Increasing air traffic and demand for modern aircraft in military aviation are driving the demand for the market.
Market Size – USD 4.51 Billion in 2019, Market Growth – CAGR of 7.2%, Market Trends – High demand from civil as well as military aviation sector.
The global Aerospace Forging market is forecasted to grow at a rate of 7.5% during the period 2020-2027. The market under study had a value of USD 4.51 billion in 2019 and is forecasted to reach USD 7.89 billion in 2027.
Some of the most common forged components used within aircraft include connectors, valves, swashplates, propeller hubs, engine mount, compressor rings, gear blanks, spinners and these components are primarily forged with the help of aluminum, stainless steel, titanium, carbon steel, among others. The aerospace components are manufactured on the basis of its applicability. The increasing number of modern advanced aircraft is driving both the aerospace and the forging sector.
The increasing number of air traffic is compelling aviation companies to include newer aircraft under their wings, and as the manufacturing of aircrafts increases, the industry under study experiences heavy growth. The aviation companies are trying to increase production capacities and trying to improvise their manufacturing processes, which demands the use of improved forged components. Emerging economies around the world and superpowers are trying to strengthen their defense sector and are investing heavily in buying technologically advanced aircraft.
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Key participants include 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.
The COVID-19 impact:
As the COVID-19 crisis grows, the sector is suffering a major hit as it is dependent on the civil and military aviation market. The civil aviation industry is experiencing a massive slowdown as passengers have stopped traveling, the majority of domestic as well as international flights have been canceled amidst continuous lockdowns around the world. Major economies of the world like China and the USA have been largely affected by the pandemic, and there is no surety about when normalcy would be restored. Manufacturing of aircraft has stopped completely due to lack of laborers, and thus the demand for spare parts has also largely gone down. The aerospace forging process is directly related to the manufacturing process, and this pandemic is having an obvious negative effect on the sector. Aircraft manufacturers are concerned about their cash flow and liquidity as it is a very capital intensive sector, and they are likely to spend less in the near future. The situation in the military aviation market is a little better since budgets have already been allocated for projects, and this would drive the market understudy to an extent, but industry experts are not sure whether this trend would continue in the long term. As a result, the market is expected to face tough times in the future as forecasted by industry analysts.
Further key findings from the report suggest
- Key materials used in forging are aluminum alloys, titanium, and stainless steel. The stainless steel segment is projected to witness a growth rate of 8.0% during the forecast period. It is growing in popularity as a forging material due to its properties like corrosion resistance, heat resistance, and sustainability in high temperatures.
- It is forecasted that more than 18,000 rotary-wing aircraft would be manufactured during the forecast period, and it would generate a revenue of around USD 220.7 billion. This is due to the huge growth in the production of civil helicopters, although the demand from the defense sector is likely to slow down. These figures definitely indicate positive signs for the aerospace forging market, and the possibilities of high demand from this segment are quite high.
- Asia-Pacific region is the second-largest consumer of aerospace forging products followed by Europe. Commercial air travel passengers are rapidly increasing in the Asia-Pacific region, and the developed tourism industry in Europe is contributing to rising air traffic in these regions. The airline industry is thus investing largely in procuring newer aircraft which are driving the market under study in these regions.
- There has been a number of product launches in the market like forged components for new generation engines by Mettis aerospace, “The Millionth Crankshaft” by Bharat Forge Limited etc.
- Important deals taking place in the market include acquisition of two US firms Walker Forge Limited and PMT Holding, by Bharat Forge Limited in 2016 and Chinese company revealing intentions of acquiring Mettis Aerospace in 2019.
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For the purpose of this report, Reports and Data have segmented into the Aerospace Forging market on the basis of material type, aircraft type, application, and region:
Material Type Outlook (Revenue, USD Billion; 2020-2027)
- Stainless Steel
- Aluminum Alloy
Aircraft Type Outlook (Revenue, USD Billion; 2020-2027)
- Fixed Wing
- Rotary Wing
Application Outlook (Revenue, USD Billion; 2020-2027)
- Turbine Discs
- Fan Case
Regional Outlook (Revenue, USD Billion; 2020-2027)
- North America
- Asia Pacific
- Latin America
Key Questions Answered In The Report
- What will be the market size and growth rate in the forecast year?
- What are the key factors driving the global Aerospace Forging market?
- What are the risks and challenges in front of the market?
- Who are the key players in the global Aerospace Forging market?
- What are the trending factors influencing the market shares?
- What are the key outcomes of Porter’s five forces model?
- Which are the global opportunities for expanding the global Aerospace Forging market?
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Table of Contents:
- Global Aerospace Forging Market Overview
- Economic Impact on Industry
- Market Competition by Manufacturers
- Production, Revenue (Value) by Region
- Market Effect Factors Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Supply (Production), Consumption, Export, Import by Regions
- Production, Revenue (Value), Price Trend by Type
- Global Aerospace Forging Market Forecast
- Global Aerospace Forging Market Analysis by Application
- Manufacturing Cost Analysis
- Marketing Strategy Analysis, Distributors/Traders
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