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Aircraft Forging Market is Forecast to Reach US$ 28 Billion in 2028, Says Stratview Research
https://www.stratviewresearch.com/Request-Sample/3520/aircraft-forging-market.html#form
The market is segmented based on process type, application type, component size type, material type, end , and .
Stratview has first segmented the aircraft forging market in terms of aircraft type (commercial aircraft, regional aircraft, helicopter, military aircraft, and general aviation). The commercial aircraft segment is driven by increasing passenger demand, fleet modernization, and fuel efficiency. Emerging markets, particularly in Asia-Pacific and the Middle East , are experiencing significant growth in air travel. A rise in the production rates of various commercial aircraft is anticipated to boost market demand in the coming years. Boeing, in its recent outlook (2022-2041), predicted that there would be deliveries of about 41,170 commercial and regional aircraft over the next twenty years, averaging over 2,059 aircraft each year. This growth leads to higher demand for commercial aircraft, which, in turn, will drive the demand for forged components.
The aircraft forging market is segmented into open/ring-die forging and closed-die forging. Closed-die forging produces components with exceptional strength. The compressive forces applied during the forging process realign the metal's grain structure, improving its mechanical properties and ensuring high performance in demanding aerospace applications. Closed-die forging minimizes material waste and is used to manufacture cost-effective components.
The aircraft forging market is segmented into engine and airframe. Due to the critical nature of engine components and the continuous advancements in engine technology, the engine segment maintains significant dominance in the aircraft forging market. Strength, precision, and reliability offered by forged components are crucial for achieving optimal engine performance and meeting the demanding requirements of modern aircraft engines. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in 2023, despite supply chain disruption, these factors will result in healthy growth of the engine segment in the market.
The market is segmented into nickel, titanium, stainless steel, aluminum, and others. due to the extensive use of nickel-based alloys in the manufacturing of critical aerospace components. Their high-temperature performance, corrosion resistance, strength, and fatigue resistance make them indispensable for ensuring the reliability, performance, and safety of aircraft structures and engine systems.
The market is segmented into OE and aftermarket. Increasing aircraft production rates of important aircraft programs like the B737 and A320 families, entry of new players in the market such as COMAC, and upcoming aircraft programs are a few of the factors propelling the growth of the OE segment.
https://www.stratviewresearch.com/Request-Sample/3520/aircraft-forging-market.html#form
The report suggests that during the forecast period.
This growth is majorly attributed to the following –
- Various significant aircraft manufacturers, such as Boeing, as well as various engine manufacturers, including General Electric and Pratt & Whitney, are based in North America .
- Most of the aircraft forged parts suppliers have their presence in the region to address the emergent needs of OEMs and to be the partners for their fuel-efficient versions of existing programs.
Some of the key drivers listed in the report are given below.
- The growing demand for commercial and military aircraft worldwide.
- The expected increase in the production rate of key programs (A320neo, B737 Max, A220, B787, and A350XWB).
- The introduction of new aircraft programs (C919, MC-21, B777x, etc.).
- Increasing investments in high-performance components.
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The market is fairly populated with the presence of several regional and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc. The following are the key players in the aircraft forging market. Aircraft forging manufacturers face intense competition and strive to differentiate their products by offering advanced features and improved performance.
Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers to take convincing business decisions.
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