What Has Been the Growth Trajectory of the Aerospace Forging Market?
The aerospace forging market has seen considerable growth due to a variety of factors.
•The size of the aerospace forging market has witnessed robust expansion in the past years. Its growth is projected to escalate from $33.71 billion in 2024 to $36.32 billion in 2025, experiencing a compound annual growth rate (CAGR) of 7.7%.
The surge in growth during the previous period can be ascribed to factors such as military modernization initiatives, rigorous safety protocols, increasing focus on fuel efficiency, global proliferation of air cargo services, and a rise in commercial air travel.
What Does the Future Hold for the Aerospace Forging Market?
The aerospace forging market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, strong expansion is anticipated in the aerospace forging market, which is predicted to reach a valuation of "$49.66 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 8.1%.
The expected surge in this market during the projected timeframe results from a growing demand for next-generation aircraft, a rapid increase in unmanned aerial vehicles (UAVs), advancements in supersonic and hypersonic aircraft, as well as the globalization of aerospace supply chains. Key trends to look out for during this period encompass technological progress in forging processes, escalating demand for lightweight components, the rise of additive manufacturing technologies, rigorous quality parameters and certifications, along with a focus on sustainable and environmentally friendly practices.
What Main Forces Are Fueling Expansion In The Aerospace Forging Market?
The anticipated surge in aircraft manufacturing is predicted to fuel the aircraft forging market's expansion in the future. The term aircraft production entails the construction of airplanes and their components, including propulsion mechanisms, avionics, and other pertinent equipment. Forged parts, known for their superior strength and durability compared to those fabricated with bar stock and casting, are ideally suited for a variety of aerospace applications. As an illustration, in January 2023, aerospace services, solutions, and products provider Airbus SE, based in Netherlands, reported in an article that it had delivered 661 commercial aircraft to 84 clients in 2022, marking an 8% increase from 2021. Hence, the upward trend in aircraft manufacturing is stimulating the growth of the aircraft forging market.
What Are The Primary Segments In The Global Aerospace Forging Market?
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
Subsegments:
1) By Aluminum: Aluminum Alloys, Heat-Treated Aluminum
2) By Steel: Carbon Steel, Alloy Steel, Stainless Steel
3) By Titanium: Titanium Alloys, Commercially Pure Titanium
4) By Other Materials: Nickel Alloys, Copper Alloys, Magnesium Alloys
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Which Key Trends Are Driving Changes In The Aerospace Forging Market?
Prominent entities in the aircraft forging industry are forging strategic alliances to utilize each other's abilities, assets, and skills to handle the growing needs of the aerospace sector. Such company partnerships can result in new technological advancements and alloy creations, catering to the aerospace industry's escalated demand for lighter, tougher, and more heat-resistant materials and forged components. For example, in April 2023, Jiuli, a steel company headquartered in China, gave the final acceptance certificate (FAC) for a hydraulic radial forging line to SMS group. The SMX 900/18 MN hydraulic radial forging machine, equipped with a press force of 18 MN for each of its four press cylinders, is equipped to forge high-demand aerospace components. The hydraulic drive allows all essential forging parameters to be chosen freely and flexibly, and the full forging force can be deployed throughout the entire forging process. The horizontal forging machine SMI supports automatic operation, with integrated manipulators and centering devices, driven by an automated control system and hydraulic drive.
Who Are the Key Players in the Aerospace Forging Market?
Major companies operating in the aerospace forging market include:
• 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.
What Is The Most Dominant Region In The Aerospace Forging Market?
North America was the largest region in the aerospace forging market in 2024.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
