Aerospace Forging Market

Description

The Aerospace Forging Market is anticipated to grow to US$ 6.18 billion by 2031, up from US$ 4.19 billion in 2024, reflecting a projected CAGR of 6.52% from 2031 to 2031.

North America hosts over 40% of the global helicopter fleet and plans to upgrade and replace its existing fleet with new models in the upcoming years. This initiative positions the region to meet the aerospace market's demands effectively. The transition to new helicopters will simultaneously enhance the aerospace forging market. Key players in the manufacturing and supply of aircraft engines and forging products include The Boeing Company, Patriot Forge Co., Scot Forge, United Technologies Corporation, among others.

Aerospace Forging Market Analysis

Strong growth is expected in the aerospace forging market from 2023 to 2031. The demand for aerospace forgings is primarily driven by the need for aluminum and titanium alloys used in various aircraft components, including fan cases, turbine discs, and rotors. Additionally, the increasing production of aircraft engines is a significant factor contributing to the rising demand for aerospace forgings globally.

Aerospace Forging Market Overview

The aerospace forging market is projected to experience robust growth during the period from 2024 to 2031, driven by several key factors:

Increased production of aircraft engines leading to more fan cases
Growth in global aircraft and helicopter production
Demand from maintenance, repair, and overhaul (MRO) of the existing aircraft fleet
Rising production of military aircraft

These elements are expected to foster healthy growth in the aerospace forging market. Furthermore, the US held the largest share of the global aerospace forging market in 2024, being a leading manufacturer of general aviation equipment, including small aircraft, helicopters, and business jets. The US aerospace industry has seen a shift in manufacturing investments, accounting for over 35% of global aircraft production. Major aircraft OEMs such as Boeing, Airbus, Bombardier, and Textron Inc. have established manufacturing bases in the US, supporting the aerospace forging business as the demand for forged products rises with increased aircraft production. Significant players in the US aerospace forging market include Precision Metal Product Inc., Scot Forge, Fountaintown Forge, Pacific Forge Incorporated, Arconic Inc., and Mettis Aerospace Inc.

Strategic Insights

Aerospace Forging Market Drivers and Opportunities

Fabrication of Next-Generation Aircraft

The commercial aerospace sector is expected to see significant growth due to the production of next-generation single-aisle and large twin-aisle aircraft, as well as advanced jet engines. These next-generation jet engines utilize advanced metallic powder alloys and nickel-based superalloys, contributing to improved fuel efficiency and aircraft performance. For example, Airbus and Boeing have received orders for over 40,000 aircraft. The production of these large next-generation aircraft is likely to boost the aerospace components market significantly, providing substantial growth opportunities for aerospace component forging companies.

Utilization of Used Serviceable Material (USM) to Enhance Aerospace Forging Market Size

As air travel continues to rise, the number of airplanes is increasing to meet consumer demand. However, approximately 400 to 600 commercial aircraft are retired, aged, and disassembled each year, generating a significant amount of waste, including around 1000 tonnes of carbon fiber, 1800 tonnes of alloys, 30000 tonnes of aluminum, and 600 tonnes of other scrap materials. In light of environmental concerns, aerospace companies like Pratt & Whitney, along with government agencies, are exploring ways to replace raw materials with recycled and renewable resources for manufacturing aerospace parts.

According to the International Civil Aviation Organization (ICAO), the service life of around 18,000 airplanes is expected to conclude in the next 10-15 years due to increased air traffic. Consequently, the use of recycled materials is anticipated to create substantial opportunities for aerospace forging companies. For instance, Boeing and Bharat Forge Ltd. are interested in entering the USM market. Additionally, the recycling industry in the Americas and Europe presents significant opportunities for both aircraft manufacturers and aerospace forging companies. However, each country has its regulations regarding industrial activities. For example, Europe previously faced challenges in acquiring or recycling titanium, leading to the establishment of EcoTitanium, the first facility to recycle aircraft-grade titanium alloys using advanced furnaces to reduce emissions.

