Global Aircraft Engine Forging Market Worth $3.26 Billion by 2028 – Huge Air Travel Demand for Military and Commercial Purposes – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The report “Aircraft Engine Forging Market Forecast to 2028 – Impact of COVID-19 and Global Analysis by Forging Type, Material Type, Application” has been added to from ResearchAndMarkets.com offer.

Global Aircraft Engine Forging Market is expected to reach US$3,260.7 million by 2028 from US$2,145.8 million in 2021; it is expected to grow at a CAGR of 6.2% from 2021 to 2028.

The global aviation industry is experiencing a huge demand for air travel for military and commercial purposes. This leads aircraft manufacturers to source the latest aircraft designs and models and adopt new and robust technologies. Therefore, the production of the next generation of aircraft is expected to be one of the major trends in the aviation industry in the future. The trend is expected to intensify over the period, leading to huge opportunities for the proliferation of aircraft component forging players.

The commercial aerospace industry is expected to prominently witness a boom in the production of single-aisle aircraft, large twin-aisle aircraft and next-generation jet engines. Next-generation jet engines use advanced metal powder alloys and nickel-based superalloys. These engines are an economic model of the aircraft, which helps to improve the fuel efficiency and performance of the aircraft.

For example, Airbus and Boeing received an order to manufacture 26,000 jet engines. The production of next-generation massive aircraft units will ultimately drive the market for aerospace components. Additionally, in 2019, Airbus and Dassault Aviation developed a Next Generation Fighter (NGF), which would replace existing jet fighters such as Spain’s F/A-18 Hornet and Dassault’s Rafale.

The impact of COVID-19 on the market

The European aerospace industry has started to witness airspace inefficiencies, business delays and a drop in the number of flights with the initial spread of COVID-19 in the region. Global passenger volume contracted by 60.5% and total infrastructure cost decreased by 45.4% in 2020, driving up unit costs. This drop in demand has had a strong impact on regional aircraft manufacturers, thus affecting aircraft engine manufacturers. For example, Safran manufactures aircraft engines under brands such as CFM International and LEAP. The company delivered 972 units in 2020 compared to 2,172 engines in 2019 (CFM engines and LEAP engines combined).

The EU aerospace industry is expected to recover gradually due to a slower economic recovery and the importance of international services. IATA estimates net state losses at around US$26.9 billion in the European region in 2020. However, in 2021 the region’s losses have improved significantly due to massive aircraft production by Airbus compared to 2020, which led aircraft engine manufacturers to supply adequate volumes. of engines. This ultimately boosted the Aircraft Engines Forging market players to experience revenue growth.

Industry segmentation

The global aero engine forging market has been segmented into five major regions: North America, Europe, APAC, Middle East & Africa and South America. In 2020, North America led the market, followed by Asia-Pacific and Europe respectively. The presence of well-established economies such as the United States and Canada, and the focus on the aerospace and defense sector are the major factors contributing to the growth of the engine forging market. planes in this region.

Due to the higher standard of living in North America, air travel is the most common means of transportation for domestic and international travel. Hence, the demand for commercial aircraft for passenger transport and cargo services is high in this region. Moreover, the United States is one of the most powerful nations in the world in terms of military and defense capabilities.

North America is also a hub for some of the largest aircraft and helicopter manufacturers in the world, such as Boeing, Textron, Gulfstream, Lockheed Martin, Northrop Grumman, Piper Aircraft Inc., Cirrus Design Corporation , Electric Aircraft Corporation and Bombardier. Thus, presence of large aircraft manufacturers and increasing production of commercial aircraft owing to growing demand for them are the two major factors supporting the growth of the aircraft engine forging market in this region .

Key players operating in the global aircraft engine forging market profiled in the market study include All Metals & Forge Group, ATI Metals, Doncasters Group Ltd, Farinia Group, Lisi Aerospace, Otto Fuchs GmbH, Pacific Forge Incorporated and Precision Castparts Corp.

Reasons to buy

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Aircraft Engine Forging Market

  • Highlights key business priorities to help companies realign their business strategies

  • The key findings and recommendations highlight crucial progressive industry trends in the Global Aircraft Engine Forging Market, thereby allowing players across the value chain to develop effective long term strategies

  • Develop/modify business expansion plans using substantial growth offering in both developed and emerging markets

  • Dive deep into the global market trends and outlook associated with the factors driving the market, as well as those hindering it

  • Improve the decision-making process by understanding the strategies that drive business interest with respect to customer products, segmentation, pricing and distribution

Profiled companies

  • All Metals and Forge Group

  • ATI

  • Doncaster Group Ltd.

  • Farinia Group

  • Lisi Aerospace

  • Otto Fuchs GmbH

  • Pacific Forge Incorporated

  • Precision Castparts Corp.

  • Saffron

  • VSMPO-AVISMA Corporation

For more information about this report visit https://www.researchandmarkets.com/r/ilom0j

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