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What Is The Aerospace Forging Market Size Analysis and Forecasts?
The aerospace forging market size has shown substantial growth in recent years. It is forecasted to surge from $33.71 billion in 2024 to $36.32 billion in 2025, tracing a compound annual growth rate (CAGR) of 7.7%. This growth has been driven by factors such as military modernization programs, stringent safety standards, increased focus on fuel efficiency, global expansion of air cargo services, and a rise in commercial air travel.
Strong growth in the aerospace forging market is projected to continue over the next few years, with an expected market size of $49.66 billion by 2029, trading a CAGR of 8.1%. Key contributing factors include rising demand for next-generation aircraft, rapid growth in unmanned aerial vehicles (UAVs), development of supersonic and hypersonic aircraft, and globalization of aerospace supply chains. Key market trends include technological advancements in forging processes, growing demand for lightweight components, and increased focus on sustainable and eco-friendly practices.
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What Are The Key Growth Drivers for Aerospace Forging Market?
The aerospace forging market’s growth has been largely supported by the increased aircraft production. The fabrication of planes and components such as propulsion systems and avionics involves various forged components, which, due to their increased durability and strength, are ideal for a range of aerospace applications. An example of this growth was seen in January 2023, when Airbus SE, a Netherlands-based aerospace company, reportedly delivered 661 commercial aircraft to 84 different customers in 2022, marking an 8% increase from the previous year.
What Are the Key Segments Within the Global Aerospace Forging Market?
The aerospace forging market report includes the following segments:
1) By Material: Aluminum, Steel, Titanium, Other Materials
2) By Aircraft: Commercial, Military, Other Aircraft
3) By Application: Rotors, Turbine Disc, Shafts, Fan Case, Other Applications
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Who Are The Key Players in the Aerospace Forging Market?
Key companies operating in the aerospace forging market include Arconic Corporation, Bharat Forge Limited, Scot Forge Company, Larsen & Toubro Ltd., Jiangyin Hengrun Heavy Industries Co. Ltd. , Consolidated Industries Inc., Somers Forge Ltd, Pacific Forge Inc, Precision Castparts Corporation, and many others.
What Trends Are Emerging in the Aerospace Forging Market?
Major companies in the aerospace forging market are developing strategic partnerships to meet the increasing demands of the aerospace industry. These collaborations aim to develop new technologies and alloys that cater to the industry’s increasing demand for lighter, stronger, and heat-resistant materials and forged parts.
How Is the Regional Distribution of Aerospace Forging Market?
North America was the largest region in the aerospace forging market in 2024. However, Asia-Pacific is predicted to be the fastest-growing region during the forecast period. Other regions covered include Western Europe, Eastern Europe, South America, the Middle East, and Africa.
What Does The Aerospace Forging Global Market Report 2025 Offer?
The Aerospace Forging Global Market Report 2025 from The Business Research Company offers a comprehensive view of the global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
The aerospace forging process, which shapes and forms parts crucial to airplanes’ functioning under high pressure and temperature, is characterized by higher precision and quality than those seen in standard mechanical products. These unique qualities make the Aerospace Forging Global Market Report 2025 an invaluable tool for industry players. Purchase the exclusive report now to unlock valuable market insights: https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=10104
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