Aerospace Forging Market Report Segmentation Analysis

The Aerospace Forging Market analysis is segmented by material type, aircraft type, application, and geography.

By material type, the market is divided into titanium, stainless steel, aluminum alloy, and others, with aluminum alloy holding the largest market share in 2024.
By aircraft type, the market is categorized into fixed-wing and rotary-wing, with fixed-wing aircraft dominating the market in 2024.
In terms of application, the market is segmented into rotors, turbine discs, shafts, fan cases, and others, with the turbine disc segment leading the market in 2024.

Aerospace Forging Market Share Analysis by Geography

The geographic analysis of the Aerospace Forging Market is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

In 2024, North America was the leading region in the global aerospace forging market, primarily due to the concentration of aerospace forging companies in the area. The region is home to numerous established aircraft manufacturers, aircraft engine manufacturers, and other component manufacturers, all of which require forged products to enhance engine efficiency, landing gears, aerostructures, and overall aircraft performance. This concentration of players contributes significantly to the region's revenue share, solidifying North America's dominance in the global aerospace forging market.

Aerospace Forging Market News and Recent Developments

The Aerospace Forging Market is assessed through qualitative and quantitative data collected from primary and secondary research, including corporate publications, association data, and databases. Recent developments and strategies in the aerospace forging market include:

In November 2023, Safran Aircraft Engines entered into a memorandum of understanding with Hindustan Aeronautics Limited to foster industrial cooperation in the manufacturing of forging parts for commercial aircraft engines. (Source: Safran Group, Press Release/Company Website/Newsletter)
In February 2021, HAL and GE Aviation signed a contract valued at US$ 12 million for the development of ring forgings, including shrouds, cases, rings, and seals made from steel and nickel forgings. (Source: GE Aviation, Press Release/Company Website/Newsletter)

Aerospace Forging Market Report Scope

Aerospace Forging Market Report Coverage and Deliverables

The report titled "Aerospace Forging Market Size and Forecast (2021-2031)" provides a comprehensive analysis of the market, covering the following areas:

Market size and forecast at global, regional, and country levels for all key segments
Market dynamics, including drivers, restraints, and key opportunities
Key future trends
Detailed Porter's Five Forces analysis
Global and regional market analysis, highlighting key trends, major players, regulations, and recent developments
Industry landscape and competition analysis, including market concentration, heat map analysis, prominent players, and recent developments
In-depth company profiles with SWOT analysis

Product Code: TIPTE100001130

1. Introduction

1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
- 1.3.1 Global Aerospace Forging Market and By Material Type
- 1.3.2 Global Aerospace Forging Market and By Aircraft Type
- 1.3.3 Global Aerospace Forging Market and By Application
- 1.3.4 Global Aerospace Forging Market and By Geography

2. Key Takeaways

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Market Landscape

4.1 Market Overview
4.2 Porter’s Five Forces Analysis
- 4.2.1 Bargaining Power of Buyers:
  - 4.2.1.1 Aerospace Manufacturing Sector is Consistently Growing
- 4.2.2 Bargaining Power of Suppliers:
  - 4.2.2.1 Supplier Concentration is Moderately Growing
- 4.2.3 Threats to Substitutes:
  - 4.2.3.1 Centrifugal Casting is a Key Substitute to Forging
- 4.2.4 Threats of New Entrants:
  - 4.2.4.1 Low CAPEX Facilitates New Players to Enter the Market
- 4.2.5 Competitive Rivalry:
  - 4.2.5.1 Well-established and Smaller Players Operate in the Market
4.3 Aerospace Forging Market and Ecosystem Analysis:

5. Aerospace Forging Market and Key Industry Dynamics

5.1 Key Market Drivers
- 5.1.1 Significant Rise in Demand for Aircraft Deliveries
- 5.1.2 Constantly Changing Aerospace Manufacturing Landscape
5.2 Key Market Restraints
- 5.2.1 Cyclic Changes in Commercial Aerospace Market
5.3 Key Market Opportunities
- 5.3.1 Utilization of Used Serviceable Material (USM) is Stimulating the Aerospace Forging Demand
5.4 Future Trends
- 5.4.1 Fabrication of Next Generation Aircraft
5.5 Impact Analysis of Drivers and Restraints

