New York, June 14, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Forging Global Market Report 2023" - https://www.reportlinker.com/p06466598/?utm_source=GNW
, Somers Forge Ltd, Pacific Forge Inc, Precision Castparts, Ellwood Group Inc, All Metals & Forge Group, Farinia Group, Victoria Drop Forgings, and Mettis Group.
The global aerospace forging market is expected to grow from $28.74 billion in 2022 to $31.49 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The aerospace forging market is expected to reach $43.08 billion in 2027 at a CAGR of 8.2%.
The aerospace forging market includes revenues earned by entities by providing impression die forging (closed die), cold forging, open die forging, and seamless rolled ring forging services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Aerospace forging refers to the shaping and forming process that uses high pressure and temperature to make parts that are essential to the operation of airplanes. Aerospace forgings require higher levels of precision and quality than standard mechanical products.
North America was the largest region in the aerospace forging market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the aerospace forging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The materials of aerospace forging are aluminum, steel, titanium, and others.Aluminum refers to a silvery-white, lightweight metal.
The aircraft involved are commercial, military, and others that use aerospace forging for rotors, turbine discs, shafts, fan cases, and others.
An increase in global air passenger traffic is expected to boost the growth of the aerospace forging market going forward.Air passenger traffic refers to the number of passengers that use the airport, to embark and disembark airplanes.
Aerospace forging is used for making essential components of aircraft engines.With the increase in air passenger traffic globally, commercial airlines are investing in the procurement of new aircraft that is in turn contributing to the demand for aerospace forging.
For instance, according to data from The International Air Transport Association, a Canada-based trade association of global airlines, in January 2023, total air passenger traffic rose 67.0% compared to January 2022. This includes a 32.7% increase in domestic air passenger traffic as of January 2023 in comparison to the previous year and a 104.0% increase in international traffic in January 2023 in comparison to the previous year. Therefore, an increase in global air passenger traffic is driving the growth of the aerospace forging market.
Partnerships and collaborations are the key trend gaining popularity in the aerospace forging market.Major companies operating in the aerospace forging market are undergoing partnerships and collaborations to sustain their position in the market.
For instance, in February 2023, Bharat Forge Limited, an India-based forging company, signed a contract with Paramount Group Inc., a US-based aerospace and technology company, for the development and production of composite rotor blades, mission systems, and store management systems for medium lift Helicopters. This partnership will concentrate on setting up an Indian "Centre of Excellence" for the design, development, and production of composite rotor blades, mission systems, and store management systems. All upcoming initiatives for both India and the rest of the world will be supported by this design and production cluster. Furthermore, in January 2023, General Atomics Aeronautical Systems Inc, a US-based company that develops advanced technology solutions for government and commercial applications partnered with Bharat Forge Limited, an India-based forging company to manufacture main landing gear components, subassemblies, and assemblies of remotely piloted aircraft. This partnership will boost both firms’ capabilities significantly and provide the Indian big unmanned aircraft industry a boost.
In December 2022, Forged Solutions Group, a US-based company providing forging solutions for advanced manufacturing acquired Continental Forge for an undisclosed amount.Through this acquisition, Forged Solutions Group aims to incorporate the best-in-class operational practices of Continental Forge and expand its operations in the sector.
Continental Forge is a US-based company offering aluminum forging for aerospace, defense, military, automotive and other sectors.
The countries covered in the aerospace forging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The aerospace forging market research report is one of a series of new reports that provides aerospace forging market statistics, including the aerospace forging industry global market size, regional shares, competitors with aerospace forging market share, detailed aerospace forging market segments, market trends, and opportunities, and any further data you may need to thrive in the aerospace forging industry. This aerospace forging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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