Aircraft Engine Casting Market is Forecasted to Reach US$ 13.2 billion in 2032, Says Stratview Research

The global aircraft engine casting market is projected to witness a growth rate of 4% annually from 2024 to 2032, with an anticipated size of US$ 13.2 billion by 2032, according to an analysis by Stratview Research.

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

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Report Highlights:
Market Size in 2032: US$ 13.2 billion
Growth (CAGR): 4% during 2024-2032
Forecast Period: 2024-2032
Trend Period: 2018-2022
Base Year: 2023
Number of Segments Covered: 8
Number of Tables & Graphs: 100+

Segment Insights on the Aircraft Engine Casting Market:
The global aircraft engine casting market is segmented based on aircraft type, engine type, application type, component type, process 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 expected to remain dominant as well as the fastest-growing aircraft type in the market in the coming years. The commercial aircraft segment is being driven by increasing aircraft deliveries, fleet size, and new efficient variants of existing aircraft. Airbus forecasts a demand for 32,630 single-aisle and 8,220 wide-body aircraft over the next 20 years. Military aircraft is the second-largest aircraft of the market, which is driven by increasing defense expenditure. Global defense spending rose to US$ 2.1 trillion in 2023, large increases were recorded in Europe, Asia-Pacific, and the Middle East.

Based on the engine type - The market is segmented into turbofan, turboprop, and others. Turbofan engine is expected to remain the biggest demand generator for cast parts during the forecast period. Turbofan is the most preferred engine category, utilized in all the major aircraft categories: commercial aircraft, regional aircraft, and business jets. Casting remains one of the most popular manufacturing processes for making crucial turbofan engine parts.

Based on the application type - The market is segmented into fan, compressor, combustion, turbine, and others. Turbine is expected to maintain a gigantic share of the market. The turbine is among the hottest parts of the aircraft and is subject to high stress and temperatures. Steel and nickel superalloys are majorly used in turbine applications.
Combustion needs an exceptional synergy of properties: creep resistance, corrosion resistance, fatigue resistance, and high-temperature strength. parts used in the section face a double threat: hot gases on one side and cooler air on the other. Nickel and cobalt-based superalloys are majorly used.

Based on the process type - The market is segmented based on process type into investment casting and other castings. Investment casting holds a mammoth share in 2023 and is expected to remain the dominant as well as the faster-growing process type during the forecast period. Investment casting has a host of advantages, like high accuracy and precision; a superior surface finish; high strength and durability; and design flexibility, making the process the most preferred choice for manufacturing engine parts. All the leading cast parts suppliers, such as PCC and Howmet, are mainly relying on the investment casting process. Investment casting is economical and efficient. This process helps minimize material waste and conserve energy.

Based on the material type - The market is segmented into nickel, titanium, stainless steel, and others. Nickel alloys dominated the market in 2023 and are expected to remain dominant, whereas titanium is expected to be the fastest-growing material in the market during the forecast period. Nickel alloys offer superior adhesion, corrosion resistance, and toughness. They are suitable for situations where stress needs to be minimized. They are extensively used in aircraft for parts like turbine blades, combustion chambers, and high-temperature exhaust system parts. On average, a typical engine contains 1.8 tons of nickel alloys, equivalent to roughly 50% of the engine weight. The Russo-Ukrainian war led to several changes in market dynamics, especially at the raw material level. Titanium is sourced mostly from Russia by both Boeing and Airbus. The ban on imports from Russia after the war led to an acute increase in the price of all Russian-dependent materials, especially titanium, whose tremor was felt across the value chain including cast parts.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain the largest market for aircraft engine casting during the forecast period. This growth outlook is majorly attributed to the following-
- North America is the preferred manufacturing hub of the aerospace industry.
- The USA drives North America's market, The region's technological advancements, huge R&D investments, and stringent environmental regulations have led to the adoption of sustainable and advanced cast parts.
- Approximately 80% of the world's regional jet fleet is based in North America. In 2022, +2,100 regional jets were in service in North America and Europe.
- Despite several setbacks faced by Boeing over the past three years, North America still manages its gigantic lead in the market. Airbus has been increasing its supply chain in North America, including a rise in aircraft assembly. Whereas Boeing is focusing more on its quality.
- China, Germany, France, the USA, and India remain the thrust-bearers of the market in the long run.

Aircraft Engine Casting Market Drivers:

Some of the key drivers listed in the report are given below.
- Demand for lightweight yet durable casted parts, advancements in material technology, and the formation of long-term contracts.
- The recovery in commercial aircraft production and rising aircraft fleet size.

Top Companies in the Aircraft Engine Casting Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Precision Castparts Corp.
• Doncasters Group
• Howmet Aerospace
• Consolidated Precision Products
• Chromalloy Gas Turbine LLC

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Aircraft Engine Casting 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?

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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.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.

This release was published on openPR.