Aircraft Engine Forging Market Revenue To Exceed $3,260.77 Million By 2028: The Insight Partners
NEW YORK, UNITED STATES, Feb. 9, 2022 /EINPresswire.com/ — According to Insight Partners’ study on “Aviation Engine Forging Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – By Product Type, Ammunition, Accessories and Geography”, the market is expected to reach US$3,260.77 million by 2028 from US$2,145.80 million in 2021; it is expected to grow at a CAGR of 6.2% from 2021 to 2028.
Report Cover Details
Market size value in 2,145.80 million US$ in 2021
Market size value of US$3,260.77 million by 2028
CAGR growth rate of 6.2% from 2021 to 2028
Forecast period 2021-2028
Base year 2021
Number of pages 175
Number of graphs and figures 72
Historical data available Yes
Segments Covered Forging Type, Material Type, Application
Regional scope North America; Europe; Asia Pacific; Latin America; AEM
Countries Covered USA, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends
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North America has seen an increase in demand for aero engines due to the early and rapid adoption of technologically advanced aero engines. The rise of aerospace and defense aviation in the region encourages aircraft engine manufacturers to provide technologically innovative and efficient products for different types of aircraft. The aircraft engine industry in North America is expected to be boosted by the growing demand for these engines and the presence of several major competitors, including General Electric Company, Honeywell International Inc., Collins Aerospace and Pratt & Whitney. These companies undertake vigorous R&D activities to expand their product lines and manufacture aircraft engines with technologically improved systems, subsystems and other components.
The increase in air traffic around the world leads to an increase in the demand for commercial aircraft. Aircraft manufacturers have increased their rate of production of commercial aircraft and helicopters over the years. According to the General Aviation Manufacturers Association, the United States alone manufactured 709 helicopters and 1,555 planes in 2020. According to an official Boeing delivery report, it delivered 302 planes from January to November 2021 to 36 customers, ranging from ‘Aeroflot at WestJet. Similarly, from January to November 2021, Airbus supplied 518 aircraft to 80 different customers. Airbus and Boeing both booked large aircraft orders at the Dubai Airshow. Such an increase in aircraft manufacturing is supporting the growth of the aircraft engine market.
Impact of the COVID-19 Pandemic on the Aircraft Engine Forging Market
The United States has seen the most severe impact of COVID-19 in 2020 and 2021. Aircraft engine manufacturers and engine component manufacturers in the country have been affected due to shutdowns and travel restrictions in nationwide, the closure of production facilities and the shortage of employees. The massive outbreak of the virus has created both a health crisis and an economic crisis in the United States. This has caused major disruptions in the aerospace industry, affecting everything from supply chain and manufacturing to product sales. The pandemic has had a direct and indirect impact on the industry’s short and long-term strategies.
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The aircraft engine forging market is segmented on the basis of forging type, material type, end user, and geography. Based on type, the aircraft engine forging market is divided into closed die forging and seamless rolled ring forging. Based on material type, the market is sub-segmented into nickel alloys and titanium alloys. Based on end user, the market is further segmented into fan housing, combustor outer housing, turbine disc, rotors and others. Based on geography, the Aircraft Engine Forging market size is majorly segmented into North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South and Central America. All Metals & Forge Group, ATI Metals, Doncasters Group Ltd, Farinia Group, Lisi Aerospace, Otto Fuchs GmbH, Pacific Forge Incorporated and Precision Castparts Corp. are some of the key players profiled while studying the Aircraft Engine Forging market.
Aircraft Engine Forging Market: Competitive Landscape and Key Developments
All Metals and Forge Group, ATI, Doncaster Group Ltd, Farinia Group, Lisi Aerospace, Otto Fuchs GmbH, Pacific Forge Incorporated, Precision Castparts Corp., Safran, VSMPO-AVISMA Corporation are some of the major players in the global engine forging market planes. Leading companies are focusing on expanding and diversifying their market presence and acquiring new customer base, thereby exploiting existing business opportunities.
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In 2019 Doncasters sold its two businesses with operations in Sheffield, Shrewsbury and Blaenavon. Blaenavon Forgings is sold to US private equity firm Arlington Capital Partners and its UK manufacturing business to Radius Aerospace.
In 2018, LISI Aerospace developed “hot die” forging technology in its Forges de Bologna plant. This new concept makes it possible to maintain the productivity of the conventional forge while obtaining a metallurgical quality close to that of isothermal forges, i.e. a forge installation operating at 1250/1300°C, in terms of the homogeneity of the microstructure and external health of parts.
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