Global Aerospace Forging Market Size Likely to Grows at a CAGR of 3.8% By 2033

As per the current market research conducted by CMI Team, the global Aerospace Forging Market size is expected to record a CAGR of 3.8% from 2023 to 2032. In 2022, the market size is projected to reach a valuation of USD 32.2 billion. By 2032, the valuation is anticipated to reach USD 44.5 billion.

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.

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.

Report Scope

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.

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

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

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