Aerospace Forging Global Market Report 2024

“Aerospace Forging Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on aerospace forging market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for aerospace forging? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The aerospace forging market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 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
• Companies Mentioned: Arconic Corporation; Bharat Forge Limited; Scot Forge Company; Larsen & Toubro Ltd.; Jiangyin Hengrun Heavy Industries Co. Ltd.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Aerospace forging is a manufacturing process involving the shaping and forming of parts crucial to aircraft operation, utilizing high pressure and temperature. This method ensures the creation of parts with enhanced precision and superior quality compared to standard mechanical products.

The materials commonly used in aerospace forging encompass aluminum, steel, titanium, and other alloys. Aluminum, a lightweight silvery-white metal, is one of the materials employed in this process. Aerospace forging finds applications across various types of aircraft, including commercial, military, and others. These components are utilized in critical aircraft parts such as rotors, turbine discs, shafts, fan cases, among others.

The aerospace forging market research report is one of a series of new reports from The Business Research Company that provides aerospace forging market statistics, including the aerospace forging industry global market size, regional shares, competitors with aerospace forging market share, detailed aerospace forging market segments, market trends, and opportunities, and any further data you may need to thrive in the aerospace forging industry. This aerospace forging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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 expansion observed in the historical period can be attributed to several factors, including military modernization programs, the implementation of stringent safety standards, a growing emphasis on fuel efficiency measures, the global expansion of air cargo services, and an increase 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 anticipated growth in the forecast period can be attributed to various factors, including the increasing demand for next-generation aircraft, the rapid expansion of unmanned aerial vehicles (UAVs), the development of supersonic and hypersonic aircraft, and the globalization of aerospace supply chains. Major trends expected during this period encompass technological advancements in forging processes, a rising demand for lightweight components, the increased utilization of additive manufacturing technologies, adherence to stringent quality standards and certifications, as well as a heightened focus on adopting sustainable and eco-friendly practices within the aerospace industry.

The upsurge in aircraft production is anticipated to be a catalyst for driving the growth of the aircraft forging market. Aircraft production encompasses the manufacturing of airplanes and various critical components, such as propulsion systems and avionics. Forged components, known for their superior durability and strength compared to those manufactured using bar stock and casting methods, are highly sought-after in diverse aerospace applications. For instance, as per Airbus SE's publication in January 2023, Airbus delivered 661 commercial aircraft to 84 customers in 2022, marking an 8% increase from the previous year. This substantial rise in aircraft deliveries underscores the escalating demand and production within the aerospace sector, directly contributing to the expansion of the aircraft forging market.

The surge in global air passenger traffic is poised to further propel the growth of the aerospace forging market. Global air passenger traffic signifies the number of individuals utilizing airports for boarding and disembarking from airplanes. Aerospace forging plays a pivotal role in fabricating essential components of aircraft engines. The escalating air passenger traffic worldwide prompts commercial airlines to invest in acquiring new aircraft, consequently fueling the demand for aerospace forging. For instance, data from The International Air Transport Association revealed a significant increase in total air passenger traffic by 67.0% in January 2023 compared to January 2022. This surge includes a notable 32.7% increase in domestic air passenger traffic and a remarkable 104.0% increase in international traffic in January 2023 compared to the preceding year. Hence, the substantial rise in global air passenger traffic acts as a significant driver for the growth of the aerospace forging market.

Major companies within the aircraft forging market are actively pursuing strategic partnerships to capitalize on each other's strengths, resources, and capabilities, aimed at meeting the burgeoning demands within the aerospace industry. These collaborations serve as conduits for the development of innovative technologies and alloys that fulfill the aerospace industry's escalating need for lighter, stronger, and more heat-resistant materials and forged components. For instance, in April 2023, Jiuli, a China-based steel company, granted SMS group the final acceptance certificate (FAC) for a hydraulic radial forging line. This line, featuring the SMX 900/18 MN hydraulic radial forging machine, incorporates four press cylinders, each capable of generating a press force of 18 MN. This hydraulic radial forging machine is adept at forging intricate aerospace components, offering flexibility in selecting crucial forging parameters and applying maximum forging force throughout the forging stroke. Additionally, the SMI horizontal forging machine, an automatically controlled and hydraulically driven 2-ram forging machine, integrates manipulators and centering devices, enabling seamless automatic operation.

Partnerships and collaborations represent a significant trend in the aerospace forging market, enabling major companies to fortify their market positions through synergistic alliances. For instance, Bharat Forge Limited, an India-based forging company, inked a contract with Paramount Group Inc., a US-based aerospace and technology company, focusing on developing and manufacturing composite rotor blades, mission systems, and store management systems for medium lift helicopters. This strategic partnership aims to establish an Indian Centre of Excellence dedicated to designing, developing, and producing composite rotor blades and related systems, supporting initiatives within India and globally. Furthermore, General Atomics Aeronautical Systems Inc., a US-based advanced technology solutions developer, partnered with Bharat Forge Limited to manufacture main landing gear components, subassemblies, and assemblies for remotely piloted aircraft. This collaboration strengthens the capabilities of both entities and augments India's unmanned aircraft industry significantly. These partnerships not only bolster technological advancements but also drive innovation and growth within the aerospace forging sector.

In December 2022, Forged Solutions Group, a prominent US-based company specializing in forging solutions for advanced manufacturing, completed the acquisition of Continental Forge for an undisclosed sum. This strategic acquisition serves Forged Solutions Group's objective of integrating Continental Forge's exemplary operational methodologies while significantly broadening its operational footprint within the sector. Continental Forge, a well-established US-based company, specializes in aluminum forging, catering to diverse industries such as aerospace, defense, military, automotive, and others.

Major companies operating in the aerospace forging market report are 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.

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

The countries covered in the aerospace forging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The aerospace forging market includes revenues earned by entities by providing impression die forging (closed die), cold forging, open die forging, and seamless rolled ring forging services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.