According to the new research report on " Aircraft Isothermal Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 2,041.55 million by 2028, registering a CAGR of 7.7% from 2022 to 2028.
The aerospace industry in the US is the largest in the world and dominates the aircraft isothermal forging market in North America due to the presence of aircraft manufacturers and a rising number of advanced airplanes. The country also boasts the largest defense budget globally, with a significant portion of it allocated to the procurement and adoption of upgraded fighter planes, further fueling the growth of the aircraft isothermal forging market. For instance, in 2021, Boeing delivered a considerable number of multirole fighters, aerial refueling aircraft, and maritime patrol aircraft manufactured in the US. In Canada, the demand for isothermally forged turboprop and turboshaft engine parts for new aircraft models and maintenance, repair, and overhaul (MRO) of existing aircraft fleets is driving the aircraft isothermal forging market. Air Canada's announcement of adding 26 new Airbus aircraft models to its current fleet in March 2022 is expected to further boost the market's growth in the country. In Europe, the development of advanced military fighter jets and high defense budgets for the production of aircraft, helicopters, and fighter jets, supported by government initiatives, are significant factors contributing to the growth of the aircraft isothermal forging market size in European countries.
The aerospace industry was severely impacted by the COVID-19 pandemic, leading to a significant decline in operations due to resource constraints. The aircraft isothermal forging industry also suffered as workforce availability was limited to comply with safety measures, negatively affecting the market. Additionally, the decreased demand for new aircraft during the pandemic negatively impacted the European market for aircraft isothermal forging. However, market players managed to secure contracts for isothermally forged aircraft components from various military forces globally, supporting market growth. With the easing of restrictions and reopening of industries from 2021, the market is expected to witness an increase in demand for isothermal forging components and parts by the aircraft industry, driving market growth during the forecast period. Despite the slight decline during the pandemic, the market is expected to recover due to rising defense budgets and favorable government regulations, providing a positive outlook for aircraft isothermal forging market players.
North America's aircraft isothermal forging market is witnessing significant growth owing to the region's leading adoption of isothermal forging, technological advancements, and high expenditure on aerospace technologies. The increasing demand for advanced aircraft engines has further fueled market growth. Using aircraft isothermal forging for manufacturing various aircraft components such as fan blades, turbine disks, shafts, and connector rings has become increasingly popular in countries like the US, Canada, and Mexico. For instance, American Airlines' recent deal with Boeing for 30 Boeing 737 MAX 8 aircraft has contributed to the market's growth. Overall, these factors have propelled the development of the aircraft isothermal forging market in the region.
The analysis of the aircraft isothermal forging market has been conducted by categorizing it into three segments: aircraft components, forging material, and fit type. The aircraft components segment includes fan blades, turbine disks, shafts, and connector rings. The forging material segment is divided into two categories: titanium and nickel-based superalloys. The fit type segment comprises two categories: line fit and retrofit.
Key Findings of Study:
Several market players, including Bula Forge & Machine, Coulter Forge Technology, General Dynamics Ordnance and Tactical Systems, Precision Castparts Corp., Scot Forge, and Aichi Forge USA Inc., operate in the US aircraft isothermal forging market and offer related products, thereby contributing to the market's revenue. France is a prominent player in the aircraft isothermal forging market in Europe, primarily due to its well-established aircraft manufacturing industry and the increasing emphasis on enhancing defense capabilities. In the past, steel-based materials were used for components requiring high strength-to-weight ratio, such as frames and joints. However, the trend is shifting towards replacing steel-based components with isothermally forged titanium alloys to reduce weight. Additionally, commercial aircraft are widely employing isothermally forged turbofan engines to improve fuel consumption and combustion efficiency. The adoption of isothermal forging is also increasing in the aerospace industry as titanium parts replace steel parts in aircraft component manufacturing. The aircraft isothermal forging market report offers comprehensive insights into the market, assisting key players in making informed decisions.
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