Aerospace Forging Market Expansion Outlook: $48.77 Billion in 2029

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What Is the Projected CAGR for the Aerospace Forging Market from 2024 to 2025?
The market for aerospace forging has seen significant expansion in past years, with its size set to increase from $33.71 billion in 2024 to $36.03 billion in 2025, indicating a compound annual growth rate (CAGR) of 6.9%. The historical growth has been driven by factors such as new military upgrading initiatives, strict safety regulations, an increased focus on fuel efficiency, and a global increase in air cargo services, coupled with a surge in commercial air travel.

What are the Expected Market Size and CAGR for Aerospace Forging by 2029?
The size of the aerospace forging market is anticipated to experience robust growth in the upcoming years. It is projected to expand to $48.77 billion by 2029, with a Compound Annual Growth Rate (CAGR) of 7.9%. This growth during the forecasted period can be credited to the rising demand for next-generation aircraft, accelerated growth in unmanned aerial vehicles (UAVs), the evolution of supersonic and hypersonic aircraft, and the globalization of aerospace supply chains. The forecasted period is expected to witness major trends including technological progress in forging procedures, increased demand for lightweight elements, the emergence of additive manufacturing technologies, strict quality norms and certifications, along with a focus on sustainable and eco-friendly practices.

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Which Factors Are Driving the Global Aerospace Forging Market Expansion?
The growth of the aircraft forging market is anticipated to be fueled by an increase in aircraft production. This involves the production of airplanes as well as parts like propulsion systems, avionic elements, and other associated equipment. As forged parts are significantly more robust and long-lasting than parts produced using bar stock and casting, they are preferred for numerous aerospace uses. For example, according to a report from Airbus SE of the Netherlands, a producer and innovator known for aerospace goods, services, and solutions, in 2023, they delivered 661 commercial airplanes to 84 different customers in 2022, which is an 8% growth compared to 2021. This surge in aircraft production is thus spurring the aircraft forging market.

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Which Segment Currently Holds the Largest Share of 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

Which Major Trends Are Shaping the Future of the Aerospace Forging Industry?
Top-tier companies in the aircraft forging market are cultivating tactical alliances to capitalize on mutual expertise, resources, and potential, to cater to the escalating needs of the aerospace sector. Such partnerships can foster the creation of innovative technologies and alloys, which satisfies the growing need of the aerospace industry for lighter, more resilient, and heat-resilient materials and forged parts. For example, in April 2023, a hydraulic radial forging line final acceptance certificate (FAC) was awarded to the SMS group by Jiuli, a Chinese steel firm. The SMX 900/18 MN hydraulic radial forging machine, equipped with a press force of 18 MN for each of its four press cylinders, is proficient in forging challenging aerospace parts. The hydraulic drive allows for all key forging parameters to be freely and adaptively chosen, applying the maximum forging force throughout the complete forging trajectory. The horizontal forging machine SMI is a hydraulically operated, automatically controlled 2-ram forging machine, equipped with built-in manipulators and centering devices for seamless operation.

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Which Key Players Dominate the Aerospace Forging Industry Globally?
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 Are the Fastest-Growing Regions 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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