Aircraft Forging Market is Forecasted to Reach US$ 32 billion in 2028, Says Stratview Research

The global aircraft forging market is projected to witness a growth rate of 8.8% annually from 2023 to 2028, with an anticipated size of US$ 32 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global aircraft forging market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3520/aircraft-forging-market.html#form

Report Highlights:
Market Size in 2028: US$ 32 billion
Growth (CAGR): 8.8% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 7
Number of Tables & Graphs: 100+

Segment Insights on the Aircraft Forging Market:
The global aircraft forging market is segmented based on aircraft type, process type, application type, component size type, material type, end-user type, and region.

Based on aircraft type - The market is segmented into commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation. Commercial aircraft is anticipated to dominate the aircraft forging market in the coming years. The commercial aircraft segment is driven by increasing passenger traffic, fleet modernization, and fuel efficiency. Emerging markets, particularly in Asia-Pacific and the Middle East, are experiencing significant growth in air travel. A rise in the production rates of various commercial aircraft is anticipated to boost market demand in the coming years. Boeing, in its recent outlook (2023-2042), predicted that there would be deliveries of about 42,595 commercial and regional aircraft over the next twenty years, averaging over 2,130 aircraft each year. This growth in commercial aircraft deliveries, in turn, will drive down the demand for forged components.

Based on the process type - The aircraft forging market is segmented into open/ring-die forging and closed-die forging. The closed-die forging type is expected to be larger as well as the fastest-growing segment of the market during the forecast period. Closed-die forging produces components with exceptional strength. The compressive forces applied during the forging process realign the metal's grain structure, improving its mechanical properties and ensuring high performance in demanding aerospace applications. Closed-die forging minimizes material waste and is used to manufacture cost-effective components.

Based on the application type - The aircraft forging market is segmented into engine and airframe. Engine is expected to lead the aircraft forging market during the forecast period. Due to the critical nature of engine components and the continuous advancements in engine technology, the engine segment maintains significant dominance in the aircraft forging market. Strength, precision, and reliability offered by forged components are crucial for achieving optimal engine performance and meeting the demanding requirements of modern aircraft engines. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,700 engines in 2023 (>600-unit increase in 2022), despite supply chain disruption, these factors will result in healthy growth of the engine segment in the market.

Based on the material type - The market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to maintain its dominance, whereas titanium is expected to register the highest growth during the forecast period due to the extensive use of nickel-based alloys in the manufacturing of critical aerospace components. Their high-temperature performance, corrosion resistance, strength, and fatigue resistance make them indispensable for ensuring the reliability, performance, and safety of aircraft structures and engine systems.

Based on the end-user type - The market is segmented into OE and aftermarket. OE is expected to be the dominant segment, whereas aftermarket is expected to be the fastest-growing segment of the aircraft forging market. Increasing aircraft production rates of important aircraft programs like the B737 and A320 families, entry of new players in the market such as COMAC, and upcoming aircraft programs are a few of the factors propelling the growth of the OE segment.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3520/aircraft-forging-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is likely to remain the most dominant region, whereas Asia-Pacific is expected to be the fastest-growing region during the forecast period. This growth outlook is majorly attributed to the following-
- Various significant aircraft manufacturers, such as Boeing and Lockheed Martin, as well as various engine manufacturers, including General Electric and Pratt & Whitney, are based in North America.
- Most of the aircraft forged parts suppliers have their presence in the region to address the emergent needs of OEMs and to be the partners for their new programs or fuel-efficient versions of existing programs.

Aircraft Forging Market Drivers:

Some of the key drivers listed in the report are given below.
- The growing demand for commercial and military aircraft worldwide.
- As air travel continues to increase, aircraft manufacturers need a steady supply of high-quality forged parts to meet production requirements.
- Moreover, advancements in aircraft manufacturing technology and materials have led to the development of complex and lightweight forged components.

Top Companies in the Aircraft Forging Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Precision Castparts Corp.
• AVIC Heavy Machinery Co., Ltd.
• Howmet Aerospace
• ATI Inc.
• Voestalpine AG

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Aircraft Forging Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

Related Reports:

• Aircraft Engine Forging Market: https://www.stratviewresearch.com/3521/aircraft-engine-forging-market.html

• Aircraft Open-Die Forging Market: https://www.stratviewresearch.com/3519/aircraft-open-die-forging-market.html

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.