aircraft engine forging Market

The aircraft engine forging 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 Dynamics

The aviation industry is seeing high demand for air travel, both for military and commercial purposes, which is driving manufacturers to adopt new technologies and produce the latest aircraft models. This is expected to be a major trend in the industry, presenting opportunities for aircraft component forging players. The commercial aerospace sector is likely to experience a surge in the production of next-generation single-aisle and large twin-aisle aircraft, as well as jet engines. The latest jet engines incorporate high-tech metallic powder alloys and nickel-based superalloys, and they are crucial for improving fuel efficiency and aircraft performance, making them an economically viable choice for aircraft models. For example, Airbus and Boeing have already received orders for 26,000 jet engines, and the production of these next-generation aircraft units is expected to drive growth in the aircraft engine forging market. Additionally, Airbus and Dassault Aviation introduced a new generation fighter (NGF) aircraft in 2019, which is intended to replace existing jet fighters such as Spain's F/A-18 Hornet and Dassault's Rafale.

Market Segmentation

The global aircraft engine forging market is divided into five main regions, namely North America, Europe, APAC, Middle East & Africa, and South America. In 2020, North America held the largest share of the aircraft engine forging market, followed by Asia Pacific and Europe, respectively. The region's market dominance can be attributed to the presence of well-established economies such as the US and Canada, as well as a strong focus on the aerospace and defense sectors. Additionally, due to the higher standards of living in North America, airplanes are the preferred mode of transportation for both domestic and international travel, resulting in a high demand for commercial aircraft for passenger travel and cargo services in the region. Moreover, the US is one of the world's leading nations in military and defense capabilities, while North America is home to some of the largest aircraft and helicopter manufacturers, including Boeing, Textron, Gulfstream, Lockheed Martin, Northrop Grumman, Piper Aircraft Inc., Cirrus Design Corporation, Electric Aircraft Corporation, and Bombardier. Therefore, the presence of major aircraft manufacturers and an increase in commercial aircraft production due to rising demand are the two primary factors driving growth in the aircraft engine forging market in this region.  

Impact of COVID-19

With the outbreak of COVID-19, the European aerospace sector experienced airspace inefficiencies, flight delays, and a decrease in the number of flights. The global passenger volume plummeted by 60.5%, while infrastructure costs fell by 45.4% in 2020, leading to an increase in unit costs. This reduced demand had a severe impact on regional aircraft manufacturers, including aircraft engine manufacturers such as Safran, which produces engines under brands like CFM International and LEAP. In 2020, the company delivered only 972 units, compared to 2,172 engines in 2019 (combining both CFM and LEAP engines). Although the EU aerospace industry is expected to recover gradually, the pace of recovery will be hindered by a slow economic rebound and the significance of international services. According to IATA estimates, the net losses in the European region amounted to roughly US$26.9 billion in 2020. However, in 2021, losses improved significantly thanks to the increased production of aircraft by Airbus, which led to sufficient volumes of engines being supplied by aircraft engine manufacturers. This ultimately resulted in revenue growth for players in the aircraft engine forging market.

Market Players 

The market study on the global aircraft engine forging market features profiles of the major players, including All Metals & Forge Group, ATI Metals, Doncasters Group Ltd, Farinia Group, Lisi Aerospace, Otto Fuchs GmbH, Pacific Forge Incorporated, and Precision Castparts Corp. 

The size of the aircraft engine forging market has been determined through a combination of primary and secondary research. The research process involved extensive secondary research from both internal and external sources to collect qualitative and quantitative information on the market size, as well as an overview and forecast of all market segments. Additionally, multiple primary interviews were conducted with industry experts to validate the data and gain further analytical insights into the topic.  The individuals commonly engaged in this procedure are professionals from the industry, like VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, who specialize in the aircraft engine forging market.