The aerospace cold forgings market is expected to witness significant growth by 2027 on account of rapidly evolving defense and commercial aerospace sector worldwide.

Cold forging is the most preferred forging method employed in the manufacturing of components for aerospace applications. Cold forged components exhibit a variety of benefits like enhanced mechanical properties, high-quality surface finish, fatigue resistance, and durable and superior structure, among others.

Increasing air passenger traffic and development of the global tourism industry has propelled market adoption over the recent years. Moreover, technological advancements focused on the improvement of aerospace components, coupled with surging demand for fuel efficiency, has bolstered industry expansion.

Furthermore, key industry players are tapping into emerging marketplaces by employing various lucrative strategies, such as mergers, acquisitions, and partnerships, which has positively impacted the overall business outlook. For instance, in February 2020, Bharat Forge (BFL), an India-based leading forging company, announced its collaboration with Paramount Group, a multinational technology and aerospace company. With the agreement, the companies sought to establish a joint venture combining their capabilities and expertise in the indigenization and industrialization of aerospace systems.

To cite another instance, in August 2021, Allegheny Technologies Incorporated (ATI), a leading manufacturer of industrial materials, completed the sale of its Flowform Products business to Consolidated Boring, Inc., for USD 55 million. The profitable business strategy was purposed to allow ATI to strengthen its balance sheet and add liquidity leveraging the proceeds of the sale, thereby opening lucrative investment opportunities.

Additionally, in January 2021, VSMPO-AVISMA Corporation (VSMPO), a leading titanium producer, announced the extension of its long-term supply agreement with Boeing Company, a global aerospace company. According to the agreement, VSMPO would continue to supply titanium die forgings to cater to Boeing’s commercial aircraft manufacturing requirements.

The aerospace cold forgings market has been bifurcated on the basis of application, platform, and region. Based on platform, the market has been segregated into fixed wing and rotary wing. The fixed wing platform segment has further been classified into fighter jets, widebody, narrow body, and regional jets.

The narrow body fixed wing segment is expected to see significant growth by 2027, expanding at a CAGR of around 9.4% over the forecast period. The widebody segment held around 20% revenue share in the fixed wing industry in 2020 and is slated to expand at a steady pace over 2021-2027.

With respect to application, the aerospace cold forgings market has been divided into nacelle, airframe, and landing gear. The nacelle application segment is anticipated to amass notable gains by 2027, progressing at more than 7% CAGR through the study timeline.

Form the regional point of view, the Latin America aerospace cold forgings market is projected to expand at a CAGR of approximately 7.3% over the analysis timeframe.