Dublin, Feb. 09, 2024 (GLOBE NEWSWIRE) -- The "Aerospace Forging Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The aerospace forging industry is witnessing an impressive growth trajectory, projected to escalate to a staggering $46.84 billion by 2028, driven by cutting-edge technological advancements and soaring demand for modern aircraft. The market, having expanded from $31.49 billion in 2023, continues to thrive, marking a robust 9.3% growth into 2024, as detailed in the latest comprehensive market research publication now available on our website.
With military modernization initiatives and a burgeoning commercial air travel sector, the aerospace forging market is experiencing significant momentum. Innovations that enhance fuel efficiency and safety standards, along with the flourishing air cargo services, are pivotal contributors to this growth. An in-depth assessment of market dynamics, players, regional expansions, and future forecasts are featured, emphasizing transformative transitioning within the industry.
Key Market Drivers and Trends Shaping the Aerospace Forging Industry
Technological Innovations and optimization of forging processes are at the forefront of the trends catalyzing market expansion. Emerging demands for lightweight, yet durable aerospace components, are redefining industry benchmarks. The integration of additive manufacturing technologies and sustainable practices also reflect the progression towards more eco-friendly and efficient aerospace solutions.
The demand for aerospace forging is substantially bolstered by an increase in aircraft production and the upswing in global air passenger traffic. Manufacturers, airlines, and defense sectors rely heavily on forged components for critical applications, making the growth of the aerospace forging market synonymous with that of global air travel and air cargo services.
Strategic Partnerships and Market Consolidation
- A myriad of strategic partnerships and acquisitions are reshaping the competitive landscape, enabling companies to leverage shared expertise, with recent acquisitions and collaborations reflecting the dynamic nature of the market.
- These alliances showcase efforts to harness innovative technologies and develop materials capable of withstanding the rigorous demands of aerospace applications, thus promising new heights of achievement within the sector.
Asia-Pacific's aerospace forging market is poised to exhibit the swiftest growth, with North America retaining its dominance as the largest regional market in 2023. The comprehensive report showcases a detailed outlook on this geographical market expansion, alongside a meticulous analysis of the contributing factors ensuring Asia-Pacific's rapid ascent in the aerospace forging arena.
Aerospace Forging Materials and Applications
The variety of materials used in aerospace forging includes aluminum, steel, titanium, and other sophisticated alloys. These materials have been pivotal in meeting the industry's stringent requirements for aircraft components like turbine discs and fan cases. The report provides a granular breakdown of applications across commercial, military, and other aircraft types, emphasizing the significant role of forging in contemporary and future aerospace manufacturing.
A selection of companies mentioned in this report includes
- Arconic Corporation
- Bharat Forge Limited
- Scot Forge Company
- Larsen & Toubro Ltd.
- Jiangyin Hengrun Heavy Industries Co. Ltd.
- Consolidated Industries Inc.
- Somers Forge Ltd
- Pacific Forge Inc
- Precision Castparts Corporation
- Ellwood Group Inc
- All Metals & Forge Group LLc
- Farinia Group
- Victoria Drop Forgings Ltd.
- Mettis Aerospace Limited
- Berkshire Hathaway Inc.
- Eramet Group
- Avic Heavy Machinery Co. Ltd.
- Fountaintown Forge Inc.
- GKN Aerospace service Limited
- High Tech Metal Seals Inc.
- Sheffield Forgemasters International Ltd.
- Thyssenkrupp Aerospace
- Weber Metals Inc.
- SIFCO Industries Inc.
- Doncasters Group Ltd.
- Howmet Aerospace Inc.
- PCC Forged Products
- Alcoa Corporation
- Carpenter Technology Corporation
- Forged Solutions Group
- Honsel Umformtechnik GmbH
- LISI Aerospace SAS
- Safran Forge America Inc.
For more information about this report visit https://www.researchandmarkets.com/r/dfqqm6
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
