Aerospace Metal Closed-die Forging Market

Market outlook: 

Market Outlook:

The Aerospace Metal Closed-die Forging market is poised for strong growth and is forecast to grow from $80.9 billion in 2023 to $158.2 billion by 2032, reflecting a compound annual growth rate (CAGR) of approximately 8.63%. The expansion is driven by growing demand for lightweight and durable components used in aerospace, as well as advances in forging technology that increase efficiency and precision. As the aerospace industry continues to innovate and expand globally, particularly in emerging markets, the aerospace metal forging market is expected to continue to grow, providing significant opportunities for industries across the value chain. 

Rising awareness of climate change and public sector investment in renewable energy sources, particularly wind and hydropower, are projected to increase demand for forged components. Therefore, this investment is expected to increase the demand for the products during the forecast period.

Aerospace Metal Closed-die Forging Market

Size, by Product, - (USD Billion)

Titanium Alloys

Aluminum Alloys

Steel Alloys

Others

Other Products

The Market will Grow

At the CAGR of:

8.63%

The Forecast Market

Size for in USD:

$158.2 billion

Key players:

1. Precision Castparts Corp.
2. Arconic Inc.
3. Allegheny Technologies Incorporated
4. Bharat Forge Ltd.
5. Eramet Group
6. VSMPO-AVISMA Corporation
7. ATI
8. Otto Fuchs KG
9. LISI Aerospace
10. Consolidated Precision Products Corp.
11. Doncasters Group Ltd.
12. Farinia Group
13. Metaldyne Performance Group Inc.
14. Fountaine Forge Inc.
15. Pacific Forge Incorporated
16. Scot Forge
17. SIFCO Industries Inc.
18. Bharat Forge CDP
19. Weber Metals Inc.
20. FRISA

Recent Developments:

VANDERGRIFT, Pa., April 11, 2024 - ATI Inc. celebrated completion of its expansion at Vandergrift Operations – the most advanced materials finishing operations of its kind – at an event attended by government and community leaders. The Vandergrift expansion is significant to ATI's transformation of Specialty Rolled Products to be a leader in high quality titanium and nickel-based alloys.

January 17, 2024: Bharat Forge, a Pune-based multinational conglomerate and a frontrunner in sustainable development, is proud to announce a monumental initiative that marks a transformative journey for Bharat. Spearheading the sustainable metamorphosis of 100 villages in Maharashtra, Bharat Forge stands at the forefront of a visionary movement towards holistic community empowerment.

Aerospace Metal Closed-die Forging Market

Share, by end user, (USD Billion)

80.9 billion%

Commercial Aviation

Military Aviation

Spacecraft

Others

Other End-Users

158.2 billion

Total Market Size

USD (Billion),

8.63%

CAGR

-

Market segmentation:

By Type:

• Titanium Alloys: Forgings made from titanium alloys, known for their high strength-to-weight ratio and corrosion resistance.
• Aluminum Alloys: Forgings using aluminum alloys, valued for their lightweight properties and ease of machining.
• Steel Alloys: Forgings from various steel alloys, offering robustness and reliability in demanding aerospace applications.
• Others: Includes specialty alloys or emerging materials tailored for specific performance requirements.

By Application:

• Engine Components: Forgings used in critical engine parts such as turbine blades, shafts, and casings.
• Landing Gear Components: Forgings for landing gear struts, wheels, and related structural components.
• Airframe Components: Forgings utilized in fuselage structures, wings, and other aircraft body parts.
• Others: Various specialized components like gearbox housings, wing ribs, and structural reinforcements.

By End User:

• Commercial Aviation: Airlines and operators utilizing forged components in passenger and cargo aircraft.
• Military Aviation: Armed forces and defense contractors employing forged parts in military aircraft and helicopters.
• Spacecraft: Components used in satellites, launch vehicles, and space exploration missions.
• Others: Includes niche applications such as unmanned aerial vehicles (UAVs) and private aviation sectors.

Regional Analysis:

North America stands out as the most dominant region in the Aerospace Metal Closed Die Forging market. This leadership position is reinforced by a strong aerospace industry characterized by leading OEMs, extensive research and development facilities and advanced manufacturing infrastructure. The region benefits from a strong presence of key players involved in forging technologies and materials, serving various applications in commercial aviation, military defense and space exploration. With a focus on innovation and rigorous quality standards, North America continues to lead the way in aerospace metal forging, securing a central role in shaping the global aerospace landscape.

