Aerospace Cold Forgings Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Netherlands, China, Japan, India, South Korea, Singapore, Australia, Brazil, Mexico, South Africa), 2019 – 2025
Report ID: GMI3081
Aerospace Cold Forgings Market size is expected to register significant gains in the coming years driven by strong outlook from the military and commercial aviation industry along with increasing demand for cost efficient aircraft. Shifting trends towards efficient manufacturing processes, reduction of forging energy, and optimum material utilization are boosting the aerospace cold forgings market share over the projected timeframe.
Cold forging ensures superior surface finish quality along with improved level of dimensional accuracy that enhances the overall product penetration till 2025. The expansion of commercial and defense sector is anticipated to witness robust growth during the forecast timeframe. Furthermore, rising defense spending across the globe is anticipated to significantly contribute towards the aerospace cold forgings market expansion over the study timeframe.
The future trends in market place imply an increasing tool, part and process complexity that may hamper the industry growth till 2025. The factors including requirement for higher reproducibility, precision, cost, and time in cold forging processes may further limit the aerospace cold forgings market penetration over the forecast timeframe.
Industry participants are continuously investing in R&D for streamlining their business operations and expand their market share over the study timeframe. For instance, in October 2018, Weber Metals invested over USD 180 million in aviation metal forging press to develop multiple customized forging solutions for aerospace applications. Additionally, in April 2014, SQuAD Forging set up a 10 thousand ton capacity hydraulic forging press for carrying out forging operations of large aircrafts, thereby positively influencing the revenue generation.
Stringent standards associated with the aviation industry are providing a positive outlook for the market proliferation. For instance, aviation regulations including the International Aerospace Quality Group (IAQG) standards directs specific guidelines in terms of design characteristics, application and products manufactured through forging. These standards ensure manufacturers follow definitive production and manufacturing processes that contributes significantly towards increasing the overall production efficiency and minimizes material loses, thereby propelling the aerospace cold forgings market share till 2025.
Based on application, the cold forgings market place is segmented into landing gear, nacelle component, and airframe. Landing gears will account for a significant share in the aerospace cold forgings market place owing to increasing aircraft production across the globe. Moreover, the stringent regulations mandating the replacement of landing gears for ageing fleet is further supporting the industry expansion till 2025.
North America is expected to contribute significantly towards the aerospace cold forgings market size. This dominance is attributed to the existence of multiple aircraft manufacturers focusing on introducing efficient and advanced flights, catering to growing air traffic demand. Further, the proliferating military expenditure along with increasing adoption of light weight aircrafts for varied operations are further expanding the market share till 2025. Industry participants are engaged in mergers and acquisitions for expanding their business operations and improving market share. For instance, in July 2015, Precision Castparts Corp. acquired Noranco for expanding its product portfolio and cater to a wide customer base.
Asia Pacific, led by China, India, and Japan is anticipated to witness steady growth over the forecast timeframe. Rising demand for commercial aircrafts along with increasing number of low-cost carriers are anticipated to boost the market demand. Increasing population along with better business profitability are among the major factors influencing the overall aerospace cold forgings market demand till 2025.
Few of the key players operating in the aerospace cold forgings market place include Arconic, Precision Castparts Corp, Eramet Group, VSMPO-AVISMA and Scot Forge. Industry participants are engaged in strategic mergers and acquisition for enhancing their product portfolio. For instance, in December 2014, Alcoa announced an acquisition of TITAL for expanding its product portfolio with a wide range of titanium aerospace products, thereby increasing its market share.
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