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    Aircraft Open-Die Forging Market Growth Analysis

    Aircraft Open-Die Forging Market Growth Analysis
    Report code - SR2634 Published On : Jul,2023 No. of Pages: 120
    Aircraft Open-Die Forging Market Size, Share, Trend, Forecast, Competitive Analysis, and G See more...

    Market Insights

    The Aircraft Open-Die Forging Market is anticipated to grow significantly with a CAGR of 6.8% to reach US$ 6.7 billion over the forecast period.

    Open-die forging is a manufacturing process where metal parts are shaped by heating the material and then deforming it between multiple dies that do not completely enclose the material. Open-die forging offers several advantages, such as improved material properties and enhanced structural integrity. In addition, the process also can produce complex shapes and geometries. Consistent grain flow and finer grain size, consolidation of voids in the material, increased fatigue resistance for the long-term, elimination of shrinkage, and less material waste are some of the major benefits of open/ring-die forging.

    Market Dynamics

    Demand for air travel has been growing significantly, along with the need for reliable, efficient, and safe aircraft. Considering the continued importance of aviation in international trade and transportation, the market for aerospace open/ring-die forging is predicted to expand steadily over the forecast period. As a result of the pandemic and the B737 Max grounding, the market of Aircraft Open-Die Forging faced a severe decline of more than 35% in 2020. Additionally, it was impacted by the geopolitical unrest in Europe spurred on by the conflict between Russia and Ukraine.

    However, the market is expected to grow significantly in the coming years with the rise in air passenger traffic due to the growing disposable income of developing countries. With the increasing production rate of key aircraft programs, the demand for durable and high-performance components is also likely to increase, which will drive the market for aircraft open-die forging in the coming future. The OEMs are also increasing the demand for forged components that can meet the quality and safety standards of the aviation industry. To meet the requirements and standards of OEMs, the key forging companies frequently collaborate closely with OEMs and tier players. The forging companies are investing in R&D and using advanced materials such as titanium and superalloys.

    Recent Market JVs and Mergers & Acquisitions: A fair number of M&A and joint venture activities over the past decade prove that inorganic growth is also a key strategy adopted by major players to stay ahead of the competition.

    • In 2019, Carlyle Group, a global private equity firm, acquired Forgital Group S.p.A., a producer of large forged and machined components for the aerospace and other industries.
    • In 2022, Continental Forge was acquired by Forged Solutions Group, a key supplier of intricate, precision-forged rings and closed-die products to aerospace & defense customers.

    Segment 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 are expected to be the major generator for open/ring-die forged products in the coming years.

    Application-Type Analysis

    Airframe and Engine

    Engine holds the major share of the aircraft open-die forging market over the next five years.

    Component Size-Type Analysis

    Small Components and Large Components

    Small components are forecasted to be the faster-growing segment in the years to come.

    Material-Type Analysis

    Nickel, Titanium, Stainless Steel, Aluminum, and Others

    Nickel is expected to be the dominant material of the aircraft open-die forging market in the foreseeable future.

    End-User Type Analysis

    OE and Aftermarket

    OE is expected to be the dominant segment, whereas the aftermarket is expected to be the faster-growing segment of the market.

    Regional Analysis

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

    Asia-Pacific is expected to be the fastest-growing market over the next five years. North America overall dominates the market.

     

    By Aircraft Type

    We have segmented our market into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Commercial aircraft is expected to be the dominant as well as the fastest-growing aircraft type in the market during the forecast period, propelled by factors such as increasing passenger traffic, the emergence of low-cost carriers, and the need for more efficient aircraft for domestic and international travel. One of the major factors propelling the growth of this segment is the increased focus of aircraft manufacturers on the production of narrow-body and wide-body aircraft. The military aircraft segment is also expected to show significant growth in the coming years, owing to increased military spending of countries to buy new and advanced aircraft.

