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    Aircraft Closed-Die Forging Market Growth Analysis

    Aircraft Closed-Die Forging Market Growth Analysis
    Report code - SR2646 Published On : Jul,2023 No. of Pages: 120
    Aircraft Closed-Die Forging Market Size, Share, Trend, Forecast, Competitive Analysis, and See more...

    Market Insights

    The Aircraft Closed-Die Forging Market is likely to grow at a significant CAGR of 7.0% to reach US$ 22 billion during the forecast period.

    Aircraft Closed-Die Forging Market Forecast

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    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.

    Market Dynamics

    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

    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 expected to generate most of the demand for closed-die forged products in the coming years.

    Application-Type Analysis

    Airframe and Engine

    Engine will hold the major share of the aircraft closed-die forging market over the next five years.

    Component Size-Type Analysis

    Small Components and Large Components

    Small components are forecast to be the faster-growing segment of the market in the coming years.

    Material-Type Analysis

    Nickel, Titanium, Stainless Steel, Aluminum, and Other

    Titanium is expected to be the fastest-growing material in the market over the forecast period.

    End-User Type Analysis

    OE and Aftermarket

    OE is expected to be the dominant segment of the aircraft closed-die forging market.

    Regional Analysis

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

    North America is expected to be the dominant region whereas Asia-Pacific is expected to be the fastest-growing market.

     

    By Aircraft Type

    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.       

    By Application Type

    The aircraft closed-die forging market is segmented into airframe and engine. 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.

    By Material Type

    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.

    Aircraft Closed-Die Forging Market by Segment

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    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 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.

    Aircraft Closed-Die Forging Market by Region

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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

    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.

    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 Closed-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 closed-die forging market is estimated to grow at a CAGR of 7% by 2028. Several factors will be contributing to the markets steady growth including but not limited to an expected increase in the production levels of commercial aircraft reaching back to their pre-COVID levels, growing aircraft fleets with a high focus on modernization, and advancements in the manufacturing process.

    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 closed-die forging market.

    North America is estimated to remain dominant in the aircraft closed-die forging market in the foreseeable future. North America is home to several major aircraft manufacturers, including Boeing, and major engine manufacturers, such as General Electric and Pratt & Whitney. These companies have a substantial demand for closed-die forged parts for their aircraft production. These industry leaders' presence contributes to North America's dominance in the market.

    The engine segment governs the aircraft closed-die forging market and is expected to remain the dominant segment in the foreseeable future. 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 parts, such as turbine disks, compressor blades, shafts, and connecting rods, are produced through closed-die forging.

    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.

    Commercial aircraft is expected to be the dominant segment of the aircraft closed-die forging market in the coming years. Factors such as rising air passenger traffic, an increasing production rate for key programs, and a growing aircraft fleet size, are pushing the manufacturers of closed-die forged parts to make products with increased fuel efficiency, safety, and enhanced performance.

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