Aerospace Cold Forgings Market Size & Share 2021 to 2027
Market Size by Platform (Rotary Wing {Helicopters}, Fixed Wing {Narrow body, Widebody, Regional Jets, Fighter Jets}), by Application (Airframe, Nacelle, Landing Gear) & Forecast.
Report ID: GMI3081
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Published Date: August 2021
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Report Format: PDF
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Authors:
Suraj Gujar, Partha Paul
Aerospace Cold Forgings Market Size
Aerospace Cold Forgings Market Size was valued at over USD 2.5 million in 2020 and is anticipated to grow at a CAGR of more than 8.3% from 2021 to 2027. The rising need for a high strength-to-weight ratio and robust aircraft structural dependability are some of the factors driving the market growth during the forecast timeline.
Increasing preference of aircraft manufacturers to utilize aerospace components offering close dimensional tolerances and high surface finish is propelling the aerospace cold forgings market expansion during the forecast timeframe. Surging utilization of cost-efficient materials to obtain high-strength cold-forged products will escalate the market value. Additionally, the elimination of heat treatment processes including hardening & tempering will positively impact the production cycle time, further enhancing operational efficiency. The increasing need to reduce aircraft emission levels and to enhance fuel-efficiency will further foster the industry growth.
On the other hand, the growing usage of composite materials in aircraft manufacturing is posing threats to the industry. Moreover, the market has been devasted by the outbreak of COVID-19 disease. With the downfall in the passenger air traffic and halted freight operations, the demand for new aircraft took a dip, resulting in the reduced consumption of cold forging products. However, a year after the crisis brought the industry to a halt, the demand is expected to showcase signs of recovery and the market will gain substantial momentum in the coming years.
Aerospace Cold Forgings Market Analysis
The fixed-wing platform segment will account for 80% of the aerospace cold forgings market share by 2027. The introduction of new air travel destinations coupled with increasing air connectivity routes will significantly escalate the demand for fixed-wing aircraft. The cost-efficiency and high strength of cold-forged aircraft components along with their surging usage in the structure will prominently contribute toward improved service life and durability.
The increasing deployment of helicopters for aerial rescue missions and law enforcement is providing potential opportunities for the industry expansion. The growing penetration of advanced helicopters coupled with the surging orders & sales will fuel the industry value.
The landing gear segment in the aerospace cold forgings market exceeded USD 1 million in 2020 led by the surging aircraft production and increased air carrier deliveries. Cold forged landing gears offering high stiffness, fatigue resistance, and toughness provide positive growth prospects for the segment during the forecast timeline. The major structural component of landing gear consists of brace, strut, truck beam, link, and trunnion, which are mostly manufactured by the forging process.
Europe aerospace cold forgings market will generate a demand for over 600 kilo tons by 2027 due to the development of advanced manufacturing technologies in the region. The European aircraft manufacturing industry is supported by numerous investors, such as Aviation Capital Ventures PLC, that invest in the R&D and expansion of the business. The EASA supports the commercial aircraft industry demand with a provision of funding for R&D to strengthen & maintain the global technological leadership. Constant capital flows and strong financial support are enhancing the aircraft industry, influencing the market revenue.
Middle East & Africa market will witness around 7% growth rate through 2027 impelled by the increasing aircraft deliveries along with growing preference for low-cost carriers. Robust economic growth coupled with rising disposable income is accelerating the air traffic. The growing demand for the incorporation of composite-structured aircraft is boosting the industry progression.
Aerospace Cold Forgings Market Share
Prominent companies functioning in the aerospace cold forgings market are
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.
The Aerospace Cold Forgings Market research report includes in-depth coverage of the industry with estimates & forecasts in terms of volume in kilo tons and revenue in terms of USD Thousand from 2017 to 2027 for the following segments:
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Market, by Platform
Market, by Application
The above information is provided on a regional and country basis for the following:
Research methodology, data sources & validation process
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Our 6-step research process
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