Aircraft Closed Die Forging Market Report

Market Insights

"The global aircraft closed-die forging market is projected to grow at a significant CAGR of 7.0% during the forecast period, reaching US$ 22 billion by 2028."

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Introduction

Closed-die forging is a metalworking process where a compressive force is applied to a piece of metal to shape it into a desired form using dies. This technique is commonly used in the aerospace industry to produce high-strength and lightweight components for aircraft. In addition to producing smaller and more complicated products compared to open-die forging, closed-die forging also minimizes the need for precision machining and reduces the possibility of error. Closed-die forged components include landing gear, engine parts, wing fittings, structural components, and various other critical parts.

Drivers

Several factors have contributed to the market’s steady growth, the aerospace industry has grown significantly over the years, propelled by rebounding air travel demand, growing commercial aviation, and modernization programs for military aircraft. The demand for forged components has been impacted directly by this rise. Additionally, the aviation industry is being propelled by international and domestic tourism, which has resulted in the increased demand for forged products. Furthermore, the market for aerospace forging will keep growing because of hefty research & development investments by major manufacturers.

In recent years, there has been a trend toward the use of advanced materials in aerospace, such as titanium, superalloys, and composites. While closed-die forging is traditionally associated with steel and aluminum alloys, forging companies supplying aircraft have been adapting their processes to work with these high-performance materials. This allows them to meet the evolving needs of the aerospace industry and cater to the demand for lightweight, high-performance components.

Recent Market JVs and Mergers & Acquisitions: A good number of M&A and joint ventures have been observed over the past decade, proving 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

The coronavirus pandemic negatively affected the aircraft forging market in 2020 by more than 35%. However, the market started to recover swiftly, mainly due to an increase in air travel post-pandemic and a recovery in the economy. As a result, the commercial aircraft segment saw the highest growth in the year 2021. Strict government regulations and increasing demand for lightweight, tough, and high-performance components are expected to fuel the market in the coming years.

Segments Analysis

Aircraft Trends

"Commercial aircraft segment accounted for the largest market share."

Stratview Research has first segmented the aircraft closed-die forging market on the basis of aircraft type: commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation. Commercial aircraft is expected to dominate the aircraft closed-die forging market in the coming years. The demand for these components is being driven by factors such as rebounding air passenger traffic pushing an increase in the production rate of key aircraft programs, new market entrants like COMAC and Irkut, the introduction of new fuel-efficient variants of existing aircraft programs, and growing aircraft fleet sizes. Boeing and Airbus anticipated the deliveries of more than 40,000 aircraft in the next twenty years, supporting sustainable growth in the long term.

Application Trends

"The engine segment accounted for the largest market share."

The aircraft closed-die forging market is segmented into airframe and engine. The engine is expected to lead the aircraft closed-die forging market during the forecast period. Engines for every aircraft type require a wide range of high-performance components that can withstand extreme operating conditions. Closed-die forging is commonly used in manufacturing engine components due to its ability to produce parts with high strength, excellent fatigue resistance, and dimensional accuracy. Engine components, such as turbine disks, compressor blades, shafts, and connecting rods, are produced through closed-die forging. Further, the key engine manufacturers are setting targets to increase their production of engines in the future, which will lead to a boost in the demand for closed-die forged products for engines.

Material Trends

"Nickel segment accounted for the largest market share."

The market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to maintain its dominance during the forecast period. The unique properties of nickel-based alloys and their ability to meet stringent performance standards make them essential to produce critical components. Nickel-based alloys are suitable for crucial parts in aviation engines and airframes because they have exceptional high-temperature strength, corrosion resistance, and mechanical qualities.

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Regional Insights

"North America accounted for the largest market share."

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 is home to several major OEMs and tier players, including Boeing, and numerous engine manufacturers such as General Electric and Pratt & Whitney. These companies have a substantial demand for closed-die forged parts for a series of aircraft and engine applications. These industry leaders' presence contributes to North America's dominance in the market. Europe and Asia-Pacific have a high penetration of aircraft closed-die forging and offer sizeable market opportunities.

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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 following are the key players in the aircraft closed-die forging market. Achieving operational efficiency and cost optimization are among the important focus areas of the manufacturers.

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

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

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?

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft closed-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 and investors in identifying the low-hanging fruits available in the market and formulating 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.

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