[195+ Pages Report] The global aerospace cold forgings market is set for rapid growth over the forecast period. In terms of revenue, the worldwide aerospace cold forgings market stood at around USD 3.75 Million in 2019 and is predicted to reach around USD 6.01 Million by 2026, growing at a CAGR of 7% during the forecast period 2020-2026.
Forging is the act of hammering or grinding metal into shape. Cold forged materials are forged below the recrystallization temperature. Cold forging is a manufacturing method for deforming materials into high-strength components. The cold forging process provides superior production precision, which is just what aerospace parts demand. Cold forged pieces are dimensionally accurate and need little or no finishing.
The increasing importance of structural dependability of aircraft coupled with the growing requirement of a high strength-to-weight ratio is anticipated to drive the global aerospace forgings market. The industry is being fueled by shifting trends toward efficient manufacturing practices, optimal material use, and reduced forging capacity. The aerospace industry makes extensive use of superior surface finish content and increased dimensional tolerances, which helps the industry expand. For example, 15 percent of the structural forgings on the Boeing 787 are made of titanium alloy, resulting in a lighter airframe and better fuel economy. Furthermore, the military spending and the need for advanced forgings for essential weapon systems will drive the industry's expansion. Advanced technology, such as efficient hydraulic forming (EHF) in hydraulic forging presses, minimize energy needs, improve accuracy, and lower costs, resulting in increased market penetration. Players in the industry are aggressively invested in R&D in order to increase their market share and streamline their business prospects. Weber Metals, for example, invested USD 180 million in an aerospace metal forging press in October 2018, and now offers multiple personalized forging solutions. Furthermore, Boeing awarded Bharat Forge a contract in April 2016 to manufacture Aluminum forged flap tracks for its Next-Generation 737 airplane.
The global aerospace cold forgings market is bifurcated into its product type, type, platform, aircraft, application, and regions. Based on the product type, the global market is divided into custom forging, catalog forging, and captive forging. Based on the type, the market is bifurcated into the rotary wing and fixed wing. Based on the platform category, the global market is divided into wide body, fighter jets, narrow body, regional jets, helicopter, and others. Based on the aircraft, the global market is divided into general aviation, commercial aviation, and military aviation. Based on the application, the market is bifurcated into the airframe, nacelle, and landing gear. The airframe category held a major portion in the application segment and is expected to continue this trend in the forecast period since shot peened forgings are used to extend the life of aluminum and steel components used in the aircraft's fuselage skin and wings. Because of their high strength, low density, and outstanding corrosion resistance, micro-alloy steel, titanium, and aluminum are used to make aircraft cold-forgings. The landing gear category in the application segment is anticipated to grow at a significant rate in the upcoming years. Because of their high ductility and optimal yield strength, cold-forged titanium alloys are used to make aircraft landing gear. For example, Kobe Steel, a Japanese steel manufacturer, produced large-dimension titanium forgings for use Airbus A350 XWB landing gear, a wide-body aircraft. Geographically, the global aerospace cold forgings market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
North America region dominated the global aerospace cold forgings market in 2019 and is anticipated to continue its dominance in the upcoming years. This is due to the growing corporate and commercial aviation industry in the country, which has the largest demand for aerospace and defense aircraft in the world. Furthermore, the rapid deployment of advanced industrial technologies and significant investment in research and development activities are expected to accelerate market growth. Many major industry players, including Precision Castparts Corp., Arconic, and Scot Forge would contribute to the market's continued growth. In addition, North America has seen a spike in aircraft deliveries in both commercial and defense applications over the last few years, which is expected to fuel the region's aerospace cold forgings industry.
In the forecast period, the Asia Pacific aerospace cold forgings market is expected to expand at a significant rate. The increased focus on the development of aircraft manufacturing facilities in the Asia Pacific region has contributed to the region's development. Government policies that encourage investment and a rising defense budget are fueling the market's development. The market's growth is projected to be fueled by the region's expanded commercial and military aircraft demand and acquisition programmes. The Boeing Company and the Commercial Aircraft Corporation of China, for example, formed a joint venture in December 2018 to develop the first 737 aircraft in China. Future commercial aircraft projects, such as the C919, the opening of Boeing and Airbus assembly plants in China, and the continuing transfer of OEM assembly plants in the region from Europe and North America are all expected to drive long-term demand for aerospace cold forgings in the region.
Europe aerospace cold forgings industry followed that of North America in 2019, but it is expected to develop at a healthy rate in the years ahead. The reason for this is the increased demand for aerospace batteries from core Airbus SE and ATR aircraft production facilities in Germany, the United Kingdom, France, and Italy. Leading manufacturers such as Eramet Group and Vsmpo-Avisma are also present in the market, which will fuel its expansion over the forecast period. Furthermore, UK officials' assurances that the UK will remain a member of the European Aviation Safety Agency would have no impact on the BREXIT contract reassured UK-based manufacturers. Brazil and Mexico dominate the Latin American Aerospace Cold Forgings market, with Brazil becoming the main consumer. Despite its small size, the Middle East and Africa aerospace market is expected to grow rapidly due to airplane manufacturers' ambitious plans to open new bases in the region and its strategic location.
Some of the key players in the aerospace cold forgings market are Eramet Group, Bharat Forge, Vsmpo-Avisma, ATI Metal, Ace Forge Pvt. Ltd., Hadee Forgings Pvt. Ltd., Rostec State Corp., Arconic, Scot Forge, Precision Castparts Corp, Shaanxi Hongyuan Aviation Forging Co Ltd, Berkshire Hathaway Inc., STS Intelli., and Nufast Ltd. among others.
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