The global aircraft engine forging market was valued at US$ 3.30 Bn in 2018 and is expected to reach US$ 5.93 Bn by 2027 with a CAGR growth rate of 6.9% in the forecast period from 2019 to 2027.
The forged components used within an aircraft engine are a fan case, combustion chamber outer case, turbine, rotors, shafts and others. These components and parts are made with different materials such as titanium and nickel based alloy. The aircraft engine forging companies also uses aluminum, stainless steel, carbon steel, and cobalt-based alloy among others. Depending upon the area of application, the raw materials are selected and further they are forged into desired aircraft engine part. Introduction of next-generation aircraft is expected to contribute heavily towards booming the business of both aerospace and forging.
The factors driving the aircraft engine 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 related markets. However, due to cyclic changes occurring near commercial aircraft is expected to hinder the growth of aircraft engine forging market in the coming years.
The aircraft engine forging market is experiencing a rise in both order intake and revenues. The aircraft engine 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 are showing their interest in lightweight solutions using different materials. High inclination towards forging of aircraft engine to make it perform during harsh environment, plays a vital role in accelerating the business of aircraft engine forging market.
In the global aircraft engine forging market, Asia Pacific is anticipated to grow with the highest CAGR during the forecast period. The aircraft manufacturers are looking forward to make long-term investment for the development of aircraft related future technologies. New technologies aim to reduce emission level. Therefore, to achieve this goal, production of aircraft engine is expected to boom which will eventually raise the business of forging, including the growth of aircraft engine forging market.
The aircraft engine forging market globally is segmented by application into the fan case, combustion chamber outer case, turbine disc, rotors, and others. Geographically, the aircraft engine forging market is divided into five regions, including North America, Europe, Asia-Pacific, and the Middle East & Africa, and South America.
The overall aircraft engine 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 aircraft engine 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 aircraft engine forging industry.