The Aircraft Isothermal Forging market is anticipated to grow significantly, with projections indicating a rise to US$ 2,041.55 million by 2028, up from US$ 1,226.38 million in 2021. This growth represents a compound annual growth rate (CAGR) of 7.7% from 2022 to 2028.
The aircraft isothermal forging market is on an upward trajectory, primarily due to the increasing adoption of titanium over steel for aircraft components. Historically, steel was the material of choice for manufacturers, which contributed to heavier aircraft designs, adversely affecting fuel efficiency and increasing carbon emissions. To address these issues, manufacturers are increasingly opting for titanium, a lighter alternative to steel, in various aerospace applications. For example, Airbus successfully reduced the weight of its aircraft by 400 kg by substituting steel bearings with titanium ones. Such advancements are propelling the growth of the aircraft isothermal forging market. Additionally, the Defence Research and Development Organization (DRDO) in India has developed a high-strength beta titanium alloy, incorporating aluminum, vanadium, and iron through isothermal forging techniques, suitable for use in fighter jet engines. These developments are further enhancing the market's expansion.
The global aircraft isothermal forging market is being driven by the rising demand for isothermally forged components in aircraft manufacturing. The necessity for weight reduction has led to the widespread use of isothermally forged titanium alloy parts across various applications in the industry. These applications encompass airframes, engine components, compressor discs, blades, fans, and shafts. The popularity of isothermally forged titanium alloys, such as Ti-6Al-4V, Ti-10V-2Fe-3Al, and Ti-5AI-2Sn-2Zr-4Cr-4Mo, is growing, particularly in the production of landing gear and structural elements. Furthermore, isothermal forging of titanium alloys plays a crucial role in the manufacturing of turbo-machinery components, including buckets, blades, couplings, discs, manifolds, rings, chambers, wheels, and shafts for jet turbine engines, which exhibit superior strength compared to traditionally forged components. The increasing utilization of isothermally forged titanium alloy parts by aircraft original equipment manufacturers (OEMs) and maintenance, repair, and overhaul (MRO) service providers is also a significant factor driving market growth.
Impact of COVID-19 Pandemic on Aircraft Isothermal Forging Market
The COVID-19 pandemic has profoundly affected numerous sectors, including aerospace, defense, military, and manufacturing, with ongoing recovery efforts. The temporary halting of operations in aerospace production facilities has adversely impacted the procurement of aircraft isothermal forgings. Lockdowns disrupted the global aircraft manufacturing sector, leading to supply chain interruptions and logistical challenges due to the complete or partial shutdown of manufacturing activities in various countries. The pandemic was a major contributor to these supply chain disruptions, production losses, and diminished revenues for many businesses worldwide.
The aerospace industry has been among the most severely impacted sectors since the onset of COVID-19 in 2020. Players in the aircraft isothermal forging market faced significant challenges, as they were compelled to suspend operations to mitigate the spread of the virus, which directly influenced market dynamics. Companies had to navigate difficult decisions to ensure survival during and after the pandemic, resulting in a negative impact on the aircraft isothermal forging market.
Looking ahead, the aircraft isothermal forging market in the United States is projected to sustain robust growth. Key market participants, including Bula Forge & Machine, Coulter Forge Technology, General Dynamics Ordnance and Tactical Systems, Precision Castparts Corp., Scot Forge, and Aichi Forge USA Inc., are active in the country, contributing to its market revenue. With the largest defense budget globally, the US allocates substantial resources to the acquisition and development of advanced fighter aircraft, which is driving demand for aircraft isothermal forging. In 2021, Boeing announced the delivery of several military aircraft, including F/A-18 Hornet/Super Hornet multirole fighters, KC-46 Pegasus aerial refueling aircraft, and P-8 Poseidon maritime patrol aircraft, all manufactured in the US. The production of military assets such as the F-22, F/A-18, C-17, F-35, and UH-60 Black Hawk helicopter requires significant quantities of isothermally forged titanium. Consequently, aircraft manufacturers are increasingly leveraging isothermal forging for the production of engines and airframe components, further propelling the growth of the aircraft isothermal forging market in the US. Additionally, the rising application of isothermally forged titanium and nickel alloys in helicopter manufacturing in the US is enhancing market growth.
The Asia Pacific aircraft isothermal forging market is poised for substantial growth, driven by factors such as an expanding aircraft fleet, increased military aircraft expenditure, and the region's growing population and economy. The adoption of isothermally forged titanium and nickel-based components is expected to further stimulate market demand. According to Airbus, the Asia Pacific region will require over 17,000 new passenger and freighter aircraft, emphasizing the need for more fuel-efficient models, which will subsequently increase the demand for isothermal forging services.
Although the COVID-19 pandemic negatively impacted both domestic and international air passenger traffic in the region, there has been a resurgence since late 2021, boosting the demand for commercial, civil, and military aircraft fleets. Rising military expenditures in the Asia Pacific region, as reported by SIPRI, are also anticipated to drive the demand for aircraft isothermal forging services for new aircraft production and maintenance, repair, and overhaul activities. In 2019, the Indian Air Force issued a tender for 114 Multi-Role Fighter Aircraft (MRFA), which is expected to further escalate the demand for isothermally forged components. These elements are likely to contribute to the growth of the aircraft isothermal forging market in the Asia Pacific region during the forecast period.
Key global players in the aircraft isothermal forging market include ALD Vacuum Technologies GmbH, ATI, H.C. Starck Solutions, Leistritz Turbinentechnik GmbH, Precision Castparts Corp, SCHULER GROUP, Alcoa Corporation, Howmet Aerospace, LISI Aerospace, and SMT Limited, as highlighted in this market analysis.
The size of the aircraft isothermal forging market has been assessed using both primary and secondary research methodologies. The research process involved extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative insights into the aircraft isothermal forging market. This approach aimed to provide a comprehensive overview and forecast of the market across all segments. Additionally, numerous primary interviews were conducted with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the aircraft isothermal forging market. These primary interviews were essential for validating data and gaining deeper analytical insights into the market.