[Latest] Global Aerospace Forging Market Size/Share Worth

Austin, TX, USA, July 25, 2023 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Aerospace Forging Market Size, Trends and Insights By Material (Aluminium, Titanium, Steel, Others), By Aircraft( Commercial, Military), By Application (Rotors, Turbine Disc, Shafts, Fan Case, Others, By End User (Commercial, Military), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032” in its research database.

“According to the latest research study, the demand of global Aerospace Forging Market size & share was valued at approximately USD 32.2 Billion in 2022 and is expected to reach USD 33.4 Billion in 2023 and is expected to reach a value of around USD 44.5 Billion by 2032, at a compound annual growth rate (CAGR) of about 3.8% during the forecast period 2023 to 2032.”

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Aerospace Forging Market: Growth Factors and Dynamics

Advancements in Material Science and Forging Techniques: Continuous advancements in material science and forging techniques have contributed to the growth of the aerospace forging market. New alloys, such as titanium and nickel-based superalloys, offer enhanced mechanical properties and corrosion resistance. Additionally, advancements in forging technologies, such as isothermal and precision forging, have improved the quality and precision of aerospace components.

Rising Air Passenger Traffic and Fleet Expansion: The increasing air passenger traffic and the need to expand commercial and regional aircraft fleets have fueled the demand for aerospace forgings. As airlines strive to meet the rising demand for air travel, aircraft manufacturers are under pressure to increase production rates. Aerospace forgings play a crucial role in meeting these demands by providing critical components with high strength and reliability.

Defence Modernization Programs: Governments around the world are investing in defence modernization programs, including the development of advanced military aircraft. These programs drive the demand for aerospace forgings for military aircraft applications. The stringent requirements of defence applications necessitate the use of forged components for their superior strength and performance under extreme conditions.

Growing Investment in Space Exploration: The rapid growth of the commercial space industry and increased government funding for space exploration have boosted the aerospace forging market. Spacecraft and satellite manufacturers rely on forged components for their high-performance requirements, including structural integrity, reliability, and resistance to extreme temperatures and pressures.

Expansion of Aerospace Manufacturing Facilities: The expansion of aerospace manufacturing facilities, particularly in emerging economies, has propelled the aerospace forging market. Developing regions, such as Asia-Pacific and Latin America, have witnessed significant investments in aerospace infrastructure, leading to increased demand for forgings. These facilities support the growing aerospace industry by providing a reliable supply chain for forged components.

Emphasis on Aircraft Safety and Reliability: Safety and reliability are paramount in the aerospace industry. Aerospace forgings are known for their exceptional mechanical properties, including high strength, fatigue resistance, and durability. The industry’s focus on enhancing aircraft safety and reliability has driven the demand for forgings in critical components such as landing gear, engine components, and structural parts.

Increasing Adoption of Additive Manufacturing in Forging: Additive manufacturing, also known as 3D printing, is gaining traction in the aerospace forging market. The combination of traditional forging techniques with additive manufacturing allows for the production of complex and highly customized components. This hybrid approach enables manufacturers to optimize designs, reduce material waste, and shorten lead times, leading to increased adoption of aerospace forgings using additive manufacturing techniques.

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Aerospace Forging Market: Partnership and Acquisitions

Arconic Inc. and Airbus SE: In 2018, Arconic entered into a partnership with Airbus to develop innovative forged aluminum and titanium structural components for aerospace applications, aiming to improve aircraft performance and reduce weight.

Bharat Forge Limited and Safran Group: In 2019, Bharat Forge formed a partnership with Safran to develop and manufacture critical aerospace forgings for commercial aircraft engines, leveraging Safran’s expertise in engine systems and Bharat Forge’s forging capabilities.

Farinia Group acquiring Setforge La Clayette: In 2020, Farinia Group acquired Setforge La Clayette, a French forging company specializing in aerospace forgings, reinforcing its presence in the aerospace market.

Fountaintown Forge, Inc. acquiring Ultramet Industries: In 2021, Fountaintown Forge acquired Ultramet Industries, a manufacturer of precision forgings for the aerospace and defense industries, expanding its capabilities in aerospace forging production.

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Report Scope

Feature of the Report	Details
Market Size in 2023	USD 33.4 Billion
Projected Market Size in 2032	USD 44.5 Billion
Market Size in 2022	USD 32.2 Billion
CAGR Growth Rate	3.8% CAGR
Base Year	2022
Forecast Period	2023-2032
Key Segment	By Material, Aircraft and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Aerospace Forging report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2023
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Aerospace Forging report has been modified to include the COVID-19 impact study prior to delivery.)

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Aerospace Forging Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the Aerospace Forging Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Decreased Air Travel Demand: The COVID-19 pandemic caused a significant decline in air travel demand due to travel restrictions, lockdown measures, and passenger concerns. This led to reduced demand for new aircraft and a decrease in aftermarket services, impacting the aerospace forging market as manufacturers scaled back production and maintenance activities.

Supply Chain Disruptions: The pandemic disrupted global supply chains, affecting the availability of raw materials and components for aerospace forging. Travel restrictions, factory closures, and logistical challenges hampered the supply of critical inputs, leading to delays in the production and delivery of forged components, impacting the aerospace industry.