6. Aerospace Forging Market and Global Market Analysis

6.1 Overview
6.2 Global Aerospace Forging Market Revenue and Forecasts To 2031 (US$ Mn)
6.3 Market Positioning and Global Top 5 Players Ranking

7. Global Aerospace Forging Market Analysis and By Material Type

7.1 Overview
7.2 Aerospace Forging Market Breakdown, By Material Type, 2018 and 2031
7.3 Titanium
- 7.3.1 Overview
- 7.3.2 Titanium Market Revenue and Forecasts to 2031 (US$ Mn)
7.4 Stainless Steel
- 7.4.1 Overview
- 7.4.2 Stainless Steel Market Revenue and Forecasts to 2031 (US$ Mn)
7.5 Aluminium Alloy
- 7.5.1 Overview
- 7.5.2 Aluminium Alloy Market Revenue and Forecasts to 2031 (US$ Mn)
7.6 Others
- 7.6.1 Overview
- 7.6.2 Others Market Revenue and Forecasts to 2031 (US$ Mn)

8. Global Aerospace Forging Market Analysis and By Aircraft Type

8.1 Overview
8.2 Global Aerospace Forging Market Breakdown, By Aircraft Type, 2018 and 2031
8.3 Fixed Wing Aircraft
- 8.3.1 Overview
- 8.3.2 Fixed Wing Aircraft Market Revenue and Forecasts to 2031 (US$ Mn)
8.4 Rotary Wing Aircraft
- 8.4.1 Overview
- 8.4.2 Rotary Wing Aircraft Market Revenue and Forecasts to 2031 (US$ Mn)

9. Global Aerospace Forging Market Revenue and Forecasts to 2031 and By Application

9.1 Overview
9.2 Aerospace Forging Market Breakdown, By Application, 2018 and 2031
9.3 Rotor
- 9.3.1 Overview
- 9.3.2 Rotor Market Revenue and Forecasts to 2031 (US$ Mn)
9.4 Turbine Disc
- 9.4.1 Overview
- 9.4.2 Turbine Disc Market Revenue and Forecasts to 2031 (US$ Mn)
9.5 Shaft
- 9.5.1 Overview
- 9.5.2 Shaft Market Revenue and Forecasts to 2031 (US$ Mn)
9.6 Fan Case
- 9.6.1 Overview
- 9.6.2 Fan Case Market Revenue and Forecasts to 2031 (US$ Mn)
9.7 Others
- 9.7.1 Overview
- 9.7.2 Others Market Revenue and Forecasts to 2031 (US$ Mn)

