What's driving the Aerospace Cold Forgings Market Statistics? Key Profiled is Precision Castparts, Eramet, Scot Forge, Bharat Forge, ATI

North America accounted for a significant volume share in the aerospace cold forgings market on account of the existence of prominent aircraft manufacturers focusing on adopting technologically-advanced products for their products to improve the market share. Aircraft manufacturers are increasing aircraft deliveries across the globe to cater to increasing air passenger traffic growth. Rising defense budget across the region has led to higher demand for fighter jets, thereby escalating the aerospace cold forgings market share over the study timeframe.

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The landing gear segment accounted for a substantial share with increasing commercial aircraft and regional jet deliveries across the globe. Extensive use of cold forgings in landing gear manufacturing of aircraft on account of high ductility, optimum yield strength, and fatigue resistance are among the major factors that will drive the cold forgings market demand. The cold forging raw material suppliers are establishing supply contracts with aircraft manufacturers for increasing their market share. For instance, Aubert & Duval supplies cold forgings for aerospace applications and has established supply contracts with major aerospace industry players including Airbus, COMAC, and Boeing for landing gear manufacturing.

Fixed wing will register significant growth over the study timeframe on account of increasing applications of aircraft landing gear in fixed-wing aircraft including narrow body aircraft, regional jets, and fighter jets. The introduction of short-haul routes is influencing the demand for low-cost carriers, thereby fostering the aerospace cold forgings market over the projected timeframe. Further, proliferating long-distance travel and increasing tourism enable manufacturers to increase the aircraft efficiency with its compact design and advanced aircraft components.

Additionally, government organizations such as Environment Protection Agency (EPA) are focused on establishing guidelines regarding environmental concerns during aerospace manufacturing processes to ensure the reduction of greenhouse gas emissions. Cold forging methods with enhanced material technology and computer modeling techniques will provide greater precision, reduced energy requirements, and cost-effectiveness, boosting the aerospace cold forgings market share over the forecast period.

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Shifting trends toward adopting air travel owing to the proliferation of low-cost carriers along with the increasing use of aircraft for carrying cargo over long distances are supporting the aircraft cold forging market over the projected timeframe. Rising aircraft efficiency with proliferating passenger capacities in aircraft will propel aerospace cold forgings market growth over the study timeframe. According to the International Air Transport Association (IATA), in 2017, the widebody aircraft accounted for around 19% market from the total commercial fleet.

Increasing requirements for higher strength-to-mass ratio in aircraft and the rising importance for maintaining airplane structural dependability are accelerating the aerospace cold forgings market penetration over the study timeframe. Manufacturers are focused on enhancing dimensional tolerances and surface quality in aircraft landing gear manufacturing through cold forgings. The use of cold forgings in aircraft landing gear provides enhanced fuel economy and reduced airframe weight.

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Prominent players in the aerospace cold forgings market place include Vsmpo-Avisma, Arconic, Eramet Group, Precision Castparts Corp, Scot Forge, Shaanxi Hongyuan Aviation Forging Co Ltd, Bharat Forge, and ATI Metal. Industry participants are entering into strategic mergers & acquisitions for improving their business share. For instance, in July 2018, Allegheny Technologies Incorporated announced the acquisition of Addaero Manufacturing for metal alloy-based manufacturing technologies for aerospace and defense applications that enabled the company to expand its footprint in the aerospace cold forgings industry.

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