Airfoils Market | Strategic Assessment and Competitive Analysis

Q: What would be the growth of the market in the coming five years

The airfoils market is estimated to grow at a CAGR of 73 by 2028 propelled by a large number of factors such as the increasing production rate of key aircraft programs and high preference of casting high accuracy and precision superior surface finish high strength and durability etc Among all engines Leap is likely to remain the biggest demand generator of cast parts in the foreseeable future PW1000G CFM56 GEnx and GE9x are likely to give additional impetus to the demand for cast parts in the years to come

Q: Who are the key players in the market

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

Q: Which material is estimated to be the fastest growing in the market in the coming years

Titanium is expected to be the fastest growing material type in the market during the forecast period Titanium has the exceptional ability to meet many strict aerospace constraints owing to its nearly perfect mix of low weight and great strength

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Report Summary

Table of contents

Market Highlights

Aerospace companies now place a high focus on engine performance and fuel efficiency, necessitating the development of complicated, small, lightweight aerodynamic turbine airfoils that can function at greater service temperatures. Hot-section airfoils must be able to keep their structural integrity in the presence of corrosive gases and high temperatures. Special superalloys that can withstand high temperatures, oxidation, corrosion, and tension are being used these days.

The market for airfoils is rising in the wake of increasing aircraft production, replacement of existing parts (MRO), and technical developments that enhance product performance. Advanced materials for IGT engines are being used to provide a shield against corrosion resistance and offer greater efficiency and reliability. The global aerospace industry is experiencing a high demand for commercial and military aircraft across regions.

The airfoil market faced a striking decline of more than -30% as a result of the pandemic in 2020. The market started rebounding from 2021 onwards, registering double-digit growth. The long-term outlook appears favorable with plenty of opportunities. The rising use of airfoils in jet engines and gas turbines and the ongoing development of advanced engines paired with an expected increase in the production of key aircraft programs are likely to drive the market demand. Overall, the market for airfoils is projected to grow at a notable CAGR of over 7% throughout the forecast period to reach US$ ~9 Billion in 2028.

Recent Market Movements:

In 2022, Siemens acquired Advanced Airfoil Components (AAC), a business operating as a joint venture of Siemens Energy and Chromalloy since November 2016.
In 2019, Precision Castparts Corp. established a new R&D Campus for aviation engineering and manufacturing in Mason, Ohio.
In 2018, Consolidated Precision Products acquired Selmet Inc., this acquisition elevates CPP's product line of highly designed components for aerospace and military markets.

Segments' Analysis

Segmentations	List of Sub-Segments	Dominant and Fastest-Growing Segments
Industry-Type Analysis	Aircraft and IGT	The aircraft industry is anticipated to remain the dominant as well as the faster-growing segment during the forecast period.
Application-Type Analysis	Blades, Vanes, Shrouds, and Others	Blade is anticipated to remain the biggest application of the market in the years to come.
Material-Type Analysis	Nickel, Titanium, Stainless Steel, and Others	Nickel is anticipated to remain dominant, whereas titanium is expected to be the fastest-growing material type in the market during the forecast period.
End User-Type Analysis	OE and Aftermarket	OE is anticipated to remain dominant, whereas aftermarket is expected to be the faster-growing segment of the market during the forecast period.
Regional Analysis	North America, Europe, Asia-Pacific, and the Rest of the World	North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.

Based on the industry type, the airfoils market is segmented into aircraft and industrial gas turbines. The aircraft industry is anticipated to be the dominant as well as the faster-growing segment in the coming years. Almost all the major airframers have announced to raise the production rates of their key programs. Supply chain disruption, labor shortage, inflation, etc. remain the major factors, increasing difficulties in achieving those targets. For instance; Boeing is targeting to produce an average rate of between 33 and 38 737s per month for 2023 (a total of about 400-450 units for the year), lower than that of its earlier projections (38 units per month in the first half of 2023 and 47 units per month by the end of 2023). 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 airfoils market is segmented into blades, vanes, shrouds, and others. Blade is expected to remain dominant, whereas vanes is expected to be the fastest-growing application type in the market during the forecast period. Blade erosion increases fuel consumption and power loss. High temperature, dust, moisture, and pollution affect the efficiency of blades. As a result, blades require regular maintenance and replacement.

Based on the material type, the market is segmented into nickel, titanium, stainless steel, and others. Nickel is expected to be the dominant material type in the market during the forecast period. Nickel is widely employed since it is durable and functional even at high temperatures. Titanium is expected to be the fastest-growing material type in the market during the forecast period. Titanium has the exceptional ability to meet strict aerospace constraints owing to its nearly perfect mix of low weight and great strength.

Based on the end-user type, the market is segmented into OE and aftermarket. OE is expected to be the dominating segment in the airfoils market during the forecast period, due to increasing production rates of important programs like the B737 and A320 family, and the entry of new competitors like COMAC. Aftermarket is expected to be the faster-growing segment in the coming years, owing to expanding fleet of commercial aircraft and the rising demand for improved lightweight components, which prompt the replacement of old components with advanced lightweight ones.

In terms of regions, North America is expected to remain the largest market for airfoils, whereas Asia-Pacific is expected to be the fastest-growing region during the forecast period. The United States has the largest domestic airfoils market in the world. North America has a large number of major OEMs, such as Boeing and Airbus, making the region a growth engine of the aerospace industry.

Key Players

The market is highly consolidated with the presence of a handful of global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the airfoils market.

Howmet Aerospace
Precision Castparts Corp.
Consolidated Precision Products
Doncasters Group
Chromalloy Gas Turbine LLC

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s airfoils market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner 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 airfoils market is segmented into the following categories.

Airfoils Market, by Industry Type

Aircraft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
IGT (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Airfoils Market, by Application Type

Blades (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Vanes (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Shrouds (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Airfoils Market, by Material Type

Nickel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Titanium (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Stainless Steel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Airfoils Market, by End-User Type

OE (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aftermarket (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Airfoils Market, by Region

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

What would be the growth of the market in the coming five years?

The airfoils market is estimated to grow at a CAGR of 7.3% by 2028, propelled by a large number of factors such as the increasing production rate of key aircraft programs and high preference of casting (high accuracy and precision, superior surface finish, high strength, and durability, etc). Among all engines, Leap is likely to remain the biggest demand generator of cast parts in the foreseeable future. PW1000G, CFM56, GEnx, and GE9x are likely to give additional impetus to the demand for cast parts in the years to come.

Who are the key players in the market?

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

Which region is estimated to be dominant in the market in the coming years?

North America is estimated to remain dominant in the airfoils market in the foreseeable future. The United States is the largest domestic airfoils market in the world. North America has a large number of major OEMs, such as Boeing and Airbus, making the region a growth engine of the aerospace industry.

Which material is estimated to be the fastest growing in the market in the coming years?

Titanium is expected to be the fastest-growing material type in the market during the forecast period. Titanium has the exceptional ability to meet many strict aerospace constraints owing to its nearly perfect mix of low weight and great strength.

Which end-user type is estimated to remain dominant in the market in the coming years?

OE is anticipated to be the dominant segment in the coming years, propelled by increasing production rates of important programs like the B737 and A320 family, and the entry of new competitors like COMAC.

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Airfoil Market Report