Aircraft Engine Forging Market is expected to reach US$ 3,260.77 million by 2028

According to our latest market study on "Aircraft Engine Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Forging Type, Material Type, and Application," the market is projected to reach US$ 3,260.77 million by 2028 from US$ 2,145.80 million in 2021; it is expected to grow at a CAGR of 6.2% from 2021 to 2028.

Market Segmentation

The aircraft engine forging market has been categorized into five primary regions: North America, Europe, APAC, MEA, and South America. In 2020, North America dominated the aircraft engine forging market, followed by Asia Pacific and Europe, respectively. The growth of the aircraft engine forging market share in North America can be attributed to the presence of established economies such as the US and Canada and a high focus on the aerospace and defense sector. Airplanes are the most widely used mode of transportation for both domestic and international travel due to the higher standards of living in North America, resulting in a high demand for commercial aircraft for passenger travel and cargo services. This demand is a significant factor supporting the growth of the aircraft engine forging market. The aircraft engine forging market in Asia Pacific (APAC) is evaluated based on market performance in India, China, Japan, South Korea, and the Rest of Asia Pacific. The economic outlook of APAC is dynamic compared to other regions globally. The growth of the aviation industry in this region is attributed to the significant middle-class population, associated increase in spending, and changing lifestyles, which are key factors supporting the growth of the aircraft engine forging market.

Market Dynamics

The escalation in air traffic and the advent of next-generation aircraft have led to an increase in aircraft production capacity, which, in turn, is expected to enhance the growth of the aircraft engine forging market. The manufacturing process of forging aircraft engine components encompasses several metalworking and machining techniques, such as closed die forging, seamless die forging, and isothermal forging. Furthermore, various processes such as electroplating, heat treatment, isothermal treatment, and metal finishing are employed in aircraft engine production. The International Air Transport Association forecasts a four-fold increase in air travelers over the next two decades, with an estimated 8.2 billion passengers expected to have flown by 2037. This surge in passenger traffic is expected to increase commercial aircraft deliveries by major manufacturers like Airbus and Boeing in the coming years, which, in turn, drives the growth of the aircraft engine forging market. As a result, the escalation in air passenger traffic in various countries is a crucial factor propelling the growth of the market.   

Impact of COVID-19

The COVID-19 pandemic has affected not only the economy and aerospace market of APAC but also altered the customer perspective towards aviation, resulting in a significant decline in air transportation in the region. According to IATA estimates, the airlines in APAC witnessed a revenue decrease of US$ 113 billion in 2020 compared to 2019. This has led to the grounding of a substantial number of aircraft, including the Boeing 747s and Airbus A380s, as the demand for air travel has dwindled and borders have closed. The unprecedented scale of aircraft grounding, which resulted from the decline in passenger demand and bankruptcies, has negatively impacted the aircraft engine forging market growth from the demand side. Being one of the principal aerospace manufacturing countries in the region, China encountered severe effects of the pandemic in Q1 and Q2 of 2020. Consequently, the aircraft and aircraft component manufacturing facilities in the country were significantly affected in 2020. The Airbus and Boeing manufacturing facilities in China were closed for a more extended period, which caused a substantial decrease in demand for various components and systems, including engines, ultimately impeding the growth of the aircraft engine forging market.

Regional Overview

The Asia Pacific aircraft engine forging market is assessed based on the performance of India, China, Japan, South Korea, and the rest of the region. APAC's economic outlook is dynamic compared to other regions. The significant middle-class population, increased spending, and changing lifestyles are driving factors for aviation industry growth in the region, leading to the expansion of the aircraft engine forging market. The global aircraft engine forging market is expected to see the highest CAGR in APAC during the forecast period, owing to factors such as increasing demand for commercial and military aircraft and rising aircraft manufacturing trends in countries like China. APAC's potential for growth is also attributed to the presence of rapidly developing nations like China and India, as well as developed countries like Japan.  

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