Aircraft Engine Forging Market is Forecasted to Reach ~US$ 22 billion in 2028, Says Stratview Research
The global aircraft engine forging market is projected to witness a growth rate of 7.2% annually from 2023 to 2028, with an anticipated size of ~US$ 22 billion by 2028, according to an analysis by Stratview Research.
Stratview Research, a global market research firm has launched a report on the global aircraft engine forging market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3521/aircraft-engine-forging-market.html#form
Report Highlights:
Market Size in 2028: ~US$ 22 billion
Growth (CAGR): 7.2% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 8
Number of Tables & Graphs: 100+
Segment Insights on the Aircraft Engine Forging Market:
The global aircraft engine forging market is segmented based on aircraft type, process type, component size type, material size type, engine size type, application size type, end-user size type, and region.
Based on aircraft type - We have segmented our market into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Commercial aircraft is expected to be the dominant as well as the fastest-growing segment of the aircraft engine forging market during the forecast period. Commercial aircraft engines require relatively advanced technologies to meet performance, efficiency, and environmental standards.
There has been a great use of forging and investment casting in commercial aircraft engines, almost in all sections of engines. A handful of engines (LEAP, GEnx, P&W 1000, Trent XWB, etc.) secure the majority of the market demand. Despite short-term market fluctuations caused by macro factors, the long-term market demand seems quite favorable to the industry participants.
Based on the process type - The aircraft engine forging market is segmented into open-die forging and closed-die forging. The close die is expected to remain the larger as well as the faster-growing process in the aircraft engine forging market during the forecast period.
Complex and exceptionally precise components with great strength can be produced using closed-die forging. Closed-die forging is well-suited for manufacturing components such as turbine disks, compressor blades, shafts, and connecting rods. Closed-die forging allows manufacturers to maximize the yield from raw materials, which eventually reduces the overall cost.
Based on the component size type - The market is segmented into small components and large components.
The large components category is expected to be the dominating one in the market in the years to come. Engine performance and safety depend heavily on large components such as structural parts, compressor rotors, and turbine discs. During use, these parts are exposed to heavy rotational forces, high temperatures, and mechanical stresses.
Based on the material type - The market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to maintain its dominance, whereas titanium is expected to be the fastest-growing material type during the forecast period.
Nickel is well suited for the harsh operating conditions of aviation engines; they have outstanding high-temperature strength and creep resistance. Nickel can maintain its mechanical properties at elevated temperatures, which is crucial for components exposed to hot gases and extreme thermal environments. Nickel alloys provide enhanced protection against corrosion, ensuring the longevity and reliability of aircraft engines, and have better electrical conductivity and magnetic properties.
Based on the engine type - The market is segmented into turbofan, turboprop, turbojet, and turboshaft. The turbofan engine is expected to be the dominant as well as the fastest-growing segment during the forecast period.
Turbofans are the preferred choice for commercial aviation. Commercial aircraft account for most of the market, which, in turn, increases the dominance of turbofan engines. Turbofans are ideal for commercial aircraft because they maintain a balance between fuel efficiency, thrust, and noise reduction. Nickel-based superalloys are selected in turbofan engines because of their ability to withstand extreme conditions. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in 2023, all these factors are going to boost the demand for various forged engine components soon.
To know the most attractive segments, visit:
https://www.stratviewresearch.com/3521/aircraft-engine-forging-market.html
Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America is likely to remain the most dominant region, whereas Asia-Pacific is expected to be the fastest-growing region in the long-term scenario. This growth outlook is majorly attributed to the following-
- North America has a robust aerospace industry, with major engine manufacturers and OEMs located in the region. Companies, such as General Electric, Pratt & Whitney, and Rolls-Royce, have significant operations and a strong presence in North America.
- These companies drive the demand for forging and contribute to the dominance of the region in the market. Also, North American engine manufacturers have a long history of technological advancements and innovation in aircraft engine design and manufacturing.
- They invest heavily in research & development to improve engine performance, efficiency, and environmental sustainability.
Aircraft Engine Forging Market Drivers:
Some of the key drivers listed in the report are given below.
- The aircraft engine industry has been evolving over the years, driven by various factors such as increasing preference for air travel, rising demand for fuel-efficient aircraft, and technological advancements in engine design.
- All the major engine manufacturers are adopting different strategies to develop new models of engines that consume less fuel and produce less noise.
- As aircraft engines become more advanced and efficient, the demand for forged components with superior performance characteristics such as lightweight, corrosion resistance, heat resistance, and high strength, has increased.
Top Companies in the Aircraft Engine Forging Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Precision Castparts Corp.
• Forgital Group
• ATI Inc.
• Doncasters Group
• Voestalpine BÖHLER Aerospace GmbH & Co KG
• Aubert & Duval SAS
• Otto Fuchs KG
• Howmet Aerospace
What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Aircraft Engine Forging Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
Related Reports:
• Aircraft Forging Market: https://www.stratviewresearch.com/3520/aircraft-forging-market.html
• Aircraft Closed-Die Forging Market: https://www.stratviewresearch.com/3531/aircraft-closed-die-forging-market.html
400 Renaissance Center, Suite 2600,
Detroit, Michigan, MI 48243
United States of America
Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
Press: media@stratviewresearch.com
Call Us: +13133074176
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
Stratview Research, a global market research firm has launched a report on the global aircraft engine forging market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.
