Aerospace forging refers to the process of shaping metals into critical components used in the aerospace industry through the application of compressive forces. Forging is integral to the production of high-strength, high-precision parts that can withstand the extreme conditions of flight, such as high stress, temperature fluctuations, and dynamic loads.
The aerospace forging market consists of revenues earned by entities (organizations, sole traders and partnerships) that are used by the aviation and defense sectors, providing essential components for aircraft, including rotors, turbine discs, and structural parts. Forged aerospace components are favored for their superior mechanical properties, including enhanced fatigue strength, durability, and reliability, which are critical in ensuring safety and performance.
The global aerospace forging market was valued at $24,659.59 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 6.00%.
Strong Economy
A strong economy drove the growth of the aerospace forging market during the historic period. An economy is a system of production, distribution, and consumption of goods and services within a society, driven by the interactions of individuals, businesses, and governments. An economy grows due to increased productivity, innovation, investment, and consumption, driven by factors like technological advancements, population growth, and improved airlines. Economic growth positively impacts aerospace forging by increasing demand for air travel, leading to increased demand for improved aircraft production. For instance, in July 2022, according to the Office for National Statistics, a UK-based government department, the monthly real GDP is estimated to have increased by 0.5%. It is now 1.7% higher than the levels recorded before the COVID-19 pandemic in February 2020. Moreover, in January 2022, according to the Bureau of Economic Analysis, a US-based government agency, in the fourth quarter of 2021, real GDP grew at an annual rate of 6.9%. This was a significant increase compared to the 2.3% growth in the third quarter. Therefore, a strong economy drove the aerospace forging market during the historic period.
Expansion Into Aluminum Forging To Support Vehicle Lightweighting And Performance
Major companies operating in the aerospace forging market are focusing on product expansion, to strengthen market position. Product expansion is the strategy of introducing new products or variations of existing products to a company's portfolio to meet customer demands, enter new markets, or increase revenue opportunities. For instance, in September 2024, Ramkrishna Forgings Ltd., an India-based manufacturer of forged components for the aerospace industry, announced that it had entered into the aluminum forging sector, to open its first location in Jharkhand's Jamshedpur. This move supports Ramkrishna Forgings' dedication to vehicle lightweighting, a key factor in enhancing performance and improving fuel efficiency. It also contributes to reducing the environmental impact of modern vehicles.
The global aerospace forging market is fairly concentrated, with large players in the market. The top ten competitors in the market made up to 29.87% of the total market in 2023.
Aerospace Forging Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global aerospace forging market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- 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 research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis.
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 history and forecasts market growth by geography. It places the market within the context of the wider aerospace forging market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by material, by aircraft and by application.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the aerospace forging market.
- Global Market Size And Growth Global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by material, by aircraft and by application in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size And Growth Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for aerospace forging providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Material: Aluminum; Steel; Titanium; Other Materials
- 2) By Aircraft: Commercial; Military; Other Aircraft
- 3) By Application: Rotors; Turbine Disc; Shafts; Fan Case; Other Applications
- Companies Mentioned: Precision Castparts Corp.; Bharat Forge Limited; GKN Aerospace Services Limited; Thyssenkrupp Aerospace GmbH; Howmet Aerospace Inc.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- 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; aerospace forging indicators comparison.
- 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.