Aerospace Cold Forging Market Size to exceed $5.5 Mn by 2025
Published Date: February 25, 2019
Aerospace Cold Forging Market size is estimated to exceed USD 5.5 million by 2025; according to a new research report by Global Market Insights, Inc.
Aerospace parts including airframes, nacelles and landing gear form a major share of production costs and require high degree of manufacturing accuracy. Cold forging process fulfills this demand of aerospace manufacturers by providing superior surface finish quality, high dimensional accuracy, and lower energy consumption. Additionally, cold forging is faster than other manufacturing processes and is suitable for high volume production required in aerospace parts.
Developments in forging processes including micro cold forging (MCF) enhances the life of forging dies and support aerospace cold forging market penetration. Forging dies are prone to mechanical failure owing to repeated contact with the workpiece, and replacement or repair can be costly and time-consuming. The MCF enhances the service life of the dies by providing a rapid reciprocating impact force to obtain the final shape of the component.
Stringent regulatory standards associated with the manufacturing of aviation components will support aerospace cold forging market expansion over study timeframe. Aviation regulations stress on high dimensional accuracy of aerospace components and cold forging process enables the component manufacturers to obtain it in an efficient manner. The International Aerospace Quality Group (IAQG) provides guidelines for designing and manufacturing of aerospace products through forging process. These standards ensure aircraft part manufacturers to follow specific production guidelines for maintaining quality of parts, thereby increasing overall efficiency and minimize material loss.
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Increasing aircraft production owing to proliferating air passenger traffic along with replacements of ageing aircraft fleet will boost the aerospace cold forging market penetration over the forecast timeframe. For instance, in April 2018, American Airlines announced the purchase of new 47 Boeing 787s aircraft for replacement of ageing widebody aircrafts. Additionally, in 2018, IATA forecasts that number of air passengers will reach to 7.8 billion in 2036 compared to 4 billion in 2018.
Increasing usage of composite materials in nacelles and airframe structure may hamper the market growth over the study timefame. The benefits offered by the composite materials including lower weight, improved fuel efficiency, and non-corrosive properties are further supporting their increased adoption till 2025. However, increasing developments and advancements in micro cold forging processes will provide a positive outlook for the industry expansion over the study timeframe.
Browse key industry insights spread across 300 pages with 380 market data tables & 9 figures & charts from the report, “Aerospace Cold Forgings Market Size, By Application (Landing Gear, Nacelle, Airframe), By Platform (Fixed Wing [Narrow Body, Wide Body, Regional Jets, Fighter Jets], Rotary Wing [Helicopter]) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
Based on application, airframe is expected to dominate the aerospace cold forging market share over the forecast timeframe. Increasing usage of materials including Aluminum, Titanium and Steel for manufacturing the component is boosting the segment share over the study timeframe. Moreover, higher accuracy required for titanium components further accelerates the market growth over the projected timeframe.
The narrow body aerospace cold forging market share will showcase significant growth over the forecast timeframe. This can be credited to increasing capacity of airline operators across the globe. Rising adoption of low-cost carriers along with benefits offered by these aircrafts including improved efficiency and lower initial cost further accelerates the business demand till 2025. For instance, in July 2018 Jet Airways ordered 75 Boeing 737 Max aircraft to meet ongoing demand.
North America aerospace cold forging market place will witness a significant growth owing to the concentration of multiple aircraft manufacturers across the region. The increasing demand for aircrafts owing to improving services offered by low cost carriers along with expanded network of routes served by multiple airliners are supporting the industry growth till 2025. Additionally, aircraft manufactures are expanding their manufacturing facilities for improving their market share by catering to the increasing demand. For instance, in January 2019, Airbus inaugurated its new manufacturing facility in the U.S. to fulfil the increasing demand for A220 aircrafts.
The key industry participants in the market place include Precision Castparts Corp., Arconic, Eramet Group, Scot Forge, and Vsmpo-Avisma Corporation. Partnerships and collaborations are among the prominent strategies adopted by industry participants to increase their market share. For instance, in July 2017, Vsmpo-Avisma Corporation announced the expansion of a partnership with Airbus to provide machined die forging components for landing gear fastening structure catering to the A350-900 aircraft.
Aerospace cold forging market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in kilo tons and revenue in USD thousand from 2013 to 2025, for the following segments:
- Landing gear
- Fixed Wing
- Narrow body
- Wide body
- Regional jets
- Fighter jets
- Rotary Wing
The above information has been provided on a regional and country basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
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