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Surging Air Passenger Traffic Propels Growth: A Key Driver Transforming the Aerospace Forging Market 2025
Surging Air Passenger Traffic Propels Growth
The global aerospace forging market reached a value of nearly $33.714 billion in 2024, having grown at a compound annual growth rate (CAGR) of 6.46% since 2019. The market is expected to grow from $33.714 billion in 2024 to $49.658 billion in 2029 at a rate of 8.05%. The market is then expected to grow at a CAGR of 8.17% from 2029 and reach $73.557 billion in 2034.
What strategies are being adopted by key players in the aerospace forging market?
The key players in the market are adopting extensive strategies in the aerospace forging market such as:
Enhance business operations through strategic collaborations.
Enhance business operations through partnerships.
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To take advantage of opportunities, The Business Research Company suggests that aerospace forging companies enhance offerings:
Acquire new equipment, such as computer numerical control (CNC) machines.
Focus on product expansion.
Expand forging presses.
Develop strategic partnerships.
What Is Aerospace Forging: Market Overview?
Aerospace forging refers to the process of shaping metals into critical components used in the aerospace industry through the application of compressive forces. Forging is integral to the production of high-strength, high-precision parts that can withstand the extreme conditions of flight, such as high stress, temperature fluctuations, and dynamic loads.
The primary users of aerospace forging are aircraft manufacturers, engine producers, and maintenance, repair, and overhaul (MRO) service providers. These components are used in both commercial and military aircraft, as well as in specialized aviation platforms. Complementary processes such as machining, heat treatment, and surface finishing are often applied to forged components to meet the stringent specifications of aerospace standards. Substitutes for forged components include parts produced through casting or additive manufacturing, though these methods may not match the strength or durability of forged components in certain applications.
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Who Are The Major Companies Operating In The Global Aerospace Forging Market?
The top ten competitors in the market made up to 29.87% of the total market in 2023. The market concentration can be attributed to the presence of large players in different geographies. Precision Castparts Corp. was the largest competitor with a 7.60% share of the market, followed by:
Bharat Forge Limited
GKN Aerospace Services Limited
Thyssenkrupp Aerospace GmbH
Howmet Aerospace Inc.
OTTO FUCHS KG
Doncasters Group Ltd.
VSMPO-AVISMA Corporation
Wyman-Gordon Co.
Forged Solutions Group
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. We have published over 15,000 reports across 27 industries and 60+ geographies. Our research is powered by 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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