Global Aircraft Forging Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028

The Aircraft Forging Market is likely to grow at a significant CAGR of 6.9% to reach ~US$ 28 billion during the forecast period.

In the aircraft industry, forging is used to produce various critical components for landing gears, engines, wing structures, fuselage parts, and other structural elements. These components require high strength, reliability, and fatigue resistance, which can be achieved through the forging process. The aircraft forging market is driven by the growing demand for commercial and military aircraft worldwide. As air travel continues to increase, aircraft manufacturers need a steady supply of high-quality forged parts to meet production requirements. Moreover, advancements in aircraft technology and materials have led to the development of complex and lightweight forged components, further driving the demand for forging in the industry.

Government regulations, safety regulations, and technology developments are additional factors that have an impact on the market. For instance, the quality and safety standards of forged aircraft components are governed by stringent regulations and certifications, such as those from the Federal Aviation Administration (FAA) and The European Union Aviation Safety Agency (EASA).

Recent Market JVs and Mergers & Acquisitions: A good number of M&A and joint venture activities over the past decade prove that inorganic growth is indubitably the key strategy adopted by major players to stay ahead of the competition.

• In 2019, Carlyle Group, a global private equity firm, acquired Forgital Group S.p.A., a producer of large forged and machined components for aerospace and other industries.
• In 2022, Continental Forge was acquired by Forged Solutions Group, a key supplier of intricate, precision-forged rings and closed-die products to aerospace and defense customers.

COVID-19 Impact

The pandemic resulted in a sharp decline of 35.8% in the aircraft forging market in 2020. The pandemic has highlighted the importance of cost efficiency and operational resilience in the aviation industry. Aircraft manufacturers are likely to focus on streamlining their supply chains, optimizing manufacturing processes, and exploring cost-effective alternatives. However, the expected increase in the production rate of key programs (A320neo, B737 Max, A220, B787, and A350XWB), the introduction of new aircraft programs (C919, MC-21, B777x, etc.), and increasing investments in high-performance components are some of the key factors driving the demand for aircraft forged parts in the coming years.

Segment Analysis

By Aircraft Type

The analyst has first segmented the aircraft forging market in terms of aircraft type (commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation). Commercial aircraft is anticipated to dominate the aircraft forging market in the coming years. The commercial aircraft segment is driven by increasing passenger demand, fleet modernization, and fuel efficiency. Emerging markets, particularly in Asia-Pacific and the Middle East, are experiencing significant growth in air travel. A rise in the production rates of various commercial aircraft is anticipated to boost market demand in the coming years. Boeing, in its recent outlook (2022-2041), predicted that there would be deliveries of about 41,170 commercial and regional aircraft over the next twenty years, averaging over 2,059 aircraft each year. This growth leads to higher demand for commercial aircraft, which, in turn, will drive the demand for forged components.

By Process Type

The aircraft forging market is segmented into open/ring-die forging and closed-die forging. The closed-die forging type is expected to be dominant as well as the fastest-growing segment of the market during the forecast period. Closed-die forging produces components with exceptional strength. The compressive forces applied during the forging process realign the metal's grain structure, improving its mechanical properties and ensuring high performance in demanding aerospace applications. Closed-die forging minimizes material waste and is used to manufacture cost-effective components.

By Application Type

The aircraft forging market is segmented into engine and airframe. Engine is expected to lead the aircraft forging market during the forecast period. Due to the critical nature of engine components and the continuous advancements in engine technology, the engine segment maintains significant dominance in the aircraft forging market. Strength, precision, and reliability offered by forged components are crucial for achieving optimal engine performance and meeting the demanding requirements of modern aircraft engines. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in 2023, despite supply chain disruption, these factors will result in healthy growth of the engine segment in the market.

By Material Type

The market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to maintain its dominance, whereas titanium is expected to register the highest growth during the forecast period due to the extensive use of nickel-based alloys in the manufacturing of critical aerospace components. Their high-temperature performance, corrosion resistance, strength, and fatigue resistance make them indispensable for ensuring the reliability, performance, and safety of aircraft structures and engine systems.

By End-User Type

The market is segmented into OE and aftermarket. OE is expected to be the dominant segment, whereas aftermarket is expected to be the faster-growing segment of the aircraft forging market. Increasing aircraft production rates of important aircraft programs like the B737 and A320 families, entry of new players in the market such as COMAC, and upcoming aircraft programs are a few of the factors propelling the growth of the OE segment.

Regional Analysis

North America is likely to remain the most dominant region, whereas Asia-Pacific is expected to be the fastest-growing region in the long-term scenario. Various significant aircraft manufacturers, such as Boeing, as well as various engine manufacturers, including General Electric and Pratt & Whitney, are based in North America. Most of the aircraft forged parts suppliers have their presence in the region to address the emergent needs of OEMs and to be the partners for their fuel-efficient versions of existing programs.

Key Players

The market is fairly populated with the presence of several regional and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the aircraft forging market. Aircraft forging manufacturers face intense competition and strive to differentiate their products by offering advanced features and improved performance.

• Precision Castparts Corp.
• Forgital Group
• ATI Inc.
• Doncasters Group
• Voestalpine BÖHLER Aerospace GmbH & Co KG
• Aubert & Duval SAS
• Otto Fuchs KG
• Howmet Aerospace

Research Methodology

This strategic assessment report provides a comprehensive analysis that reflects today’s aircraft forging market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.

The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with an internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. The analyst conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.