10. Global Aerospace Forging Market and Geographical Analysis

10.1 Overview
10.2 North America Aerospace Forging Market Revenue and Forecasts to 2031
- 10.2.1 North America Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
- 10.2.2 North America Aerospace Forging Market Breakdown by Material Type
- 10.2.4 North America Aerospace Forging Market Breakdown by Application
- 10.2.5 North America Aerospace Forging Market Breakdown, by Key Countries
  - 10.2.5.1 U.S. Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.2.5.1.1 U.S. Aerospace Forging Market Breakdown by Material Type
    - 10.2.5.1.2 U.S. Aerospace Forging Market Breakdown by Aircraft Type
    - 10.2.5.1.3 U.S. Aerospace Forging Market Breakdown by Application
  - 10.2.5.2 Canada Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.2.5.2.1 Canada Aerospace Forging Market Breakdown by Material Type
    - 10.2.5.2.2 Canada Aerospace Forging Market Breakdown by Aircraft Type
    - 10.2.5.2.3 Canada Aerospace Forging Market Breakdown by Application
  - 10.2.5.3 Mexico Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.2.5.3.1 Mexico Aerospace Forging Market Breakdown by Material Type
    - 10.2.5.3.2 Mexico Aerospace Forging Market Breakdown by Aircraft Type
    - 10.2.5.3.3 Mexico Aerospace Forging Market Breakdown by Application
10.3 Europe Aerospace Forging Market Revenue and Forecasts To 2031
- 10.3.1 Europe Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
- 10.3.2 Europe Aerospace Forging Market Breakdown by Material Type
- 10.3.3 Europe Aerospace Forging Market Breakdown by Aircraft Type
- 10.3.4 Europe Aerospace Forging Market Breakdown by Application
- 10.3.5 Europe Aerospace Forging Market Breakdown, by Key Countries
  - 10.3.5.1 France Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.3.5.1.1 France Aerospace Forging Market Breakdown by Material Type
    - 10.3.5.1.2 France Aerospace Forging Market Breakdown by Aircraft Type
    - 10.3.5.1.3 France Aerospace Forging Market Breakdown by Application
  - 10.3.5.2 Germany Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.3.5.2.1 Germany Aerospace Forging Market Breakdown by Material Type
    - 10.3.5.2.2 Germany Aerospace Forging Market Breakdown by Aircraft Type
    - 10.3.5.2.3 Germany Aerospace Forging Market Breakdown by Application
  - 10.3.5.3 Russia Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.3.5.3.1 Russia Aerospace Forging Market Breakdown by Material Type
    - 10.3.5.3.2 Russia Aerospace Forging Market Breakdown by Aircraft Type
    - 10.3.5.3.3 Russia Aerospace Forging Market Breakdown by Application
  - 10.3.5.4 UK Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.3.5.4.1 UK Aerospace Forging Market Breakdown by Material Type
    - 10.3.5.4.2 UK Aerospace Forging Market Breakdown by Aircraft Type
    - 10.3.5.4.3 UK Aerospace Forging Market Breakdown by Application
  - 10.3.5.5 Rest of Europe Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.3.5.5.1 Rest of Europe Aerospace Forging Market Breakdown by Material Type
    - 10.3.5.5.2 Rest of Europe Aerospace Forging Market Breakdown by Aircraft Type
    - 10.3.5.5.3 Rest of Europe Aerospace Forging Market Breakdown by Application
10.4 APAC Aerospace Forging Market Revenue and Forecasts To 2031
- 10.4.1 APAC Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
- 10.4.2 APAC Aerospace Forging Market Breakdown by Material Type
- 10.4.3 APAC Aerospace Forging Market Breakdown by Aircraft Type
- 10.4.4 APAC Aerospace Forging Market Breakdown by Application
- 10.4.5 APAC Aerospace Forging Market Breakdown, by Key Countries
  - 10.4.5.1 China Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.4.5.1.1 China Aerospace Forging Market Breakdown by Material Type
    - 10.4.5.1.2 China Aerospace Forging Market Breakdown by Aircraft Type
    - 10.4.5.1.3 China Aerospace Forging Market Breakdown by Application
  - 10.4.5.2 India Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.4.5.2.1 India Aerospace Forging Market Breakdown by Material Type
    - 10.4.5.2.2 India Aerospace Forging Market Breakdown by Aircraft Type
    - 10.4.5.2.3 India Aerospace Forging Market Breakdown by Application
  - 10.4.5.3 Japan Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.4.5.3.1 Japan Aerospace Forging Market Breakdown by Material Type
    - 10.4.5.3.2 Japan Aerospace Forging Market Breakdown by Aircraft Type
    - 10.4.5.3.3 Japan Aerospace Forging Market Breakdown by Application
