Based on the aircraft type, the aircraft casting market is segmented into commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation. Commercial aircraft is projected to hold the biggest portion of the overall aircraft casting market in the coming five years. The demand for new commercial aircraft in the wake of rebounding air passenger traffic will be the key driving force of the market demand. Airbus forecasts the demand for new 39,490 passengers and freighter aircraft and air passenger traffic to increase by 3.6% annually over the next two decades. Similarly, Boeing anticipates about 41,170 commercial and regional aircraft are likely to be delivered in the next 20 years.
Based on the application type, the market is segmented into engine and airframe. Engine is expected to remain the dominant as well as the faster-growing application type in the market during the forecast period. To achieve net zero by 2050, manufacturers are trying to make engines more efficient, have less fuel usage, be lightweight, and reduced noise and emission levels. Also, manufacturers are investing in electric and hybrid propulsion technology as an alternative to fuel-based systems. The requirement for precision parts in the engine and its sub-systems. An expected increase in the production of Boeing 737 Max, Airbus A320 neo, and the upcoming COMAC C919 is likely to drive the production of the world's most demanded Leap engine.
Based on the process type, the market is segmented into investment casting and die & other castings. Investment casting is expected to remain the dominant as well as the fastest-growing process type in the coming years. Investment casting offers various advantages over others such as increased design flexibility, high tolerances, intricate product detail, reduced machining cost, and design freedom. Investment castings are used to produce a large variety of components such as engine rings, impellers, blades, bearing cages, hydraulic fluid system components, exterior and interior components, motion control and actuation system components, and landing and braking parts.
Based on the material type, the market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to remain the dominant material type in the market during the forecast period. Nickel-based alloys are widely used in the aerospace and defense industries due to their exceptional corrosion resistance, heat resistance, stress corrosion resistance, and weldability. Titanium is expected to be the fastest-growing material type in the market during the forecast period. Titanium is gaining popularity because it is just slightly heavier than aluminum but provides more strength than aluminum, it is also suitable for airframe components as it doesn't strain or disintegrate. The Russo-Ukrainian war led to several changes in the market dynamics of the aerospace industry. Among all, the supply chain disruption, especially at the raw material level, is the most noticeable one. Both, Airbus and Boeing, are heavily relied on Russia for the procurement of titanium. as a result of the ban on imports from Russia the price of titanium started soaring which affected the entire market dynamics.
Based on the end-user type, the market is segmented into OE and aftermarket. OE is expected to remain dominant, whereas aftermarket is expected to be the faster-growing end-user type in the market during the forecast period. Increasing production rates of important programs like the B737 Max, B787, B777X, A350, and A320 family, as well as the entry of new players like COMAC, are expected to fuel the OE segment. Boeing, in its latest outlook, anticipates that the global commercial and regional aircraft fleet is likely to reach 47,080 units by 2041, an increase of 21,180 units from the 2019 level. This will create a sizable demand for cast parts at the aftermarket level in the coming years.
In terms of regions, North America is expected to remain the largest market for aircraft casting, whereas Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. North America is the pioneer in the aerospace industry. Almost all the innovations have been led by the region over the decades. This makes the region the most preferred manufacturing destination for aerospace components as well as systems. This is quite visible in the case of casting for aerospace parts too. all the leading investment, as well as diecasting companies, have an excellent manufacturing base in the region. Also, all the leading engine OEMs have their presence in the region.
Asia Pacific has been the hotbed of the aerospace as well as defense industries. increasing air passenger traffic, growing disposable income, increasing population, and increasing middle-class income people have been creating a greater demand for new aircraft, which, in turn, is driving tear players as well as OEMs to open their manufacturing base in the region. in the past decade, almost all the leading players have either set up their manufacturing base or formed any kind of strategic alliance with the local companies to mark their presence in the growing Asian market. at the same time, major Asian economies have been keen to develop commercial, regional, and military aircraft indigenously.
