December 16, 2022 05:36 ET | Source: The Insight Partners The Insight Partners
New York, Dec. 16, 2022 (GLOBE NEWSWIRE) -- According to The Insight Partners, "Aerospace Forging Market Size, Share, Growth, Trends and Forecasts to 2027 - Global Analysis and Forecasts by Material Type (Titanium, Stainless Steel, Aluminum Alloy, and Others); Aircraft Type (Fixed Wing and Rotary Wing); Application (Rotors, Turbine Disc, Shafts, Fan Case, and Others) and Geography”, the global aerospace forging market demand is influenced by significant rise in demand for aircraft deliveries and constantly changing aerospace manufacturing landscape. Asia Pacific is predicted to grow with the highest CAGR during the forecast period. Heavy Forging
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Global Aerospace Forging Market - Report Scope:
Global Aerospace Forging Market - Product Initiatives:
2019: Mettis Aerospace has inaugurated a new production facility in its domestic market. The facility is to commence the production of components with the help of automated machines in 2020
2018: Acronic revealed its advanced titanium alloy, named as called ARCONIC-THOR. This alloy is developed for higher temperature applications in the next generation aero engines and airframe structures.
2018: Bharat Forge entered into partnership with PTC to open a manufacturing plant in its domestic market. The company has inaugurated industry 4.0 center of excellence. The center is to assist the company in improving product quality, operational efficiency while building the foundation for AI and Machine learning.
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The aerospace forging market is experiencing a rise in both order intake and revenues. The aerospace forging market consists of some gigantic and international players across the globe, which invest huge amounts in delivering the most sophisticated products to their customers. To deliver advanced aircraft components, the engine manufacturers, landing gear manufacturers, and other component manufacturers are showing their interest in lightweight solutions using different materials. Their high inclination towards forging of aerospace components plays a vital role in accelerating the growth of aerospace forging.
In recent years, aerospace forging market has observed different product launch, partnership, as well as the inauguration of new facilities which would help the players to grow in the market. For instance, in 2019, Kalyani Strategic Systems Ltd. (KSSL) and IAI has signed an MoU for the establishment of maintenance center in Telangana (India). The center is meant for development, production, and sells of selected advanced air defense systems. Another initiative with respect to new product launch is undertaken by Otto Fuchs in the same year. In this, Schuler is awarded a contract from Otto Fuchs to supply 30,000-ton closed-die forging press. The presses are used to produce engine discs and aircraft landing gear.
The aviation industry is growing rapidly in terms of commercial air travel passengers. The increasing air travel has led several governments and airlines to invest significant amounts in the procurement of newer aircraft over the past few years. According to the International Air Transport Association (IATA), the global passenger count to reach 8.2 Bn by 2037. The civil aviation companies, regional aviation companies, and business aviation companies are increasing aircraft procurements.
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In 2018, North America was accounted for the largest share in the aerospace forging market, and the Asia Pacific is expected to be the fastest-growing region in the aerospace forging market. The entire aerospace forging industry is experiencing a remarkable rise in investments. The aerospace manufacturers in developed countries, as well as developing countries, are capitalizing significant amounts in the development of robust products with increased life span. The North American region consists of huge numbers of aerospace forging companies and coupling the count of forging companies with aerospace manufacturers have led the region to dominate the aerospace forging market heavily. The Asia Pacific is encompassed with countries such as China and India, which are constantly observing an increase in its aircraft production lines. More aircraft production units help in encouraging the business of aerospace forging.
Manufacturing of aircraft in the North America region is booming. Increasing disposable income, especially in the US and Canada, along with rising time constraints, has led the region to witness substantial growth in the aviation sector. The majority of air travelers is expected from the US market. Globalization and immigration are some of the factors which have positively impacted inbound and outbound air passenger traffic of the region. An ever-growing outlook on the air travels in the domestic as well as international arena positively impacts on the aerospace forging market as well. North America is a shelter for over 40% of the global helicopter fleet and therefore plans to purchase and replace existing fleet with new in coming few years. The region is proficient at catering the market requirement of aerospace. By replacing the existing fleets with new helicopters, growth opportunities for the business of aerospace forging would grow simultaneously.
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The major players profiled in the global Aerospace Forging market are Arconic Inc., All Metals & Forge Group, Bharat Forge Limited, Consolidated Industries, Inc., Farinia Group, Fountaintown Forge, Inc., Mettis Aerospace, Pacific Forge Incorporated, Somers Forge Ltd., and Victoria Drop Forgings Co. Ltd among others.
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