Aerospace Metal Closed-die Forging Market

Size, by Product, - (USD Billion)

The Market will Grow

At the CAGR of:

8.63%

The Forecast Market

Size for in USD:

$158.2 billion

Value Chain Analysis:

Value chain analysis identifies key stages and participants in the production and distribution of goods and services. Here are the key components in the Aerospace Metal Closed-die Forging Market value chain:

• Raw Material Suppliers
• Forging Equipment Manufacturers
• Aerospace Metal Forging Companies
• Aerospace OEMs (Original Equipment Manufacturers)
• Tier 1 Suppliers
• Distributors and Resellers
• End Users (Airlines, Military, Space Agencies)
• Maintenance, Repair, and Overhaul (MRO) Providers

Porter’s Analysis:

1.Threat of new entrants: High barriers to entry, including significant capital investment in advanced equipment and technology, strict regulatory requirements, and the need for specialized knowledge of aerospace materials and manufacturing processes discourage new entrants.

2.Bargaining Power of Suppliers: Suppliers of aerospace metals and forging equipment have significant power due to their unique nature and limited options. This can affect the prices and availability of critical inputs.

3.Bargaining Power of Buyers: Buyers such as aerospace OEMs and airlines often have significant bargaining power due to volume purchases and the critical nature of counterfeit components. This may affect prices and contract terms.

4.Threat of Substitute: Risk of substitutions is relatively low due to the unique characteristics and strict performance requirements of aerospace forged components. Replacement parts generally do not meet the same standards of strength, reliability and weight efficiency.

5.Industry Competition: The Aerospace Metal Closed Die Forging market is characterized by stiff competition among the existing players. Key factors include technological innovation, quality assurance, global reach and strategic partnerships that drive continuous improvement and differentiation from competitors.

Key Benefits to Stakeholders:

• Aerospace Metal Closed-die Forging Market analysis includes in-depth information on major industry players.
• Porter's five forces analysis helps to analyze the potential of buyers and suppliers and the competitive situation of the industry in strategy formulation.
• The report includes an in-depth analysis of the Aerospace Metal Closed-die Forging Market forecast from 2024 to 2032.
• The report highlights the current global chlorine dioxide trends and the future scenario of the Aerospace Metal Closed-die Forging Market from 2024 to 2032 to understand prevailing opportunities and potential investment pockets.
• Key drivers, restraints, and opportunities along with their detailed impact analysis are explained in the Aerospace Metal Closed-die Forging Market study.

Key Market Drivers:

• Demand for lightweight materials: Lightweight forged components are gaining popularity to improve aircraft fuel efficiency and performance.
• Growth in the aerospace industry: Increase in global air travel, defense spending and space exploration are increasing the demand for advanced forged parts.
• Technological Advances: Innovations in forging techniques and materials that improve strength, durability and manufacturing efficiency.
• Strategic Partnerships: Collaboration between aerospace OEMs and forging companies to develop customized solutions and simplify supply chains.
• Strict safety requirements: Compliance with strict regulatory standards for aircraft safety, reliability and performance.

Key Trends:

• Movement towards titanium alloys: The use of titanium alloys is increasing due to their high strength-to-weight ratio and corrosion resistance.
• Digitization and Automation: Integrating digital technology and automation into forging processes to increase accuracy and reduce production costs.
• Sustainable practices: emphasis is placed on sustainable production practices and material recycling to reduce environmental impact.
• The Rise of Additive Manufacturing: Exploring additive manufacturing (3D printing) to produce complex forged components with less material loss.
• Market consolidation: Mergers, acquisitions and strategic alliances between major players to strengthen market position and expand global footprint.

Aerospace Metal Closed-die Forging Market TO (USD BN)

CAGR OF

8.63%

Aerospace Metal Closed-die Forging Market

158.2 billion%

Key Restraints:

• High initial investment: Significant capital requirements for advanced forging equipment and technology, which limits the entry of new players.
• Supply chain disruptions: vulnerability to supply chain disruptions, including raw materials and geopolitical tensions affecting global trade.
• Quality Assurance Challenges: Ensuring consistent quality and meeting strict aerospace industry standards in high-volume production.
• Raw material price volatility: Fluctuations in aerospace metal prices affect production costs and profit margins.
• Regulatory Compliance: Complying with complex regulatory requirements in various fields that increase the complexity and cost of operations.

Conclusion:

The aerospace metal closed forging market is poised for strong growth and is projected to nearly double from $80.9 billion in 2023 to $158.2 billion by 2032, at a CAGR of approximately 8.63%. This expansion is driven by the growing demand for lightweight and durable components in the aerospace industry and advances in forging technology that increase efficiency and precision. North America leads the market with strong industrial infrastructure and technological know-how. Key trends include the introduction of titanium alloys, digitization of production and sustainability initiatives. However, challenges such as large initial investments and supply chain vulnerabilities require strategic management. Overall, the market offers significant opportunities across its diverse value chain for stakeholders looking to capitalize on the growth of the aerospace industry.