran
- VSMPO-AVISMA Corporation
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- 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.
- 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:
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.
- 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.
- 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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