Market Highlights
Aircraft engine is a complex piece of machinery that require a wide range of components to function correctly. Casting is an efficient and cost-effective way to produce components that are strong, durable, and highly accurate. Many of these components are made using the casting processes. Some of the critical components in an aircraft engine that are made with casting are engine block, turbine blade, compressor blades, impellers, and housings.
Casting processes play a critical role in the production of many components in aircraft engines. These processes allow for the creation of highly accurate, durable, and efficient components that are essential for the proper functioning of the engine. As aircraft technology continues to evolve, casting processes will likely remain an important part of the manufacturing process for many engine components. The market for aircraft engine casting is expected to rise due to increasing demand for aircraft, Increasing demand for lightweight engine components, and technical developments in the casting process that enhance product performance.
In 2020, the aircraft casting market faced a striking decline of over 30% as a result of the pandemic. The year 2021, saw a double-digit increase, assisting the industry stakeholders to reach their pre-pandemic levels by 2023. Factors, such as increasing production rate of key aircraft production rates, replacement of existing parts with new parts, increasing aircraft fleet, efforts to reduce carbon footprints, and increased R&D investment, will fuel the demand for aircraft engine-casted parts. Another factor is the development of next-generation metallic and nickel-based superalloy jet engines. These engines are an economical choice for the aircraft and help to improve fuel consumption and aircraft performance. Overall, the market for aircraft engine casting is projected to grow at a significant CAGR of over 7% throughout the forecast period to reach around US$ 12 billion value in 2028.
Recent Market Acquisitions: The market for investment casting remains in the limelight and has been recording some M&As over the decade. For instance, in 2022, Doncasters Group acquired Jiangyin Uni-Pol. This acquisition elevates Doncasters to the status of one of the world's leading suppliers of high-precision alloy components. Earlier, the acquisition of PCC by Berkshire remained the most talked acquisition in the history of investing casting.
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 engine casting in the years to come.
|
|
Engine-Type Analysis
|
Turbofan, Turboprop, Turbojet, and Turboshaft
|
Turbofan engine is anticipated to remain the dominant as well as the fastest-growing market category during the forecast period.
|
|
Application-Type Analysis
|
Fans, Compressors, Combustion System, Turbines, and Others
|
Turbines are anticipated to remain dominant, whereas the combustion system is expected to be the fastest-growing application category in the aircraft engine casting market during the forecast period.
|
|
Process-Type Analysis
|
Investment Casting and Die & Other Casting
|
Investment is anticipated to remain the dominant as well as the fastest-growing casting method during the forecast period.
|
|
Material-Type Analysis
|
Nickel, Titanium, Stainless Steel, and Others
|
Nickel is expected to be dominant, whereas titanium is expected to be the fastest-growing material type.
|
|
End User-Type Analysis
|
OE and Aftermarket
|
In terms of end-user type, OE is anticipated to be the dominant segment of the aircraft engine casting market.
|
|
Regional Analysis
|
North America, Europe, Asia-Pacific, and 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 aircraft type, the aircraft engine 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 engine 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. 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).
Based on the engine type, the aircraft engine casting market is segmented into turbofan, turboprop, turbojet, and turboshaft. Turbofan is anticipated to be the dominant as well as the fastest-growing segment in the coming years, due to the increasing demands from commercial aircraft and business jets across regions. The turbofan engine is the most fuel-efficient engine and generates very less noise. Among all engines. Leap engine is likely to remain the biggest demand generator for cast parts in the foreseeable future. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in the year 2023, despite supply chain disruption.
Based on the process type, the market is segmented into investment casting and die & other castings. Investment is expected to remain the dominant as well as the fastest-growing process type in the market during the forecast period. Investment casting has a host of advantages like high accuracy and precision; superior surface finish; high strength and durability; and design flexibility, making the process the most preferred choice for manufacturing engine components. All the leading cast parts suppliers, such as PCC and Howmet, are mainly relying on the investment casting process.
Based on the material type, the market is segmented into nickel, titanium, stainless steel, and others. Nickel is expected to remain dominant, whereas titanium is expected to be the fastest-growing material type in the market during the forecast period. Nickel alloys offer superior adhesion, corrosion resistance, and toughness. They are suitable for situations where stress needs to be minimized. The Russo-Ukrainian war led to several changes in the market dynamics, especially at the raw material level. Titanium is sourced mostly from Russia by both Boeing and Airbus. The ban on imports from Russia after the war led to an acute increase in the price of all Russian-dependent materials, especially titanium, whose tremor was felt across the value chain including cast parts.
In terms of regions, North America is expected to remain the largest market for aircraft engine casting during the forecast period. This region has a presence of a large number of major OEMs and MRO providers, such as Boeing and Airbus, which make the region a growth propeller of the aerospace industry. Most of the aircraft engine casting suppliers have their presence in the region to address the emergent needs of OEMs of the region like GE Aerospace and Pratt & Whitney.
Key Players
The market is fairly consolidated with the presence of a handful of global players. Market competitors compete on the basis of the quality of their offered products, key players concentrate on growing their production facilities, making R&D investments, and developing infrastructure. The following are the key players in the aircraft engine casting 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 aircraft engine 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 engine casting market is segmented into the following categories.
Aircraft Engine 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 Engine Casting Market, by Engine Type
- Turbofan (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Turboprop (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Turbojet (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Turboshaft (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aircraft Engine Casting Market, by Application Type
- Fans (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Compressors (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Combustion System (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Turbines (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aircraft Engine 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 Engine Casting 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)
Aircraft Engine Casting 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)
Aircraft Engine Casting Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: France, Germany, 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
