Aircraft Engine Forging Market Growth Analysis

Market Highlights

The Aircraft Engine Forging Market is expected to grow at an excellent CAGR of 7.2% to reach ~US$ 22 billion in 2028.

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The aircraft engine industry has been evolving over the years, driven by various factors such as increasing preference for air travel, rising demand for fuel-efficient aircraft, and technological advancements in engine design. All the major engine manufacturers are adopting different strategies to develop new models of engines that consume less fuel and produce less noise. As aircraft engines become more advanced and efficient, the demand for forged components with superior performance characteristics such as lightweight, corrosion resistance, heat resistance, and high strength, has increased.

The market for aircraft engine forged parts will be further driven by the government's stricter rules regarding carbon emissions, which are creating pressure on engine manufacturers to decarbonize their operations and develop environmentally friendly components. For instance, GE Aviation and Safran developed the CFM56 engine, the best-selling aircraft engine of all time, and its successor is expected to be “the future of flight”. Heavy R&D investments by manufacturers in enhancing the efficiency of combustion engines, exploring electric and hybrid propulsion systems, and their increasing focus on green engines are a few of the factors fueling the market for forged parts in the coming years.

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 indubitably the 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 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 and defense customers.

COVID-19 Impact

COVID-19 paired with the grounding of the B737 Max led to a significant decline in the production of engines, which, in turn, led to a significant downfall in the demand for forged parts (-36% in the year 2020). Presently, the market is further impacted by the geopolitical unrest in Europe spurred on by the conflict between Russia and Ukraine.

Despite all these macro factors, Stratview believes that the market is expected to grow owing to factors such as an expected increase in the production rates of key aircraft programs, increasing military expenditure, and higher preference towards forging to meet quality and safety standards.

Segments Analysis

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 segment of the aircraft engine forging market during the forecast period. Commercial aircraft engines require relatively advanced technologies to meet performance, efficiency, and environmental standards. There has been a great use of forging and investment casting in commercial aircraft engines, almost in all sections of engines. A handful of engines (LEAP, GEnx, P&W 1000, Trent XWB, etc.) secure the majority of the market demand. Despite short-term market fluctuations caused by macro factors, the long-term market demand seems quite favorable to the industry participants.

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By Process Type

The aircraft engine forging market is segmented into open-die forging and closed-die forging. Close die is expected to remain the larger as well as the faster-growing process in the aircraft engine forging market during the forecast period. Complex and exceptionally precise components with great strength can be produced using closed-die forging. Closed-die forging is well-suited for manufacturing components such as turbine disks, compressor blades, shafts, and connecting rods. Closed-die forging allows manufacturers to maximize the yield from raw materials, which eventually reduces the overall cost.

By Component Size Type

The market is segmented into small components and large components. The large components category is expected to be the dominating one in the market in the years to come. Engine performance and safety depend heavily on large components such as structural parts, compressor rotors, and turbine discs. During use, these parts are exposed to heavy rotational forces, high temperatures, and mechanical stresses.

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. Nickel is well suited for the harsh operating conditions of aviation engines; they have outstanding high-temperature strength and creep resistance. Nickel can maintain its mechanical properties at elevated temperatures, which is crucial for components exposed to hot gases and extreme thermal environments. Nickel alloys provide enhanced protection against corrosion, ensuring the longevity and reliability of aircraft engines, and have better electrical conductivity and magnetic properties.

By Engine Type

The market is segmented into turbofan, turboprop, turbojet, and turboshaft. The Turbofan engine is expected to be the dominant as well as the fastest-growing segment during the forecast period. Turbofans are the preferred choice for commercial aviation. Commercial aircraft account for most of the market, which, in turn, increases the dominance of turbofan engines. Turbofans are ideal for commercial aircraft because they maintain a balance between fuel efficiency, thrust, and noise reduction. Nickel-based superalloys are selected in turbofan engines because of their ability to withstand extreme conditions. 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 2023, all these factors are going to boost the demand for various forged engine components soon.  

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. North America has a robust aerospace industry, with major engine manufacturers and OEMs located in the region. Companies, such as General Electric, Pratt & Whitney, and Rolls-Royce, have significant operations and a strong presence in North America. These companies drive the demand for forging and contribute to the dominance of the region in the market. Also, North American engine manufacturers have a long history of technological advancements and innovation in aircraft engine design and manufacturing. They invest heavily in research & development to improve engine performance, efficiency, and environmental sustainability.

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Key Players

The market is fairly populated with the presence of some 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 engine forging market. Companies are focusing on providing exceptional customer service, understanding their customers' needs, and offering customized solutions.

• Precision Castparts Corp.
• Forgital Group
• ATI 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 engine 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 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 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.

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