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    Aircraft Casting Market Report

    Aircraft Casting Market Report
    Report code - SR2425 Published On : Mar,2023 No. of Pages: 125
    Aircraft Casting Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opp See more...

    Market Highlights

    In the aircraft industry, casting is the process of creating complex shapes by pouring liquid metals into a mold and allowing it to solidify. Castings can be made from various metals and alloys, including aluminum, titanium, stainless steel, etc. Casting is a crucial process in aircraft manufacturing as it allows for the creation of parts with intricate shapes and details that would be difficult or impossible to achieve through other manufacturing methods. Overall, casting plays a vital role in the aircraft industry, allowing for the creation of high-strength, complex parts that are critical to the safe and efficient operation of aircraft.

    The market for aircraft casting is likely to grow as a result of an increase in air passenger traffic that is boosting the demand for commercial aircraft. Increase in per capita income resulting in rising demand for air travel from developing countries are other factors fueling the demand for casted components in the aerospace industry. For instance, Air India placed 470 new aircraft, and ordered 250 aircraft from Airbus and 220 from Boeing, making it the largest-ever pipeline of new aircraft ordered in commercial aviation history.

    The demand for cast parts in defense applications is also increasing as a result of rising geopolitical tensions, including the Russia-Ukraine war and escalating conflicts with China. Long-term contracts and significant R&D expenditures are a few of the trends happening in the aircraft casting market. For example, Howmet has several contracts to supply various components for new as well as existing military, commercial, and general aviation aircraft programs.

    In 2020, the booming aircraft casting market experienced a severe drop of -34.5% due to the COVID-19 pandemic. The market is expected to rebound at an explosive rate in the wake of the rapid recovery in the production rates of key commercial aircraft programs, environmental restrictions posed by the governments to reduce carbon emissions, the retirement of older aircraft, and technological breakthroughs to drive market growth. Overall, the aircraft casting market is likely to rebound at a promising CAGR of 7.2%, in the long run, to reach US$ 14.5 Billion in 2028.

    Recent Market JVs, Expansion, and Acquisitions:

    • In July 2022, Doncasters, a global company specializing in the production of superalloy cast parts, acquired Uni-Pol, a leading manufacturer of high-precision alloy engineering components. The acquisition places Doncasters amongst the leading manufacturers of high-precision alloy components.
    • In September 2022, Chromalloy's parent company, Sequa Corporation, was acquired by Veritas Capital, a leading technology and government investment firm.
    • In 2022, Doncasters started doubling their capacity in the USA’s Connecticut plant and even more than double in the shell lines at their UK Droitwich site due to higher orders from commercial airlines post-pandemic than expected.

    Segments' Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Aircraft-Type Analysis

    Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation

    Commercial aircraft is anticipated to remain the biggest demand generator for cast parts in the coming years.

    Application-Type Analysis

    Engine and Airframe

    Engine is expected to remain the dominant as well as the fastest-growing application during the forecasted period.

    Process-Type Analysis

    Investment Casting and Die & Other Casting

    Investment casting is anticipated to be the leading process type in the coming years.

    Material-Type Analysis

    Nickel, Titanium, Stainless Steel, Aluminum, and Others

    Nickel is expected to hold the major part of the share, whereas titanium is expected to be the fastest-growing material type during the forecasted period.

    End User-Type Analysis

    OE and Aftermarket

    OE holds the larger share, whereas aftermarket is expected to be the faster-growing segment over the next five years.

    Regional Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    North America is expected to remain the dominant market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.

     

    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.

    Key Players

    The market is fairly consolidated with the presence of a handful of players. The key strategies of all the leading players are the formation of long-term contracts, equitable focus on the inorganic growth strategy, joint product developments, etc. The following are the key players in the aircraft casting market.

    • Howmet Aerospace
    • Precision Castparts Corp.
    • Consolidated Precision Products
    • Doncasters Group
    • Chromalloy Gas Turbine LLC
    • Hitchiner Manufacturing
    • MetalTek
    • Hyatt Die Cast
    • Impro Precision Industries Limited
    • Zollern GmbH & Co. KG

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft casting market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

    • Market structure: Overview, industry life cycle analysis, supply chain analysis.
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Market trend and forecast analysis.
    • Market segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • COVID-19 impact and its recovery curve
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    The aircraft casting market is segmented into the following categories. 

    Aircraft Casting Market, by Aircraft Type

    • Commercial Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Regional Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Helicopter (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Military Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • General Aviation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Aircraft Casting Market, by Application Type

    • Engine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Airframe (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Aircraft Casting Market, by Process Type

    • Investment Casting (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Die & Other Casting (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Aircraft Casting Market, by Process Type

    • Investment Casting (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
    • Die & Other Casting (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

    Aircraft Casting Market, by Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, Russia, The UK, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, and the Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    A Bird's Eye View of the Market

    The aircraft casting market is estimated to grow at a CAGR of 7.2% by 2028, driven by the increasing production of key aircraft programs, entry of new aircraft, and replacement of old aircraft with new efficient variants.

    Howmet Aerospace, Precision Castparts Corp., Consolidated Precision Products, Doncasters Group, and Chromalloy Gas Turbine LLC are the leading players in the aircraft casting market.

    North America is estimated to remain dominant in the aircraft casting market in the foreseeable future. The presence of key manufacturers like Boeing, Airbus, and Bombardier, is the key factor contributing to the region's dominance.

    Engine is expected to hold a major share in the aircraft casting market, owing to the higher use of cast parts in the crucial engine sections paired with improvements in technology. The development of high-thrust engines demands cast parts that can sustain extreme temperatures.

    Investment is anticipated to remain the most dominant casting method in the industry in the years to come. Investment casting offers various advantages over others casting techniques such as increased design flexibility, high tolerances, complicated product detailing, reduced machining cost, and design freedom.

    OE is expected to be the dominant segment during the forecast period. Increasing production rates for key aircraft programmes 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.

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