Global Aerospace Forging Market Size 2024, Forecast To 2033
6 Mar, 2024
The aerospace forging market size has grown strongly in recent years. It will grow from $31.49 billion in 2023 to $34.41 billion in 2024 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to military modernization programs, stringent safety standards, growing emphasis on fuel efficiency, global expansion of air cargo services, rise in commercial air travel. The aerospace forging market size is expected to see strong growth in the next few years. It will grow to $46.84 billion in 2028 at a compound annual growth rate (CAGR) of 8.0%. The growth in the forecast period can be attributed to increasing demand for next-generation aircraft, rapid growth in unmanned aerial vehicles (UAVs), development of supersonic and hypersonic aircraft, globalization of aerospace supply chains. Major trends in the forecast period include technological advancements in forging processes, growing demand for lightweight components, rise in additive manufacturing technologies, stringent quality standards and certifications, focus on sustainable and eco-friendly practices.
Global Aerospace Forging Market Key Driver
The aircraft forging market is poised for growth, propelled by the increasing production of aircraft globally. Aircraft forging involves the manufacturing of airplanes and related components, which require durability and strength. In January 2023, Airbus reported a delivery of 661 commercial aircraft in 2022, marking an 8% increase over the previous year. This surge in production underscores the demand for aircraft forging solutions, indicating positive market prospects in 2023, 2024, and beyond.
Get A Free Sample Of The Global Aerospace Forging Market ReportGlobal Aerospace Forging Market Segments
The aerospace forging market covered in this report is segmented –
1) By Material: Aluminum, Steel, Titanium, Other Materials
2) By Aircraft: Commercial, Military, Other Aircrafts
3) By Application: Rotors, Turbine Disc, Shafts, Fan Case, Other Applications
By Geography:The regions covered in the aerospace forging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the aerospace forging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aerospace forging market report during the forecast period. The regions covered in the aerospace forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Aerospace Forging Industry Players
Arconic Corporation, Bharat Forge Limited, Scot Forge Company, Larsen & Toubro Ltd., Jiangyin Hengrun Heavy Industries Co. Ltd. , Consolidated Industries Inc., Somers Forge Ltd, Pacific Forge Inc, Precision Castparts Corporation, Ellwood Group Inc, All Metals & Forge Group LLc, Farinia Group, Victoria Drop Forgings Ltd., Mettis Aerospace Limited, Berkshire Hathaway Inc., Eramet Group, Avic Heavy Machinery Co. Ltd., Fountaintown Forge Inc., GKN Aerospace service Limited, High Tech Metal Seals Inc., Sheffield Forgemasters International Ltd., Thyssenkrupp Aerospace, Weber Metals Inc., SIFCO Industries Inc., Doncasters Group Ltd., Howmet Aerospace Inc., PCC Forged Products, Alcoa Corporation, Carpenter Technology Corporation, Forged Solutions Group, Honsel Umformtechnik GmbH, LISI Aerospace SAS, Safran Forge America Inc.
Get The Full Global Aerospace Forging Market ReportAerospace Forging Market Overview
Aerospace forging refers to the shaping and forming process that uses high pressure and temperature to make parts that are essential to the operation of airplanes. Aerospace forgings require higher levels of precision and quality than standard mechanical products.
Aerospace Forging Global Market Report 2023 provides data on the global aerospace forging market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The aerospace forging market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.