  - 10.4.5.4 South Korea Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.4.5.4.1 South Korea Aerospace Forging Market Breakdown by Material Type
    - 10.4.5.4.2 South Korea Aerospace Forging Market Breakdown by Aircraft Type
    - 10.4.5.4.3 South Korea Aerospace Forging Market Breakdown by Application
  - 10.4.5.5 Rest of APAC Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.4.5.5.1 Rest of APAC Aerospace Forging Market Breakdown by Material Type
    - 10.4.5.5.2 Rest of APAC Aerospace Forging Market Breakdown by Aircraft Type
    - 10.4.5.5.3 Rest of APAC Aerospace Forging Market Breakdown by Application
10.5 Middle East and Africa Aerospace Forging Market Revenue and Forecasts To 2031
- 10.5.1 Middle East and Africa Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
- 10.5.2 MEA Aerospace Forging Market Breakdown by Material Type
- 10.5.3 MEA Aerospace Forging Market Breakdown by Aircraft Type
- 10.5.4 MEA Aerospace Forging Market Breakdown by Application
- 10.5.5 MEA Aerospace Forging Market Breakdown, by Key Countries
  - 10.5.5.1 South Africa Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.5.5.1.1 South Africa Aerospace Forging Market Breakdown by Material Type
    - 10.5.5.1.2 South Africa Aerospace Forging Market Breakdown by Aircraft Type
    - 10.5.5.1.3 South Africa Aerospace Forging Market Breakdown by Application
  - 10.5.5.2 Saudi Arabia Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.5.5.2.1 Saudi Arabia Aerospace Forging Market Breakdown by Material Type
    - 10.5.5.2.2 Saudi Arabia Aerospace Forging Market Breakdown by Aircraft Type
    - 10.5.5.2.3 Saudi Arabia Aerospace Forging Market Breakdown by Application
  - 10.5.5.3 UAE Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.5.5.3.1 UAE Aerospace Forging Market Breakdown by Material Type
    - 10.5.5.3.2 UAE Aerospace Forging Market Breakdown by Aircraft Type
    - 10.5.5.3.3 UAE Aerospace Forging Market Breakdown by Application
  - 10.5.5.4 Rest of MEA Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.5.5.4.1 Rest of MEA Aerospace Forging Market Breakdown by Material Type
    - 10.5.5.4.2 Rest of MEA Aerospace Forging Market Breakdown by Aircraft Type
    - 10.5.5.4.3 Rest of MEA Aerospace Forging Market Breakdown by Application
10.6 South America Aerospace Forging Market Revenue and Forecasts To 2031
- 10.6.1 South America Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
- 10.6.2 South America Aerospace Forging Market Breakdown by Material Type
- 10.6.3 South America Aerospace Forging Market Breakdown by Aircraft Type
- 10.6.4 South America Aerospace Forging Market Breakdown by Application
- 10.6.5 South America Aerospace Forging Market Breakdown, by Key Countries
  - 10.6.5.1 Brazil Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.6.5.1.1 Brazil Aerospace Forging Market Breakdown by Material Type
    - 10.6.5.1.2 Brazil Aerospace Forging Market Breakdown by Aircraft Type
    - 10.6.5.1.3 Brazil Aerospace Forging Market Breakdown by Application
  - 10.6.5.2 Rest of SAM Aerospace Forging Market Revenue and Forecasts to 2031 (US$ Mn)
    - 10.6.5.2.1 Rest of SAM Aerospace Forging Market Breakdown by Material Type
    - 10.6.5.2.2 Rest of SAM Aerospace Forging Market Breakdown by Aircraft Type
    - 10.6.5.2.3 Rest of SAM Aerospace Forging Market Breakdown Application

11. Industry Landscape

11.1 Overview
11.2 Merger and Acquisition
11.3 Market Initiative
11.4 New Development

12. Aerospace Forging Market and Company Profiles

12.1 Arconic Inc
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Product and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 All Metals and Forge Group
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
12.3 Bharat Forge Limited
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Consolidated Industries, Inc.
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
12.5 Farinia Group
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
12.6 Fountaintown Forge, Inc.
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
12.7 Mettis Aerospace
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 Pacific Forge Incorporated
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
12.9 Somers Forge Ltd
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
12.10 Victoria Drop Forgings Co. Ltd.
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis

13. Appendix

13.1 About The Insight Partners
13.2 Glossary