Newark, NJ, Feb. 09, 2021 (GLOBE NEWSWIRE) — As per the report published by Fior Markets, the global aerospace forging market is expected to grow from USD 4.89 billion in 2020 and to reach USD 9.02 billion by 2028, growing at a CAGR of 7.94% during the forecast period 2021-2028.
The growing demand for forged components produced by using various types of alloys in aircraft is anticipated to drive the market. Moreover, the increasing production of commercial aircraft along with the rising demand for parts such as engine parts, landing gears, machined parts, and turbines in the aircraft is anticipated to encourage the market’s growth over the forecast period. An increase in the number of military-grade airplanes such as helicopters, specialty fighters, and jets to improve air defense is expected to boost the demand for the forged elements. The requirement for aerospace forging has increased due to an increase in the demand for commercial aircraft. Factors such as the rise in the number of travelers at an international, as well as domestic level, along with the well-established aircraft sector are propelling the market’s growth.
Aerospace forging plays a fundamental role in the aerospace industry, which demands quality forged products having higher standards. The market needs long-lasting and dependable forged products for different purposes like rockets, satellites, etc. The quality and traceability of the forged part perform a significant function in the aviation sector. In the forging process, alloys are blended with different components in the form of powder. Then, it is cut jointly in order to produce a solid part. This technique results in forming long-lasting and lightweight components for usage in aircraft. Factors such as advancements in distinctive alloys as well as research and development activities are anticipated to promote the usage of aerospace forging over the forecast period. Another process of forging is known as a direct powder to solid extrusion. This technique reduces many steps in the traditional extrusion. Direct powder to solid extrusion methods produce more reliable, robust, and durable materials. These materials can be largely commercialized as compared to powder alloys.
Expanding armed services worldwide in order to establish a strong system of defense and technological advancements in battle aircraft are also anticipated to fuel the demand of the aircraft. Thereby, it is further expected to result in an increase in the demand for aerospace forging. Expanding tourism sector due to rise in the foreign tourists globally has propelled the aviation business, thereby boosting the need for aerospace forging. The covid-19 pandemic has restricted the growth of the aviation and tourism business. As a result, most of the production related to the aircraft business has reduced substantially, hindering the growth of the aerospace forging market across the world.
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Key players operating in the global aerospace forging market include Bharat Forge, Jiangyin Hengrun Heavy Industries Co., LTD, ELLWOOD Group Inc., Larsen & Turbo Limited, Precision Castparts Corp., Scot Forge and Arconic. To gain a significant market share in the global aerospace forging market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
The aluminum segment had the highest share in 2020
The material segment includes titanium, steel and aluminum. Aluminum segment had the highest share of 35.08% in 2020. Aluminum is highly utilized in the aviation sector because it has several properties such as fuel-efficient, improved, and lightweight as compared to the traditional forms. Moreover, the primary factor that has contributed to the growth of the segment is utilization of advanced aluminum alloy and its compound with different types of metals for the forged components.
The military aircraft segment is expected to show the highest share over the forecast period.
The aircraft segment includes military and commercial. The military aircraft segment is expected to show the highest share over the forecast period. Improving security of the nation is a primary concern in front of the air force. It is increasing the demand for jets, choppers, and fighter planes. Thus, a rise in the demand results in an increasing requirement for customized as well as specific military aircraft.
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Regional Segment Analysis of The Aerospace Forging Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global aerospace forging market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America held the highest share of 26.75% in the aerospace forging market in 2020. Factors contributing to the growth of the market are market penetration by the prominent key players, affordable journeys, and well-established aircraft business in the region. Also, the expanding security division and increase in the frequency of international tourists have increased the demand for aerospace forging in North America.
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About the report:
The global aerospace forging market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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