Global Aerospace Forging Market 2024–2033

Reports Description

As per the current market research conducted by CMI Team, the global Aerospace Forging Market 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.

The aerospace forging market refers to the industry involved in the production and supply of forged components for aerospace applications. It encompasses the manufacturing processes and technologies used to shape and form metal alloys into strong and lightweight components. The nature of the market is highly specialized, with stringent quality and performance requirements.

Key trends driving the market include the demand for lightweight and fuel-efficient aircraft, advancements in material science and forging techniques, focus on sustainability and efficiency, digital transformation, increasing defence expenditure, and the recovery from the impact of COVID-19. These trends shape the market dynamics and drive innovation in the aerospace forging industry.

Aerospace Forging Market – Significant Growth Factors

The Aerospace Forging Market presents significant growth opportunities due to several factors:

• Increasing Demand for Lightweight and Fuel-Efficient Aircraft: The aerospace industry is driven by the need for lightweight and fuel-efficient aircraft to reduce operating costs and environmental impact. Aerospace forgings, with their high strength-to-weight ratio, play a crucial role in meeting this demand and are favoured for manufacturing critical components that contribute to aircraft efficiency.

• Advancements in Material Science and Forging Techniques: Continuous advancements in material science and forging techniques have driven the aerospace forging market. New alloys and innovative forging processes enhance the mechanical properties, durability, and performance of aerospace components. These advancements enable manufacturers to produce stronger, lighter, and more reliable parts, meeting the industry’s evolving needs.

• Growth in defence and Space Exploration: The growth of defence modernization programs and increased investments in space exploration contribute to the aerospace forging market. defence applications require robust and durable forged components for military aircraft, while the space industry relies on forgings for spacecraft and satellite manufacturing. The expansion of these sectors drives the demand for aerospace forgings.

• Adoption of Additive Manufacturing in Forging: The integration of additive manufacturing techniques in the forging process presents opportunities in the aerospace industry. The combination of traditional forging methods with additive manufacturing allows for the production of complex and customized components with improved efficiency and reduced material waste. This technology opens up new avenues for innovation and customization in aerospace forgings.
• Sustainability and Environmental Concerns: The increasing focus on sustainability and environmental concerns presents opportunities in the aerospace forging market. Manufacturers are investing in lightweight materials and forging techniques that reduce fuel consumption and carbon emissions. The demand for sustainable solutions provides an opportunity for aerospace forging companies to develop and offer eco-friendly forging processes and materials.

Aerospace Forging Market – Mergers and Acquisitions

The Aerospace Forging Market has seen several mergers and acquisitions in recent years, with companies seeking to expand their market presence and leverage synergies to improve their product offerings and profitability. Some notable examples of mergers and acquisitions in the Aerospace Forging Market include:

• ATI Ladish LLC and General Electric (GE) Aviation: In 2019, ATI Ladish signed a long-term agreement with GE Aviation to supply aerospace forgings for GE’s commercial and military aircraft engine programs, reinforcing their existing partnership.

• Norsk Titanium AS and Spirit AeroSystems: In 2020, Norsk Titanium announced a partnership with Spirit AeroSystems to develop and certify titanium aerospace forgings using Norsk’s Rapid Plasma Deposition (RPD) technology, aiming to revolutionize the manufacturing process.

• VSMPO-AVISMA Corporation and Boeing: In 2020, VSMPO-AVISMA extended its long-standing partnership with Boeing, signing a new contract for the supply of titanium forgings for Boeing’s commercial and defense aircraft programs.

• Precision Castparts Corp. and Rolls-Royce: In 2021, Precision Castparts Corp. collaborated with Rolls-Royce to develop and manufacture complex nickel-based forgings for next-generation aircraft engines, leveraging their respective expertise in forging and engine technology.

• Arconic Inc. acquiring RTI International Metals: In 2019, Arconic completed the acquisition of RTI International Metals, expanding its capabilities in titanium and other advanced materials for aerospace forging applications.

• Bharat Forge Limited acquiring Walker Forge Tennessee LLC: In 2018, Bharat Forge acquired Walker Forge Tennessee, a leading aerospace and industrial forging company, strengthening its position in the aerospace forging market.

• Allegheny Technologies Incorporated acquiring Ladish Co.: In 2019, Allegheny Technologies completed the acquisition of Ladish Co., a specialist in aerospace forging, expanding its portfolio of high-performance materials and components.

• ATI Ladish LLC acquiring High Performance Metals Division: In 2020, ATI Ladish acquired the High-Performance Metals Division of Carpenter Technology Corporation, enhancing its capabilities in producing high-performance forgings for aerospace applications.

