Aircraft Engine Forging Market is Expected to Develop at a CAGR of 6.9% throughout 2032

Allied Market Research published a report, titled, "Aircraft Engine Forging Market by Type (Closed Die Forging and Open Die Forging), Material (Aluminum, Titanium, Nickel-Based Super alloys, Steel Alloys, and Others), and Aircraft Type (Commercial and Military): Global Opportunity Analysis and Industry Forecast, 2023-2032".

According to the report, the global aircraft engine forging industry size generated $2.6 billion in 2022 and is anticipated to generate $5.0 billion by 2032, witnessing a CAGR of 6.9% from 2023 to 2032.

Download Sample Report and Table of Content - https://www.alliedmarketresearch.com/request-sample/A265218

Prime Determinants of Growth

Growth of the global aircraft engine forging market is driven by factors such as rise in air traffic, increase in aircraft production and deliveries, and government support and initiatives to promote the aviation industry. However, high energy consumption, high costs, and adoption of Additive Manufacturing (AM) hamper the market growth. On the contrary, advancement in technology and material science and demand for lightweight engine components are expected to offer remunerative opportunities for the expansion of the aircraft engine forging market during the forecast period.

Impact of Russia-Ukraine War Scenario on Aircraft Engine Forging Industry

The Russia-Ukraine war is expected to potentially impact the aircraft engine forging market. Ukraine is a significant producer of titanium, a crucial material used in aircraft engine forgings. Any disruption in the supply chain due to the conflict could lead to shortages of titanium, affecting the production of engine components. For instance, according to KPMG's Aerospace & Defense Outlook 2023, titanium shortages have been identified as one of the top supply chain concerns in the aerospace industry.

The conflict may lead to geopolitical instability, which could disrupt global trade and investment flows. Uncertainty in the geopolitical landscape can dampen investor confidence and affect business decisions, including investment in aircraft engine forging facilities and research and development activities. Moreover, the economic sanctions imposed on Russia or Ukraine, or both, can have ripple effects on the global economy. Reduced trade, financial market volatility, and currency fluctuations can impact the cost of raw materials, transportation, and other operational expenses for companies in the aircraft engine forging market.

Recent Advancements in the Aircraft Engine Forging Sector Highlight Significant Industry Developments

Strategic Acquisitions and Investments: In January 2024, Safran's acquisition of Aubert & Duval, coupled with Airbus' $80 million investment in advanced forging technology, underscores a strategic move towards decarbonization in aerospace, energy, and defense sectors.

Technological Upgrades: Airbus' procurement of a cutting-edge 60 MN hydraulic closed-die forging press from SMS group in France promises precise forging capabilities for turbine disks, shafts, and structural components, enhancing manufacturing efficiency and product quality.

Collaborative Ventures: HAL, a prominent defense PSU, initiated a Memorandum of Understanding (MoU) with Safran Aircraft Engines in October 2023. This collaboration targets ring forging manufacturing for commercial engines, particularly for Leading Edge Aviation Propulsion (LEAP) engines, elevating industrial cooperation in forging production for renowned aircraft models like the Airbus A320 Neo family and Boeing 737 Max.

Acquisition Completion: In April 2023, Airbus, Safran, and Tikehau Capital concluded the acquisition of Aubert & Duval from Eramet. Aubert & Duval's role as a critical supplier of parts and materials to aerospace, defense, nuclear, and medical industries underscore its significance in the global market landscape.

Interested to Procure the Research Report? Inquire Before Buying - https://www.alliedmarketresearch.com/purchase-enquiry/A265218

The commercial segment to maintain its lead position during the forecast period

By aircraft type, the military segment accounted for the largest share in 2022, accounting for more than two-third of the global aircraft engine forging market revenue and is estimated to maintain its lead status during the forecast period owing to increase in air passenger traffic, driven by factors such as economic growth, rise in disposable incomes, and increasing globalization. Moreover, the military segment is projected to attain the highest CAGR of 7.7% from 2023 to 2032, owing to investment in the modernization of their military aircraft fleets, and rise in the defense budgets in various countries.

North America to maintain its dominance by 2032

Region-wise, North America held the highest market share in terms of revenue in 2022, accounting more than one-third of the aircraft engine forging market revenue and is expected to dominate the market during the forecast period, owing to the presence of some of the leading aerospace companies, and constant research and development to enhance manufacturing processes for the aircraft components in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.9% from 2023 to 2032, owing to increased air travel demand, and the government support and incentives for aerospace research.

Highlighted key points from the report:
Comprehensive Coverage: The aircraft engine forging market analysis spans over 16 countries, offering a detailed breakdown of value ($million) across the forecast period of 2022-2032.
Rigorous Research Methodology: The study amalgamates high-quality data, expert opinions, and thorough research, ensuring a well-rounded perspective of the global market. Stakeholders are empowered to make informed decisions to drive substantial growth.
Extensive Data Review: With a meticulous approach, the research delved into over 3,700 product catalogs, annual reports, industry descriptions, and various resources from key industry players. This exhaustive review enhances understanding and insights into market dynamics.

Procure Complete Research Report (PDF with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) - https://www.alliedmarketresearch.com/aircraft-engine-forging-market/purchase-options

Leading Market Players: -
Precision Castparts Corp.
Canton Drop Forge
ATI Inc.
Mettis Group
Alcoa
SIFCO Industries
Consolidated Industries, Inc.
voestalpine BÖHLER Aerospace GmbH & Co KG
Forgital Group
Safran

Know More https://www.globenewswire.com/news-release/2024/03/19/2848348/0/en/Aircraft-Engine-Forging-Market-to-Garner-5-0-Billion-Globally-by-2032-at-6-9-CAGR-Allied-Market-Research.html

Explore AMR's Extensive ongoing Coverage on Aerospace and Defense Domain:
Drone Defense System Market https://www.alliedmarketresearch.com/drone-defense-system-market-A12507
Multirotor Drone Market https://www.alliedmarketresearch.com/multirotor-drone-market-A09185
Space Logistics Market https://www.alliedmarketresearch.com/space-logistics-market-A47401
Drone Camera Market https://www.alliedmarketresearch.com/drone-camera-market-A11099
Narcotics Scanner Market https://www.alliedmarketresearch.com/narcotics-scanner-market
Aircraft Window Frame Market https://www.alliedmarketresearch.com/aircraft-window-frame-market-A31492

Contact:
Davin Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
Int'l: +1-503-894-6022
Toll Free: +1-800-792-5285
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Follow Us on | Facebook | LinkedIn | YouTube |

About Us:

Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides end-to-end solutions along with information, education, advocacy, and networking resources to SMEs and early-stage start-ups to bring excellence to their processes. In addition, we offer a nurturing environment required to develop and grow businesses, including business planning; virtual support; market intelligence; acquiring resources; and getting direct access to finance, suppliers, and other experts to boost the growth of businesses and entrepreneurs.

Our bundled and hassle-free business support systems are customized to meet the needs of SME consultants and industry leaders. Moreover, our large network of skilled consultants and experts help start-ups get the business on a roll.

This release was published on openPR.