Resumption of Air Travel: As vaccination rates increase and travel restrictions ease, there is a gradual recovery in air travel demand. This recovery stimulates the demand for new aircraft, prompting aerospace manufacturers to ramp up production and subsequently boost the demand for aerospace forgings.

Government Stimulus and Support: Governments worldwide have introduced stimulus packages and support measures to aid the aerospace industry’s recovery. Financial assistance, tax incentives, and investment in research and development initiatives help drive innovation, encourage production, and revitalize the aerospace forging market.

Adoption of Digital Technologies: The pandemic has accelerated the adoption of digital technologies in the aerospace sector. Remote collaboration tools, virtual inspections, and digitized supply chain management systems have become crucial in ensuring operational continuity. This digital transformation improves efficiency, streamlines processes, and enables smoother operations, aiding the recovery of the aerospace forging market.

Increasing defence Expenditure: Governments around the world are expected to increase defence spending in response to geopolitical tensions and the need for modernization. This increase in defence expenditure will drive the demand for military aircraft and related components, including aerospace forgings. The aerospace forging market will benefit from the defence sector’s recovery and the subsequent demand for forged components for military applications.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Aerospace Forging Market, with some challenges and opportunities arising from the pandemic. Manufacturers and retailers need to remain agile and adapt to the changing market conditions to overcome these challenges and capitalize on new growth opportunities.

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Key questions answered in this report:

What is the size of the Aerospace Forging market and what is its expected growth rate?
What are the primary driving factors that push the Aerospace Forging market forward?
What are the Aerospace Forging Industry's top companies?
What are the different categories that the Aerospace Forging Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Aerospace Forging market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2023−2032
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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List of the prominent players in the Aerospace Forging Market:

Arconic Inc.
Precision Castparts Corp.
VSMPO-AVISMA Corporation
Bharat Forge Limited
Allegheny Technologies Incorporated
ATI Ladish LLC
Norsk Titanium AS
Fountaintown Forge Inc.
Farinia Group
OTTO FUCHS KG
Others

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Aerospace Forging Market – Regional Analysis

The Aerospace Forging Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: In the aerospace forging market, North America is characterized by strong technological advancements and a significant presence of major aerospace manufacturers. The trends in this region include a focus on developing advanced materials and forging techniques, increasing investments in defense programs, and adoption of digital technologies for enhanced manufacturing processes. Dominating market players in North America include Arconic Inc., Precision Castparts Corp., and ATI Ladish LLC.

Europe: Europe has a rich aerospace heritage and is known for its strong aerospace manufacturing capabilities. The trends in this region include a focus on lightweight materials and sustainable forging processes, a collaboration between aerospace companies and research institutions, and a growing emphasis on additive manufacturing in forging. Dominating market players in Europe include VSMPO-AVISMA Corporation, Fountaintown Forge, Inc., and Farinia Group.

Asia-Pacific: The Asia-Pacific region is undergoing rapid growth in the aerospace industry, propelled by a surge in air travel demand and substantial investments in aerospace infrastructure. Key trends in this region encompass the expansion of manufacturing facilities, the emergence of domestic aerospace companies, a growing emphasis on cultivating indigenous forging capabilities and fostering collaborations with global aerospace leaders. These trends collectively contribute to the flourishing aerospace sector in the Asia-Pacific region. Dominating market players in Asia-Pacific include Bharat Forge Limited, Norsk Titanium AS, and OTTO FUCHS KG.
LAMEA (Latin America, Middle East, and Africa): LAMEA is an emerging region in the aerospace forging market, witnessing significant growth potential. The trends in this region include increasing defence expenditures, government initiatives to develop aerospace industries, partnerships with international aerospace manufacturers, and a focus on technology transfer and knowledge exchange. Dominating market players in LAMEA include local companies and international players establishing their presence in the region.

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The Aerospace Forging Market is segmented as follows:

By Material

Aluminium
Titanium
Steel
Others

By Aircraft

Commercial
Military

By Application

Rotors
Turbine Disc
Shafts
Fan Case
Others

By End User

Commercial
Military

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By Region

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Aerospace Forging Market Research/Analysis Report Contains Answers to the following Questions.

Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Aerospace Forging Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Aerospace Forging Market? What Was the Capacity, Production Value, Cost and PROFIT of the Aerospace Forging Market?
What Is the Current Market Status of the Aerospace Forging Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Aerospace Forging Market by Considering Applications and Types?
What Are Projections of the Global Aerospace Forging Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Aerospace Forging Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Aerospace Forging Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Aerospace Forging Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Aerospace Forging Industry?

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Reasons to Purchase Aerospace Forging Market Report

Aerospace Forging Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Aerospace Forging Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Aerospace Forging Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Aerospace Forging Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Aerospace Forging market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Aerospace Forging market analysis.

The competitive environment of current and potential participants in the Aerospace Forging market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Aerospace Forging market should find this report useful. The research will be useful to all market participants in the Aerospace Forging industry.
Managers in the Aerospace Forging sector are interested in publishing up-to-date and projected data about the worldwide Aerospace Forging market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Aerospace Forging products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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