Click here to get a free sample of the report:
https://www.stratviewresearch.com/Request-Sample/3521/aircraft-engine-forging-market.html#form
Report Highlights:
Market Size in 2028: ~US$ 22 billion
Growth (CAGR): 7.2% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 8
Number of Tables & Graphs: 100+
Segment Insights on the Aircraft Engine Forging Market:
The global aircraft engine forging market is segmented based on aircraft type, process type, component size type, material size type, engine size type, application size type, end-user size type, and region.
Based on aircraft type - We have segmented our market into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Commercial aircraft is expected to be the dominant as well as the fastest-growing segment of the aircraft engine forging market during the forecast period. Commercial aircraft engines require relatively advanced technologies to meet performance, efficiency, and environmental standards.
There has been a great use of forging and investment casting in commercial aircraft engines, almost in all sections of engines. A handful of engines (LEAP, GEnx, P&W 1000, Trent XWB, etc.) secure the majority of the market demand. Despite short-term market fluctuations caused by macro factors, the long-term market demand seems quite favorable to the industry participants.
Based on the process type - The aircraft engine forging market is segmented into open-die forging and closed-die forging. The close die is expected to remain the larger as well as the faster-growing process in the aircraft engine forging market during the forecast period.
Complex and exceptionally precise components with great strength can be produced using closed-die forging. Closed-die forging is well-suited for manufacturing components such as turbine disks, compressor blades, shafts, and connecting rods. Closed-die forging allows manufacturers to maximize the yield from raw materials, which eventually reduces the overall cost.
Based on the component size type - The market is segmented into small components and large components.
The large components category is expected to be the dominating one in the market in the years to come. Engine performance and safety depend heavily on large components such as structural parts, compressor rotors, and turbine discs. During use, these parts are exposed to heavy rotational forces, high temperatures, and mechanical stresses.
Based on the material type - The market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to maintain its dominance, whereas titanium is expected to be the fastest-growing material type during the forecast period.
Nickel is well suited for the harsh operating conditions of aviation engines; they have outstanding high-temperature strength and creep resistance. Nickel can maintain its mechanical properties at elevated temperatures, which is crucial for components exposed to hot gases and extreme thermal environments. Nickel alloys provide enhanced protection against corrosion, ensuring the longevity and reliability of aircraft engines, and have better electrical conductivity and magnetic properties.
Based on the engine type - The market is segmented into turbofan, turboprop, turbojet, and turboshaft. The turbofan engine is expected to be the dominant as well as the fastest-growing segment during the forecast period.
Turbofans are the preferred choice for commercial aviation. Commercial aircraft account for most of the market, which, in turn, increases the dominance of turbofan engines. Turbofans are ideal for commercial aircraft because they maintain a balance between fuel efficiency, thrust, and noise reduction. Nickel-based superalloys are selected in turbofan engines because of their ability to withstand extreme conditions. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in 2023, all these factors are going to boost the demand for various forged engine components soon.
To know the most attractive segments, visit:
https://www.stratviewresearch.com/3521/aircraft-engine-forging-market.html
Which Region Shows the Most Promising Growth Forecast and Opportunity?
The analysis suggests that North America is likely to remain the most dominant region, whereas Asia-Pacific is expected to be the fastest-growing region in the long-term scenario. This growth outlook is majorly attributed to the following-
- North America has a robust aerospace industry, with major engine manufacturers and OEMs located in the region. Companies, such as General Electric, Pratt & Whitney, and Rolls-Royce, have significant operations and a strong presence in North America.
- These companies drive the demand for forging and contribute to the dominance of the region in the market. Also, North American engine manufacturers have a long history of technological advancements and innovation in aircraft engine design and manufacturing.
- They invest heavily in research & development to improve engine performance, efficiency, and environmental sustainability.
Aircraft Engine Forging Market Drivers:
Some of the key drivers listed in the report are given below.
- The aircraft engine industry has been evolving over the years, driven by various factors such as increasing preference for air travel, rising demand for fuel-efficient aircraft, and technological advancements in engine design.
- All the major engine manufacturers are adopting different strategies to develop new models of engines that consume less fuel and produce less noise.
- As aircraft engines become more advanced and efficient, the demand for forged components with superior performance characteristics such as lightweight, corrosion resistance, heat resistance, and high strength, has increased.
Top Companies in the Aircraft Engine Forging Market:
Stratview Research has identified the following companies as the top market players (Based on Dominance).
• Precision Castparts Corp.
• Forgital Group
• ATI Inc.
• Doncasters Group
• Voestalpine BÖHLER Aerospace GmbH & Co KG
• Aubert & Duval SAS
• Otto Fuchs KG
• Howmet Aerospace
What Unique Insights Does this Report Offer?
This report provides comprehensive insights into the Aircraft Engine Forging Market, answering critical questions like:
• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?
For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com
Related Reports:
• Aircraft Forging Market: https://www.stratviewresearch.com/3520/aircraft-forging-market.html
• Aircraft Closed-Die Forging Market: https://www.stratviewresearch.com/3531/aircraft-closed-die-forging-market.html
400 Renaissance Center, Suite 2600,
Detroit, Michigan, MI 48243
United States of America
Website: www.stratviewresearch.com
Mail Us: sales@stratviewresearch.com
Press: media@stratviewresearch.com
Call Us: +13133074176
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
