Aerospace Cold Forgings Market is Set to Exceed USD 5.5 Million By 2025 | Key Players are Vsmpo-Avisma, Arconic, Eramet Group, Precision Castparts Corp, Scot Forge, Shaanxi Hongyuan Aviation Forging Co Ltd, Bharat Forge, and ATI Metal

With the stellar growth of the aviation industry, the aerospace cold forgings market is anticipated to record inevitable expansion in the years ahead. Current affairs indicate such a trend as well when in 2019, British Airways placed a massive order for 42 Boeing 777 jets. The deal comes at a time when IAG, which also owns other airlines like Aer Lingus and Iberia, said that the net profits for the group soared by 45% to €2.9 billion due to lower costs and higher passenger numbers.

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.

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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.

Innovations in the low-cost manufacturing process for cold forgings and stringent international aviation standards requirement in terms of design characteristics, application, and manufacturing processes through cold forgings will foster aerospace cold forgings market growth. For instance, the International Aerospace Quality Group and Federal Aviation Administration will regulate the cold forgings production process for aerospace applications. These standard guidelines enforce manufacturers to conform to definitive manufacturing processes, reducing material losses and enhancing the overall aircraft efficiency.

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Industry players are entering into joint ventures with aircraft manufacturers to establish new manufacturing plants for titanium forgings that will influence aerospace cold forgings market expansion. For instance, in September 2018, VSMPO-Avisma announced the establishment of a new manufacturing plant for titanium forgings in a joint venture with Boeing with an investment of around USD 82.3 million. The program will be concentrated on the titanium sponge production for Boeing commercial aircraft including the 787 Dreamliner family, the 737 MAX, and Boeing 777X.

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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North America accounted for a significant volume share in the aerospace cold forgings market place 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.

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.

Related Report: Aircraft Electrical Systems Market Size 2025 to Amass Considerable Returns from The North America: https://www.marketwatch.com/press-release/aircraft-electrical-systems-market-size-2025-to-amass-considerable-returns-from-the-north-america-2019-05-21

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