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Key Trends Reshaping the Aerospace Forging Market: Global Aerospace Forging Market Trend: Strategic Partnerships Driving Innovation In Aircraft Forging Technology Industry Transformation
Aerospace Forging
Aerospace Forging Market Size Growth Forecast: What to Expect by 2025?
In recent years, the aerospace forging market has seen significant growth. The market size, which is predicted to be $33.71 billion in 2024, is expected to rise to $36.32 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. Factors such as military modernization initiatives, strict safety regulations, increasing focus on fuel economy, worldwide growth of air freight services, and an increase in commercial air travel have all contributed to the growth trajectory witnessed in the past.
How Will the Aerospace Forging Market Size Evolve and Grow by 2029?
The market size of aerospace forging is set to experience a considerable expansion in the forthcoming years, projected to escalate to "$49.66 billion by 2029 with a compound annual growth rate (CAGR) of 8.1%. The projected growth within this period is attributable to the surge in demand for next-gen aircraft, rapid advancements in unmanned aerial vehicles (UAVs), the emergence of supersonic and hypersonic aircraft, as well as the globalization of aerospace supply chains. During this forecast period, key market trends will encompass technological evolution within forging procedures, burgeoning demand for lightweight elements, the proliferation of additive manufacturing technologies, rigorous quality standards and certifications, and an emphasis on sustainability and environment-friendly practices.
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What Drivers Are Propelling the Growth of Aerospace Forging Market Forward?
The surge in the manufacturing of airplanes is predicted to fuel the advancement of the aircraft forging market in the future. The term aircraft production encompasses the building of aircraft and its various components which include propulsion mechanisms, avionics, and respective accessories. Components produced through forging are substantially stronger and resilient compared to the ones produced via bar stock and casting, making them highly desirable for a range of aerospace uses. For example, Airbus SE, an aerospace service, solution, and product developer and manufacturer based in the Netherlands, provided 661 commercial aircraft to 84 clients in 2022, marking an 8% growth from the previous year as per an article published in January 2023. Hence, the expanding aircraft production is indeed propelling the aircraft forging market.
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Which Emerging Trends Are Transforming the Aerospace Forging Market in 2025?
Leading firms in the aircraft forging market are cultivating strategic alliances to employ each other's specialty, assets, and capacities in order to cater to the growing demands of the aerospace sector. These collaborations can contribute to the creation of new technologies and alloys, thereby addressing the aerospace sector's burgeoning demand for lighter, stronger, and more heat-resistant forged materials and parts. Take for example, in April 2023, Jiuli, a Chinese steel firm, awarded SMS group the final acceptance certificate (FAC) for a hydraulic radial forging line. The SMX 900/18 MN hydraulic radial forging apparatus comes with a press force of 18 MN for all four press cylinders, making it sufficiently competent to forge complex aerospace components. The hydraulic mechanism ensures that crucial forging parameters are freely and flexibly selectable, with the maximum forging force being applicable through the entire forging stroke. The SMI horizontal forging device is an automatically regulated, hydraulically powered 2-ram forging apparatus with incorporated manipulators and centering tools for unassisted functioning.
What Are the Key Segments in the Aerospace Forging Market?
The aerospace forging market covered in this report is segmented -
1) By Material: Aluminum, Steel, Titanium, Other Materials
2) By Aircraft: Commercial, Military, Other Aircrafts
3) By Application: Rotors, Turbine Disc, Shafts, Fan Case, Other Applications
Subsegments:
1) By Aluminum: Aluminum Alloys, Heat-Treated Aluminum
2) By Steel: Carbon Steel, Alloy Steel, Stainless Steel
3) By Titanium: Titanium Alloys, Commercially Pure Titanium
4) By Other Materials: Nickel Alloys, Copper Alloys, Magnesium Alloys
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Who Are the Key Players Shaping the Aerospace Forging Market's Competitive Landscape?
Major companies operating in the aerospace forging market include Arconic Corporation, Bharat Forge Limited, Scot Forge Company, Larsen & Toubro Ltd., Jiangyin Hengrun Heavy Industries Co. Ltd. , Consolidated Industries Inc., Somers Forge Ltd, Pacific Forge Inc, Precision Castparts Corporation, Ellwood Group Inc, All Metals & Forge Group LLc, Farinia Group, Victoria Drop Forgings Ltd., Mettis Aerospace Limited, Berkshire Hathaway Inc., Eramet Group, Avic Heavy Machinery Co. Ltd., Fountaintown Forge Inc., GKN Aerospace service Limited, High Tech Metal Seals Inc., Sheffield Forgemasters International Ltd., Thyssenkrupp Aerospace, Weber Metals Inc., SIFCO Industries Inc., Doncasters Group Ltd., Howmet Aerospace Inc., PCC Forged Products, Alcoa Corporation, Carpenter Technology Corporation, Forged Solutions Group, Honsel Umformtechnik GmbH, LISI Aerospace SAS, Safran Forge America Inc.
What Geographic Markets Are Powering Growth in the Aerospace Forging Market?
North America was the largest region in the aerospace forging market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global aerospace forging market report during the forecast period. The regions covered in the aerospace forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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