The global aerospace forging market was valued at US$ 4.21 Bn in 2018 and is expected to reach US$ 7.92 Bn by 2027 with a CAGR growth rate of 7.5% in the forecast period from 2019 to 2027.
The forged components used within an aircraft are connectors, valves, swashplates, propeller hubs, engine mount, compressor rings, gear blanks, spinners, and others. These components and parts are made with different materials such as aluminum, titanium, stainless steel, carbon steel, and nickel/cobalt-based alloy, among others. Depending upon the area of application, these aerospace forging components are manufactured. Introduction of next-generation aircraft is expected to contribute heavily towards booming the business of both aerospace and forging.
The factors driving the aerospace forging market is embraced with, the higher production capacity of aircraft with a continuous rise in air traffic. With more production of airplanes, demand for forged components expands, which significantly increase the business of aerospace forging companies. However, due to cyclic changes occurring near commercial aircraft is expected to hinder the growth of aerospace forging market in the coming years.
The aerospace forging market is experiencing a rise in both order intake and revenues. The aerospace forging market consists of some gigantic and international players across the globe, which invest huge amounts in delivering the most sophisticated products to their customers. To deliver advanced aircraft components, the engine manufacturers, landing gear manufacturers, and other component manufacturers are showing their interest in lightweight solutions using different materials. Their high inclination towards forging of aerospace components plays a vital role in accelerating the growth of aerospace forging.
In the global aerospace forging market, Asia Pacific is anticipated to grow with the highest CAGR during the forecast period. Pertaining to steady growth in standard of living, rising population, and air mobility among the population is expected to have a positive impact on the air transportation and development of the economy which supports the growth of aircraft in this country, in turn supporting the growth of aerospace forging market.
The aerospace forging market globally is segmented by application into the rotor, turbine disks, shaft, fan case, and others. Geographically, the aerospace forging market is divided into five regions, including North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America.
The overall aerospace forging market size has been derived using both primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the aerospace forging market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the aerospace forging industry.