The global aerospace forging market is estimated to acquire remarkable revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Factors, such as, rising air passenger traffic, growing commercial aircraft manufacturing and deliveries worldwide, increasing investment in military aviation, and escalating demand for air transportation are projected to propel the growth of the market during the forecast period. Moreover, as per data published by International Civil Aviation Organization (ICAO) IN 2019, the number of passengers traveling via scheduled airline services was stated to be 4.5 billion. The number is further estimated to grow throughout the forecast period. Aerospace forging is a process of modeling the aircraft equipment by applying compressive forces that are pressing, squeezing, and pounding with high pressure. Additionally, a significant surge in global aircraft deliveries is witnessed in recent decades. For instance, as of 2020, there are more than 440,000 general aviation aircraft in the worldwide fleet. A noteworthy number of additional aircraft equipment are forged such as stators, compressors, fan cases, gear blanks, shrouds, rotors, spinners, seals, and others. These are the major factors that are anticipated to drive the growth of the market over the forecast period.
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The market is segmented by end-use into business, commercial, and military, out of which, the commercial segment is anticipated to hold the notable share in the global aerospace forging market on account of factors such as, a higher passenger pool, facilitating specialized services, patrolling, surveying, advertisement, and others. Commercial aviation is also utilized to perform the scheduled flight between selected airports. Moreover, in 2020 the manufacturing of commercial aircraft was valued at about USD 165 billion worldwide.
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In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of the source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to a decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by the shutdown of numerous business operations impacting their growth. This also resulted in the decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas, and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environmental degradation and awareness related to climate change are motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Regionally, the global aerospace forging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness noteworthy growth over the forecast period on the back of the presence of major manufacturers of aircraft and aerospace components in the region. Furthermore, the growth of the aerospace forging market in the North America region is directly interlinked with the growth of the aircraft manufacturing industry. For instance, in 2019, the aircraft manufacturing industry was valued at about USD 135 billion in the region. A rapid acceleration in aerospace forging and manufacturing in the region is also observed in recent decades, owing to the escalating number of people traveling via airlines. The growing number of air passengers is projected to result in a significant requirement for the highest number of aircraft. A report published by the Bureau of Transportation Statistics (BTS) in 2021 stated that 674 million passengers are carried by US airlines annually which has increased by 82.5% from 2020 when about 369 million passengers were traveling via US airlines. Therefore, all these factors are anticipated to boost the growth of the market during the forecast period in the North America region.
The global aerospace forging market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global aerospace forging market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Escalating passenger traffic, rising global commercial aircraft manufacturing, growing investment in military aviation, and increasing demand for air transportation are the major factors driving the growth of the aerospace forging market.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Arconic Corporation, Larsen & Toubro Limited, Precision Castparts Corp., Jiangyin Hengrun Heavy Industries Co., Ltd, WLLEOOD Group Inc., CAV System Ltd, Curtiss-Wright Corporation, and others.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by material, aircraft, application, end-use, and region.
The commercial segment is anticipated to hold the largest market size in value and is estimated to grow further over the forecast period and display significant growth opportunities.
The certain need for high initial investment is estimated to hamper the market growth.
North America region will provide more business opportunities for growth of the aerospace forging market in the future on the back of large air passenger pool and the presence of major aircraft component manufacturers.
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