The aircraft isothermal forging market is projected to reach US$ 2.04 billion by 2028 from US$ 1.22 billion in 2021; it is expected to grow at a CAGR of 7.7% during 2022–2028.
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|Market Size Value in||US$ 1.22 billion in 2021|
|Market Size Value by||US$ 2.04 billion by 2028|
|Growth rate||CAGR of 7.7% from 2022 to 2028.|
|No. of Pages||163|
|No. of Charts & Figures||76|
|Historical data available||Yes|
|Segments covered||Aircraft Components, Forging Material, and Fit Type|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
The aircraft isothermal forging market is segmented into North America, Asia Pacific, Europe, the Middle East & Africa, and South America. North America dominated the market in 2021 and is also expected to continue its dominance during the forecast period. The growth of the aircraft isothermal forging market in North America is attributed to the presence of large number of aircraft and isothermal forging companies in the region, such as the Boeing (US); Airbus, Bombardier Inc. (Canada); Alcoa Corporation; ALD Vacuum Technologies North America, Inc.; and Allegheny Technologies Incorporated. North America is leading the global market owing to the growing adoption of isothermal forging, rising technological advancements, and increasing expenditure on aerospace technologies. A huge portion of the US defense budget is allocated to adopt and procure upgraded fighter planes, which is further aiding the demand for aircraft components made from isothermal forging process in the country. The growing advancements in manufacturing technology and rising aircraft production are also fueling the aircraft isothermal forging market growth.
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Aircraft Isothermal Forging Market: Competitive Landscape and Key Developments
Alcoa Corporation; ALD Vacuum Technologies; Allegheny Technologies Incorporated; H.C. Starck GmbH; Howmet Aerospace, LTD; Leistritz Turbinentechnik GmbH; Nanshan Forge Company; Precision Castparts Corp. (Berkshire Hathaway); Schuler AG; and SMT Limited are among the key players profiled in the aircraft isothermal forging market analysis. In addition, several other essential market players were studied and analyzed to get a holistic view of the market and its ecosystem. The market report provides detailed market insights, which helps the key players strategize the growth.
In 2019, Allegheny Technologies Inc., Pittsburgh, announced the signing of several new long-term contracts with GE Aviation to provide isothermal and hot-die forgings used in the production of commercial aircraft engines.
In 2019, The North American Furnace Sales and Service organisations of ALD Vacuum Technologies have merged, creating a single entity responsible for the marketing, sales, and service of the company’s product lines, which comprise vacuum heat treatment furnaces, metallurgy furnaces, coatings, and hot isothermal forging equipment
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Asia Pacific is expected to be the fastest growing region in the global aircraft isothermal forging market during the forecast period. This is owing to the demand for titanium and nickel-based material for manufacturing and assembly of aircraft and aircraft components in the region. Various aircraft OEM facilities of companies, such as Boeing, Airbus, and COMAC, are located across the countries, such as China. Moreover, the increasing development of titanium-based components for the manufacturing of military aircraft components in the region is another major factor propelling the isothermal forging market growth in the region. In May 2021, DRDO (Defense Research Development Organization) announced that it has established the near isothermal forging technology to produce all the five stages of high-pressure compressor [HPC] discs out of difficult-to-deform titanium alloy using its unique 2,000 metric ton isothermal forge press.
The MEA is expected to witness a significant growth in the aircraft isothermal forging market during the forecast period. The region is an important market for the commercial and military aircraft sector. In the MEA, the commercial aerospace industry has witnessed a remarkable growth with major airlines, such as Emirates, operating in the region and expanding their aircraft fleets and network, further driving the MEA aircraft isothermal forging market. As per a report published by Boeing, there are about 700 Boeing commercial airplanes currently in service with the region’s airlines with approximately another 600 in backlog. This is expected to further drive the adoption of aircraft isothermally forged parts in the region, propelling the aircraft isothermal forging market size.
In SAM, the commercial and military aircraft manufacturing activities, the periodic servicing and replacement of aircraft components for optimal functioning, and the rise in spending on MRO activities are fueling the demand for aircraft isothermal forging. By 2040, Airbus estimates that SAM will require up to ~2,460 additional planes. 90% of these demanded aircraft are narrow-body aircraft, which reflects the increased need for lightweight aircraft engine parts and landing gears for various aircraft fleets in the region. Thus, the rise in the investments by SAM countries to adopt new and advanced aerospace and military aircraft is expected to contribute to the growth of the aircraft isothermal forging market size during the forecast period.
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