The global aerospace forging market was valued at approximately US$ 4.21 billion in 2018 and is projected to grow to US$ 7.92 billion by 2027, reflecting a compound annual growth rate (CAGR) of 7.5% during the forecast period from 2019 to 2027.
Forged components utilized in aircraft include a variety of parts such as connectors, valves, swashplates, propeller hubs, engine mounts, compressor rings, gear blanks, spinners, and more. These components are crafted from various materials, including aluminum, titanium, stainless steel, carbon steel, and nickel/cobalt-based alloys, among others. The manufacturing of these aerospace forging components is tailored to specific applications. The introduction of next-generation aircraft is anticipated to significantly boost the aerospace and forging industries.
Several factors are propelling the growth of the aerospace forging market, notably the increased production capacity of aircraft alongside a continuous rise in air traffic. As the production of airplanes escalates, the demand for forged components also grows, thereby enhancing the business prospects for aerospace forging companies. However, cyclical fluctuations in the commercial aircraft sector may pose challenges to the growth of the aerospace forging market in the near future.
The aerospace forging market is witnessing an uptick in both order intake and revenue generation. This market comprises several large international players who invest substantial resources in providing advanced products to their clientele. To meet the demand for sophisticated aircraft components, manufacturers of engines, landing gear, and other parts are increasingly focusing on lightweight solutions utilizing various materials. Their strong preference for the forging of aerospace components is crucial in driving the growth of the aerospace forging sector.
Regionally, the Asia Pacific is expected to exhibit the highest CAGR during the forecast period. This growth can be attributed to improvements in living standards, a growing population, and increased air mobility, which are all expected to positively influence air transportation and economic development in the region. This, in turn, supports the expansion of the aircraft market and, consequently, the aerospace forging industry.
The global aerospace forging market is categorized by application into several segments, including rotor, turbine disks, shafts, fan cases, and others. Geographically, the market is divided into five key regions: North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
The overall size of the aerospace forging market has been determined through a combination of primary and secondary research methodologies. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the aerospace forging market. Additionally, numerous primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants in this process typically include industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the aerospace forging sector.