The global aircraft engine forging market, valued at approximately USD 2.78 billion in 2023, is anticipated to grow significantly, reaching a market size of around USD 5.07 billion by 2032. This market is projected to experience a compound annual growth rate (CAGR) of 6.9% over the forecast period from 2024 to 2032. Aircraft engine forging plays a crucial role in the aviation industry, where precision, strength, and durability are paramount. Forging involves shaping metal components for aircraft engines through compressive force, using advanced techniques like hammers, presses, or dies. This process is essential for producing components that meet the rigorous standards required for aviation applications. Unlike casting or machining, forging deforms the metal's internal grain structure to match the part's shape, resulting in a continuous grain structure that significantly enhances the strength and durability of the component.
The rising global demand for air travel is a primary driver of the aircraft engine forging market. As air travel continues to grow, airlines are expanding and modernizing their fleets, thereby increasing the demand for high-performance aircraft engines. This surge in demand directly correlates with a higher need for forged components, which are indispensable in ensuring engine performance, reliability, and safety. Furthermore, advancements in forging technology, including precision and isothermal forging, are contributing to market growth by enabling the production of complex, high-strength components. These technological innovations improve efficiency, reduce material waste, and enhance the overall quality of forged parts, making them integral to modern aircraft engine manufacturing. The aviation industry's ongoing focus on fuel efficiency and emission reduction is also driving the demand for lightweight and high-performance engine components. Forged parts, known for their superior strength-to-weight ratio, are critical in manufacturing engines that meet stringent fuel efficiency and emission standards. This trend is further accelerated by international regulations aimed at promoting greener aviation technologies.
Emerging markets, particularly in Asia-Pacific and Latin America, present significant growth opportunities for the aircraft engine forging market. As these regions continue to invest in their aerospace industries, the demand for forged engine components is expected to rise, supported by government initiatives and the increasing volume of domestic air travel. Additionally, the adoption of advanced materials such as titanium and nickel-based alloys in aircraft engines is creating new opportunities for the forging market. These materials, which offer superior performance characteristics, require specialized forging techniques, thus driving demand for high-end forging capabilities. Despite these opportunities, the market faces challenges related to the high costs of advanced materials and forging processes. Supply chain disruptions, driven by geopolitical tensions or global pandemics, can also lead to delays and increased costs, impacting the profitability of forging companies and slowing down the adoption of newer technologies.
The key regions considered in the global aircraft engine forging market study include North America, Europe, Asia Pacific, Latin America, and Rest of the World. North America is expected to dominate the market due to its well-established aerospace industry and continuous investments in aviation technology. Meanwhile, Asia-Pacific is anticipated to witness the fastest growth, driven by the rapid expansion of the aerospace sector in countries like China and India.
Major market players included in this report are:
SIFCO Industries
voestalpine BOHLER Aerospace GmbH & Co KG
Alcoa
Consolidated Industries, Inc.
Safran
Canton Drop Forge
ATI Inc.
Precision Castparts Corp.
Forgital Group
Mettis Group
The detailed segments and sub-segment of the market are explained below:
By Type:
Open Die Forging
Closed Die Forging
By Material:
Aluminum
Titanium
Nickel
Steel Alloys
Others
By Aircraft Type:
Commercial
Military
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