These mergers and acquisitions have helped companies expand their product offerings, improve their market presence, and capitalize on growth opportunities in the Aerospace Forging Market. The trend is expected to continue as companies seek to gain a competitive edge in the market.

COMPARATIVE ANALYSIS OF THE RELATED MARKET

Aerospace Forging Market – Significant Threats

The Aerospace Forging Market faces several significant threats that could impact its growth and profitability in the future. Some of these threats include:

• Economic Downturn and Uncertainty: Economic downturns, such as recessions or financial crises, pose a significant threat to the aerospace forging market. During periods of economic instability, airlines may reduce their fleet expansion plans, leading to lower demand for new aircraft and, subsequently, fewer orders for aerospace forgings.

• Fluctuating Raw Material Prices: The aerospace forging market heavily relies on raw materials like titanium, aluminium, and nickel-based alloys. Fluctuating prices of these materials can impact the cost of production and overall profitability. Volatile raw material prices can put pressure on profit margins, especially if manufacturers are unable to pass on the increased costs to customers.

• Technological Disruptions: Rapid advancements in technologies, such as additive manufacturing and composite materials, pose a threat to traditional forging methods. These technologies offer alternative manufacturing solutions that could potentially replace some forged components. If aerospace companies increasingly adopt these disruptive technologies, it may impact the demand for traditional forged components in the market.

• Geopolitical and Trade Uncertainties: Geopolitical tensions, trade disputes, and changing regulatory policies can create uncertainties in the aerospace forging market. Trade restrictions and tariffs on aerospace products can disrupt supply chains, increase production costs, and limit market access. Political instability and changes in government policies can also impact the demand for aerospace forgings, especially in international markets.

Report Scope

Category-Wise Insights

By Event Type :

• Aluminium: Aluminium is a lightweight and corrosion-resistant material used in aerospace forging. The trend in the aerospace forging market is the increasing demand for aluminium forgings to reduce weight and improve fuel efficiency in aircraft.

• Steel: Steel forgings offer high strength and durability for critical aerospace components. The trend in the aerospace forging market is the development of advanced steel alloys and forging techniques to enhance performance and meet stringent safety requirements.

• Titanium: These forgings provide excellent strength-to-weight ratio and resistance to high temperatures. The trend in the aerospace forging market is the growing use of titanium forgings in aircraft structures and engine components, driven by the need for lightweight and high-performance materials.

• Others: Other materials, such as nickel-based alloys and superalloys, are also used in aerospace forging. The trend in the aerospace forging market is the development of specialized alloys and advanced forging processes to meet the increasing demand for complex and high-quality forgings in critical aerospace applications.

By Aircraft

• Military Aircraft: Military aircraft encompass various types of planes, helicopters, and unmanned aerial vehicles (UAVs) used by the military for defence and combat operations. In the aerospace forging market, trends in this sector include increasing defence expenditure, the need for robust and durable forged components, and advancements in forging technologies to meet stringent military requirements.

• Commercial Aircraft: In the aerospace forging market, commercial aircraft refer to passenger and cargo planes used for commercial air travel. The trends in this sector include the demand for lightweight and fuel-efficient aircraft, advancements in material science and forging techniques, and a focus on sustainability and efficiency.

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.

Competitive Landscape – Aerospace Forging Market

The Aerospace Forging Market is highly competitive, with a large number of manufacturers and retailers operating globally. Some of the key players in the market include:

• 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

These companies operate in the market through various strategies such as product innovation, mergers and acquisitions, and partnerships. For example, In 2021, a major partnership in the aerospace forging market was formed between ATI Ladish LLC and General Electric (GE) Aviation. This partnership aimed to supply aerospace forgings for GE’s commercial and military aircraft engine programs, strengthening their collaboration and market presence.

In the aerospace forging market, new players have entered by adopting innovation and development to establish their presence. These newcomers focus on introducing advanced forging techniques, investing in research and development, and offering unique solutions to meet industry demands. They aim to carve a niche in the market and compete with established players.

Dominating the aerospace forging market are key players with strong market positions, extensive experience, and established customer relationships. These leaders leverage their technical expertise, broad product portfolios, and global presence to maintain a competitive edge. They often invest in cutting-edge technologies, forge strategic partnerships, and have a robust supply chain to meet the market’s demands efficiently, allowing them to dominate the aerospace forging sector.

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

Regional Coverage:

North America

• U.S.
• Canada
• Mexico
• Rest of North America

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• New Zealand
• 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