Aerospace Forging Market by Type (Open Die Forging, Closed Die Forging, Seamless Rolled Ring Forging), Material (Titanium, Aluminum, Stainless Steel, Nickel Alloys), Application (Engine Components, Landing Gear, Airframe Parts, Turbines), and End-Use (Commercial Aircraft, Military Aircraft): Global Insights & Forecast (2024 – 2030)

As per Intent Market Research, the Aerospace Forging Market was valued at USD 6.7 billion in 2023 and will surpass USD 10.3 billion by 2030; growing at a CAGR of 6.4% during 2024 - 2030.

The Aerospace Forging Market is a cornerstone of the aerospace manufacturing industry, offering components with high strength, durability, and resistance to extreme environmental conditions. Forging techniques are integral to producing critical aerospace parts such as engine components, airframes, and landing gear, ensuring structural integrity and reliability. The demand for forged components is rising due to the increasing production of commercial and military aircraft, as well as advancements in materials and forging technologies aimed at reducing weight while enhancing performance.

The market is driven by the aerospace sector's emphasis on high-performance materials like titanium and nickel alloys. These materials, combined with innovative forging processes, are enabling manufacturers to meet the stringent requirements of the aerospace industry.

Closed Die Forging Is Largest Segment Owing to Precision and Versatility

The Closed Die Forging segment dominates the aerospace forging market due to its ability to produce highly precise and complex components. This technique involves compressing heated metal between two dies, which are shaped to form the desired component. It is widely used for manufacturing engine parts, landing gear, and structural components where precision and high strength are paramount.

The aerospace industry's reliance on lightweight and durable materials further fuels the demand for closed die forging, as it supports the production of intricate parts with minimal material wastage. The method’s adaptability to various materials such as titanium and aluminum makes it a preferred choice across commercial and military aircraft production.

Titanium Leads the Material Segment Owing to Superior Strength-to-Weight Ratio

Titanium is the leading material in the aerospace forging market, driven by its exceptional strength-to-weight ratio and resistance to corrosion and extreme temperatures. These properties make titanium an ideal choice for critical components such as airframes, engine parts, and landing gear. Its lightweight nature contributes significantly to fuel efficiency, a key priority for aerospace manufacturers.

The increasing adoption of titanium in next-generation aircraft, including electric and hybrid models, further underscores its importance. Advances in forging technologies are also enabling the efficient processing of titanium, reducing production costs and broadening its application scope.

Engine Components Are Fastest Growing Application Owing to Rising Aircraft Deliveries

The Engine Components segment is the fastest growing application within the aerospace forging market. Aircraft engines require components that can withstand extreme heat and stress while maintaining performance and reliability. Forging processes are critical in ensuring these components meet stringent aerospace standards.

With the rising production of narrow-body and wide-body aircraft to meet growing air travel demand, the need for forged engine components has surged. Additionally, the development of advanced propulsion systems for fuel-efficient and sustainable aviation further drives the growth of this segment.

Commercial Aircraft Dominates End-Use Segment Owing to Expanding Fleet Size

The Commercial Aircraft segment holds the largest share in the aerospace forging market, supported by the robust growth of global air travel and the continuous expansion of airline fleets. Commercial aircraft rely heavily on forged components for critical applications such as structural integrity, weight optimization, and enhanced performance.

The demand for forged parts in this segment is also fueled by the increasing production rates of aircraft models like the Boeing 737 and Airbus A320. As airlines prioritize fuel efficiency and operational reliability, the adoption of forged components remains strong.

North America Leads Owing to Advanced Aerospace Manufacturing Ecosystem

North America is the largest regional market for aerospace forging, benefiting from a well-established aerospace manufacturing ecosystem. The presence of leading aircraft manufacturers such as Boeing and Lockheed Martin, coupled with a robust supply chain, drives the demand for forged components in the region. Additionally, North America’s focus on innovation and investment in advanced materials like titanium and nickel alloys strengthens its market leadership.

The region's significant defense spending and the production of military aircraft further contribute to the high demand for aerospace forging. With continuous advancements in forging technologies, North America is expected to maintain its dominance in the global market.

Competitive Landscape: Innovation and Collaboration Drive Growth

The Aerospace Forging Market is highly competitive, with key players such as Precision Castparts Corp., Arconic Inc., Aubert & Duval, and VSMPO-AVISMA leading the industry. These companies are investing heavily in R&D to develop advanced forging technologies and materials that cater to the aerospace sector's evolving needs.

Strategic collaborations with aircraft manufacturers and a focus on expanding production capacities are common among market leaders. The competitive landscape is shaped by the demand for lightweight, high-performance components, with innovation and sustainability playing crucial roles in future growth.

List of Leading Companies:

• Airbus SE
• Allegheny Technologies Incorporated
• Arconic Corporation
• Aubert & Duval
• Boeing Distribution Services Inc.
• Doncasters Group
• Firth Rixson Limited
• Forgital Group
• Kobe Steel Ltd.
• Lisi Aerospace
• Magellan Aerospace Corporation
• Mettis Aerospace Ltd.
• Otto Fuchs KG
• Precision Castparts Corp.
• VSMPO-AVISMA Corporation

Recent Developments:

• Precision Castparts Corp. announced an expansion of its aerospace forging capabilities to meet growing demand for titanium engine components.
• VSMPO-AVISMA Corporation secured a long-term contract with Boeing for the supply of titanium forgings for commercial and military aircraft.
• Arconic Corporation introduced an advanced forging process for high-performance nickel alloy components used in jet engines.
• Doncasters Group announced a strategic partnership with Rolls-Royce to supply closed die forgings for aerospace turbines.
• Kobe Steel Ltd. launched a new forging plant to enhance production of lightweight aluminum aerospace components.

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