Market Highlights
In the aircraft industry, forging is used to produce various critical components for landing gears, engines, wing structures, fuselage parts, and other structural elements. These components require high strength, reliability, and fatigue resistance, which can be achieved through the forging process. The aircraft forging market is driven by the growing demand for commercial and military aircraft worldwide. As air travel continues to increase, aircraft manufacturers need a steady supply of high-quality forged parts to meet production requirements. Moreover, advancements in aircraft manufacturing technology and materials have led to the development of complex and lightweight forged components, further driving the demand for forging in the industry.
Government regulations, safety regulations, and technological developments are additional factors that have an impact on the market. For instance, the quality and safety standards of forged aircraft components are governed by stringent regulations and certifications, such as those from the Federal Aviation Administration (FAA) and The European Union Aviation Safety Agency (EASA).
In the post-pandemic developments, the market for aircraft forging is likely to register a CAGR of 8.8% to reach US$ 32 billion in 2028, driven by increase in the production rate of key programs (A320neo, B737 Max, A220, B787, and A350XWB), the introduction of new aircraft programs (C919, B777x, etc.), and increasing investments in high-performance components. Aircraft OEMs are focusing on streamlining their supply chains, optimizing manufacturing processes, and exploring cost-effective alternatives.
Recent Market JVs and Mergers & Acquisitions: A good number of M&A and joint venture activities over the past decade prove that inorganic growth is indubitably the key strategy adopted by major players in order to stay ahead of the competition.
- Carlyle Group, a global private equity firm, acquired Forgital Group S.p.A. in 2019, a producer of large forged and machined components for aerospace and other industries.
- Continental Forge was acquired by Forged Solutions Group in 2022, a key supplier of intricate, precision-forged rings and closed-die products to aerospace and defense customers.
Market Segment Analysis
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Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Aircraft-Type Analysis
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Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation
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Among aircraft types, commercial aircraft is expected to remain the major demand generator for forged products in the coming years.
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Process-Type Analysis
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Open Ring-Die Forging and Closed-Die Forging
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Closed-die forging holds the larger share of the aircraft forging market in 2022.
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Application-Type Analysis
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Engine and Airframe
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Engine to remain the bigger demand generator for forged products in the years to come.
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Component Size-Type Analysis
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Small Parts and Large Parts
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Small parts are forecasted to be the fastest-growing segment of the aircraft forging market.
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Material-Type Analysis
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Nickel, Titanium, Stainless Steel, Aluminum, and Others
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Nickel is expected to remain the most preferred material in the years to come.
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End-User Type Analysis
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OE and Aftermarket
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OE is expected to be the dominant segment whereas aftermarket is expected to be the fastest-growing segment of the market.
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Regional Analysis
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North America, Europe, Asia-Pacific, and The Rest of the World
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North America is expected to be the dominant whereas Asia-Pacific is expected to be the fastest-growing market over the next five years.
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Stratview has first segmented the aircraft forging market in terms of aircraft type (commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation). Commercial aircraft is anticipated to dominate the aircraft forging market in the coming years. The commercial aircraft segment is driven by increasing passenger traffic, fleet modernization, and fuel efficiency. Emerging markets, particularly in Asia-Pacific and the Middle East, are experiencing significant growth in air travel. A rise in the production rates of various commercial aircraft is anticipated to boost market demand in the coming years. Boeing, in its recent outlook (2023-2042), predicted that there would be deliveries of about 42,595 commercial and regional aircraft over the next twenty years, averaging over 2,130 aircraft each year. This growth in commercial aircraft deliveries, in turn, will drive down the demand for forged components.
Based on the process type, the aircraft forging market is segmented into open/ring-die forging and closed-die forging. The closed-die forging type is expected to be larger as well as the fastest-growing segment of the market during the forecast period. Closed-die forging produces components with exceptional strength. The compressive forces applied during the forging process realign the metal's grain structure, improving its mechanical properties and ensuring high performance in demanding aerospace applications. Closed-die forging minimizes material waste and is used to manufacture cost-effective components.
Based on the application type, the aircraft forging market is segmented into engine and airframe. Engine is expected to lead the aircraft forging market during the forecast period. Due to the critical nature of engine components and the continuous advancements in engine technology, the engine segment maintains significant dominance in the aircraft forging market. Strength, precision, and reliability offered by forged components are crucial for achieving optimal engine performance and meeting the demanding requirements of modern aircraft engines. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,700 engines in 2023 (>600-unit increase in 2022), despite supply chain disruption, these factors will result in healthy growth of the engine segment in the market.
Based on the 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 register the highest growth during the forecast period due to the extensive use of nickel-based alloys in the manufacturing of critical aerospace components. Their high-temperature performance, corrosion resistance, strength, and fatigue resistance make them indispensable for ensuring the reliability, performance, and safety of aircraft structures and engine systems.
Based on the end-user type, the market is segmented into OE and aftermarket. OE is expected to be the dominant segment, whereas aftermarket is expected to be the fastest-growing segment of the aircraft forging market. Increasing aircraft production rates of important aircraft programs like the B737 and A320 families, entry of new players in the market such as COMAC, and upcoming aircraft programs are a few of the factors propelling the growth of the OE segment.
In terms of regions, North America is likely to remain the most dominant region, whereas Asia-Pacific is expected to be the fastest-growing region during the forecast period. Various significant aircraft manufacturers, such as Boeing and Lockheed Martin, as well as various engine manufacturers, including General Electric and Pratt & Whitney, are based in North America. Most of the aircraft forged parts suppliers have their presence in the region to address the emergent needs of OEMs and to be the partners for their new programs or fuel-efficient versions of existing programs.
Key Players
The market is fairly 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 following are the key players in the aircraft forging market. Aircraft forging manufacturers face intense competition and strive to differentiate their products by offering advanced features and improved performance.
- Precision Castparts Corp.
- AVIC Heavy Machinery Co., Ltd.
- Howmet Aerospace
- ATI Inc.
- Voestalpine AG
Research Methodology
This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s aircraft forging 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 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 market dynamics and will enable strategic decision-making for 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 forging market is segmented into the following categories.
Aircraft Forging 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 Forging Market, by Process Type
- Open/Ring-Die Forging (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Closed-Die Forging (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aircraft Forging 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 Forging Market, by Component Size Process Type
- Small Components (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Large Components (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aircraft Forging 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)
- Aluminum (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Aircraft Forging 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 Forging Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, and The 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)
Report 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
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