    By Application Type

    The aircraft open-die forging market is segmented into airframe and engine. Engine is expected to be the dominant application category for open/ring-die forging in the aerospace industry during the forecast period. It is also anticipated to be the fastest-growing segment of the market. With the global aviation industry's focus on reducing fuel consumption and emissions, there is a continuous drive for more efficient engines that can deliver better performance and meet stringent environmental regulations. In addition to that, the use of forged parts in aircraft engines offers advantages like superior strength, durability, enhanced performance, improved safety, design flexibility, material integrity, and cost efficiency.

    By Material Type

    The market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to maintain its dominance, whereas titanium is expected to be the fastest-growing material type during the forecast period. Titanium alloys have a high specific strength, so they are frequently used for the manufacture of various components in engines and airframes. Due to various advantages offered by titanium, such as lower weight, heat resistance, and corrosion resistance, its usage has now increased nearly two times in new variants of aircraft as compared to traditional ones. For instance, in B787, titanium alloys now account for ~15% of total structural components.

    By End-User Type

    The market is segmented into OE and aftermarket. Increasing production rates of key aircraft programs like the B737 and A320 families, along with the entry of new players like COMAC, are expected to make OE the dominant segment over the course of the projected period. Due to the expanding fleet of commercial aircraft and the rising need for advanced lightweight components, obsolete components are being replaced with advanced lightweight ones which will drive the demand at the aftermarket level.

    Regional Analysis

    North America is likely to remain the most dominant region, whereas Asia-Pacific is expected to be the fastest-growing region in the long-term scenario. The growth of Asia-Pacific can be attributed to factors such as increasing air travel demand, a rising middle-class population, expanding economies, growing tourism and business opportunities, and the opening of assembly plants of major OEMs in the region. Countries, such as China, India, Indonesia, and Vietnam, are the growth engines of the region. These countries are witnessing a surge in air travel demand, leading to increased aircraft production paired with an increased demand for open/ring-die forged components.

    Key Players

    The market is highly populated with the presence of several regional and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The supply chain of this market comprises raw material suppliers, forged parts suppliers, distributors/part brokers, tier players, OEMs, and MRO companies. The following are the key players in the aircraft open-die forging market. Companies in the aircraft open-die forging market often combine multiple strategies to establish a competitive advantage and achieve sustainable growth in the industry.

    • Precision Castparts Corp.
    • Forgital Group
    • 9ATI Inc.
    • Doncasters Group
    • Voestalpine BÖHLER Aerospace GmbH & Co KG
    • Aubert & Duval SAS
    • Otto Fuchs KG
    • Howmet Aerospace

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft open-die forging 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 market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate 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 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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Aircraft Open-Die Forging Market 

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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

    Frequently Asked Questions (FAQ)

    The aircraft open-die forging market is estimated to grow at a healthy CAGR of 6.8% by 2028. Factors, such as the expected rise in the production of major aircraft programs, technological developments, and increased preference towards forged components, are fueling the growth of open/ring-die forging in the aerospace industry.

    Precision Castparts Corp., Forgital Group, ATI Inc., Doncasters Group, Voestalpine BHLER Aerospace GmbH & Co. KG, Aubert & Duval SAS, Otto Fuchs KG, and Howmet Aerospace are the leading players in the aircraft open-die forging market.

    Asia-Pacific is expected to be the fastest-growing region during the forecast period. Countries, such as China, India, Indonesia, and Vietnam, are the growth engines of the region. These countries are witnessing a surge in air travel demand, leading to increased aircraft production and the demand for open-die forged components.

    Engine is expected to be the fastest-growing application type in the aircraft open-die forging market in the foreseeable future. With the global aviation industry's focus on reducing fuel consumption and emissions, there is a continuous drive for more efficient engines that can deliver better performance and meet stringent environmental regulations. The demand for forged components is also increasing.

    Titanium is expected to be the fastest-growing material type during the forecast period, due to various advantages offered by titanium, such as lower weight, heat resistance, corrosion resistance, and excellent coefficient of thermal expansion with composite materials.

    Commercial aircraft is expected to be the dominant aircraft category in the market in the coming years. Factors, such as rising air passenger traffic and growing aircraft fleet size are driving the demand for forged components.

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