Aerospace Cold Forgings Market Size
Aerospace Cold Forgings Market Size was pegged at over USD 2.5 million in 2020 and is expected to record a CAGR of over 8.3% during 2021 to 2027.
The growing demand for an elevated strength-to-weight ratio and high aircraft structural reliability are few of the determinants fuelling the market expansion over the forecast period.
To obtain key market trends
Growing penchant of aircraft producers to use aerospace components with precise dimensional tolerances and high surface finish is driving the aerospace cold forgings market growth over the forecast period. Growing use of cost-effective materials to achieve high-strength cold-forged products will boost the market value. Moreover, the removal of heat treatment procedures such as hardening & tempering will increase the production cycle time positively, further boosting efficiency in operations. The rising requirement of lowering the level of aircraft emissions and improving the fuel-efficiency will continue to drive the growth of the industry.
However, the increasing application of composite materials in the manufacturing of aircraft is threatening the industry. In addition, the pandemic of COVID-19 disease has devastated the market. With the decline in passenger air traffic and suspended freight activities, demand for new aircraft declined, thus leading to lowered usage of cold forging products. Yet, a year after the crisis forced the industry to a standstill, demand is likely to be giving displays of revival and the market will have a lot of pace in years to come.
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Aerospace Cold Forgings Market Report Attributes
Report Attribute Details
Base Year 2020
Aerospace Cold Forgings Market Size in 2020
2.59 Million (USD)
Forecast Period
2021 to 2027
Forecast Period 2021 to 2027 CAGR
8.3%
2027 Value Projection
4.98 Million (USD)
Historical Data for
2017 to 2020
No. of Pages
220
Tables, Charts & Figures
210
Segments covered
Platform, Application
Growth Drivers
Increasing demand in commercial and defense aerospace
Technological advancements and joint ventures
Growing air passenger traffic
Increasing presence of low-cost carriers
Rising tourism coupled with increasing regional jet demand
Pitfalls & Challenges
Growing usage of composite materials
What are the opportunities for growth in this market?
Aerospace Cold Forgings Market Analysis
The fixed-wing platform segment will dominate 80% of the aerospace cold forgings market share by 2027. The development of new air travel destinations combined with rising air connectivity routes will heavily drive the demand for fixed-wing aircraft. The cost-effectiveness and high strength of cold-forged aircraft parts along with their rising application in the structure will largely contribute towards enhanced service life and durability.
The rising use of helicopters for air rescue operations and law enforcement is offering potential opportunities for the growth of the industry. The deepening penetration of sophisticated helicopters and the booming orders & sales will drive the industry value.
Find out more about the most influential segments driving this market
The landing gear segment in the aerospace cold forgings industry crossed USD 1 million in 2020 with the rising aircraft production and rising air carrier deliveries. High stiffness, fatigue, and toughness provided by cold forged landing gears create favorable growth opportunities for the segment in the forecast period. The primary structural part of landing gear includes brace, strut, truck beam, link, and trunnion, which are primarily produced through the forging process.
Find out more on the prominent segments driving this industry
The European aerospace cold forgings industry will create demand for more than 600 kilo tons through 2027 as a result of increased developments in the country’s advanced manufacturing technologies. The European aircraft production sector is aided by various investors, including Aviation Capital Ventures PLC, which invest in the R&D and growth of the business. The EASA is aiding the commercial aircraft industry demand through an arrangement of funding for R&D to enhance & preserve the global technological superiority. Continuous capital inflows & robust financial backing assure the growth of the aircraft industry, impacting market revenue.
Middle East & Africa market will experience approximately 7% growth rate up to 2027 driven by the rising aircraft deliveries as well as the increasing demand for low-cost carriers. Strong economic growth along with increasing disposable income is fueling the air traffic. The rising demand for the use of composite-structured aircraft is driving the industry growth.
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Aerospace Cold Forgings Market Share
Prominent companies functioning in the aerospace cold forgings market are
- Precision Castparts Corp.
- Eramet
- Scot Forge
- ATI Metal
- Bharat Forge
- VSMPO-AVISMA Corporation
- Arconic
- Shaanxi Hongyuan Aviation Forging Co., Ltd.
These major market participants are involved in several strategic initiatives to gain a competitive edge over other manufacturers and to improve business profitability. Key initiatives include mergers, acquisitions, product launches, partnerships, geographical expansion, production capacity expansion, and others
