According to The Insight Partners study on “Aircraft Engine Forging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product Type, Ammunition, Accessories, and Geography,” the market is projected 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.
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North America has experienced a rise in demand for aircraft engines due to the early and rapid adoption of technologically advanced airplane engines. The booming aerospace and defense aviation business in the region encourages aircraft engine manufacturers to provide technologically innovative and efficient products for various aircraft types. The aircraft engine industry in North America is likely to be driven by rising 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 rise in air traffic across the world is leading to an increase in demand for commercial aircraft. Aircraft manufacturers have increased their rate of production of commercial aircraft and helicopters over the years. According to General Aviation Manufacturers Association, the US alone manufactured 709 helicopters and 1,555 airplanes in 2020. As per an official delivery report by Boeing, it delivered 302 planes from January to November 2021 to 36 clients, ranging from Aeroflot to WestJet. Similarly, from January through November 2021, Airbus supplied 518 planes to 80 different clients. Airbus and Boeing both experienced large aircraft orders during the Dubai Airshow. Such rise in the manufacturing of aircraft is supporting the aircraft engine forging market growth.
Impact of COVID-19 Pandemic on Aircraft Engine Forging Market
The US has witnessed the most severe impact of COVID-19 in 2020 and 2021. The aircraft engine manufacturers and engine component manufacturers in the country were affected due to nationwide lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The massive outbreak of the virus has created both a health crisis and an economic crisis in the US. It has led to major disruptions in the aerospace industry, impacting everything from supply chain and manufacturing to product sales. The pandemic has directly and indirectly impacted the industry’s short term 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 bifurcated into closed die forging and seamless rolled ring forging. Based on material type, the market is subsegmented into nickel alloys and titanium alloys. Based on end user, the market is further segmented into fan case, combustion chamber outer case, turbine disc, rotors, and others. On the basis of geography, the aircraft engine forging market size is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & 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 among the key players that are profiled during the study of 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 among the key players in the global Aircraft Engine Forging market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing 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 a US private equity firm Arlington Capital Partners and its UK Fabrications business to Radius Aerospace.
In 2018, LISI Aerospace developed “hot dies” forging technology at its Forges de Bologne plant. This new concept helps to maintain the productivity of conventional forging while achieving a metallurgical quality close to that of isothermal forgings i.e., forging installation operating at 1,250/1,300°C, in terms of microstructure homogeneity and external health of the parts.
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