Aircraft Casting Market is Forecasted to Reach US$ 14.5 billion in 2028, Says Stratview Research

The global aircraft casting market is projected to witness a growth rate of 7.2% annually from 2023 to 2028, with an anticipated size of US$ 14.5 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 casting 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:
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Report Highlights:
Market Size in 2028: US$ 14.5 billion
Growth (CAGR): 7.2% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 6
Number of Tables & Graphs: 100+

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

Based on aircraft type - The aircraft casting market is segmented into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Commercial aircraft is projected to hold the biggest portion of the overall aircraft casting market in the coming five years. The demand for new commercial aircraft in the wake of rebounding air passenger traffic will be the key driving force of the market demand.
Airbus forecasts the demand for new 39,490 passengers and freighter aircraft and air passenger traffic to increase by 3.6% annually over the next two decades. Similarly, Boeing anticipates about 41,170 commercial and regional aircraft are likely to be delivered in the next 20 years.

Based on the application type - The market is segmented into engine and airframe. Engine is expected to remain dominant as well as the fastest-growing application type in the market during the forecast period. To achieve net zero by 2050, manufacturers are trying to make engines more efficient, have less fuel usage, be lightweight, and reduce noise and emission levels. Also, manufacturers are investing in electric and hybrid propulsion technology as an alternative to fuel-based systems. The requirement for precision parts in the engine and its sub-systems.

Based on the process type - The market is segmented into investment casting and die & other castings. Investment casting is expected to remain the dominant as well as the fastest-growing process type in the coming years.
Investment casting offers various advantages over others such as increased design flexibility, high tolerances, intricate product detail, reduced machining cost, and design freedom. Investment castings are used to produce a large variety of components such as engine rings, impellers, blades, bearing cages, hydraulic fluid system components, exterior and interior components, motion control and actuation system components, and landing and braking parts.

Based on the material type - The market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to remain the dominant material type in the market during the forecast period. Nickel-based alloys are widely used in the aerospace and defense industries due to their exceptional corrosion resistance, heat resistance, stress corrosion resistance, and weldability.
Titanium is expected to be the fastest-growing material type in the market during the forecast period. Titanium is gaining popularity because it is just slightly heavier than aluminum but provides more strength than aluminum, it is also suitable for airframe components as it doesn't strain or disintegrate. The Russo-Ukrainian War led to several changes in the market dynamics of the aerospace industry.
Among all, the supply chain disruption, especially at the raw material level, is the most noticeable one. Both, Airbus and Boeing heavily relied on Russia for the procurement of titanium. As a result of the ban on imports from Russia, the price of titanium started soaring which affected the entire market dynamics.

Based on the end user type - The market is segmented into OE and aftermarket. OE is expected to remain dominant, whereas the aftermarket is expected to be the fastest-growing end-user type in the market during the forecast period. Increasing production rates of important programs like the B737 Max, B787, B777X, A350, and A320 family, as well as the entry of new players like COMAC, are expected to fuel the OE segment. Boeing, in its latest outlook, anticipates that the global commercial and regional aircraft fleet is likely to reach 47,080 units by 2041, an increase of 21,180 units from the 2019 level. This will create a sizable demand for cast parts at the aftermarket level in the coming years.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/3309/aircraft-casting-market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America is expected to remain the largest market during the forecast period. This growth outlook is majorly attributed to the following-
- Almost all the innovations have been led by the region over the decades.
- This makes the region the most preferred manufacturing destination for aerospace components as well as systems.
- This is quite visible in the case of casting for aerospace parts too. all the leading investment, as well as diecasting companies, have an excellent manufacturing base in the region.
- Also, all the leading OEMs have their presence in the region.
- Asia Pacific has been the hotbed of the aerospace as well as defense industries. increasing air passenger traffic, growing disposable income, increasing population, and increasing middle-class income people have been creating a greater demand for new aircraft, which, in turn, is driving tear players as well as OEMs to open their manufacturing base in the region.
- In the past decade, almost all the leading players have either set up their manufacturing base or formed any kind of strategic alliance with the local companies to mark their presence in the growing Asian market.
- At the same time, major Asian economies have been keen to develop commercial, regional, and military aircraft indigenously.

Aircraft Casting Market Drivers:

Some of the key drivers listed in the report are given below.
- Increase in air passenger traffic that is boosting the demand for commercial aircraft.
- Increases in per capita income resulting in rising demand for air travel from developing countries are other factors fueling the demand for cast components in the aerospace industry.
- The demand for cast parts in defense applications is also increasing as a result of rising geopolitical tensions, including the Russia-Ukraine war and escalating conflicts with China.

Top Companies in the Aircraft Casting Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Chromalloy Gas Turbine LLC
• Consolidated Precision Products
• Doncasters Group
• Hitchiner Manufacturing
• Howmet Aerospace
• Hyatt Die Cast
• Impro Precision Industries Limited
• MetalTek
• Precision Castparts Corp.
• Zollern GmbH & Co. KG

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Aircraft 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?

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

Related Reports:

• Aircraft Engine Casting Market: https://www.stratviewresearch.com/3311/aircraft-engine-casting-market.html

• Aircraft Investment Casting Market: https://www.stratviewresearch.com/3308/aircraft-investment-casting-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.
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.