19-Apr-2021 | Facts and Factors
The Global Aerospace Cold Forgings Market Is Fueled By Growing Technical Advances In The Aerospace Industry, Increased Aircraft Demand, And The Aerospace Industry's Stringent Regulations Across The World.
Based on existing and planned trends, the global aerospace cold forgings market is expected to be around USD 3.75 Million in 2019, and around USD 6.01 Million by the end of 2026. The companies and analysts forecast a CAGR of about 7.0% for the forecast period from 2020 to 2026.
Forging is the act of hammering or grinding metal into shape. Cold forged material has been 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.
Browse the full “Aerospace Cold Forgings Market By Product Type (Captive Forging, Catalog Forging, and Custom Forging), By Type (Fixed Wing and Rotary Wing), By Platform (Narrow Body, Wide Body, Regional Jets, Fighter Jets, Helicopter, and Others), By Aircraft (Military Aviation, Commercial Aviation, and General Aviation), By Application (Landing Gear, Nacelle, and Airframe): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026” report at https://www.fnfresearch.com/aerospace-cold-forgings-market.
The rapid outbreak of coronavirus has had a significant effect on financial markets since the pandemic has placed the world's major economies on lockdown. As a result of this big lockdown, the entire consumer industry has abruptly lost confidence in buying certain products. The shutdown of all types of foreign transportation is one of the big challenges that the industry is facing. The market for aerospace cold forgings has slowed due to the global recession, which has been affected by declining demand in goods production and exports. The global economy and market situation in major industries around the world have been impacted by the COVID-19 Coronavirus outbreak in 2020. The global lockout has been hampered by supply-chain volatility, trade practices, industrial activities, and other events as a consequence of the pandemic scenario. The COVID-19 outbreak has put a stop to the majority of the aircraft industry. Fleet planning and reconstruction are crucial in dealing with the pandemic's risks. As a result of reduced servicing and inspection tests due to a decline in air passenger traffic and a drop in flight hours of various aircraft, demand for aerospace cold forgings has declined. The growth of the aerospace cold forgings industry has been slowed by a supply-demand mismatch induced by inventory supplies in OEM and MRO industries, as well as production units. Furthermore, due to lockdowns in various countries, aircraft deliveries in the first and second quarters of 2020 have been delayed, further reducing producer revenues. In terms of health protection and social distancing standards, manufacturers must satisfy the high expectations of airlines and passengers. The economy, on the other hand, is improving, and businesses have resumed operations with fewer resources and in accordance with government regulations. By 2021, end-use markets should be fully operational, resulting in a surge in demand for aircraft lubricants.
The increased demand for aerospace cold forgings from the aviation industry around the world is driving the development of the aerospace cold forgings market. Furthermore, increased demand for new aircraft from emerging nations such as India and China is expected to fuel the global aerospace cold forgings market.
Top Market Players
Some of the leading and key companies in the aerospace cold forgings market contain Arconic, Ace Forge Pvt. Ltd., Berkshire Hathaway Inc., ATI Metal, Eramet Group, Bharat Forge, Nufast Ltd., Hadee Forgings Pvt. Ltd., Rostec State Corp., Precision Castparts Corp, Shaanxi Hongyuan Aviation Forging Co Ltd, Scot Forge, STS Intelli., and Vsmpo-Avisma, among others.
The industry has been driven by a surge in demand for new aircraft from developing economies. In recent technical advances, the aerospace industry has expanded tremendously. This is a big element that is propelling the global aerospace cold forgings industry forward. Furthermore, cold forging is easier than traditional processing methods. This has allowed a large volume of manufacturing to be completed in a shorter amount of time, leading to the market's growth. The global aerospace cold forgings industry is expanding due to increased investments in research and development by aerospace cold forgings manufacturers in order to implement new, cost-effective, high-efficiency products. In order to enhance the defensive capability, influential countries are encouraging technological advances and improvements in the air defense market. Market vendors in the aerospace defense market are making crucial choices on capital investment, research and growth, and the development of cutting-edge technology. They're putting money into defense manufacturing projects like landing gear construction and military aircraft engine production. Micro cold forging (MCF), a forging process that extends the life of forging dies, is helping to expand the demand for aerospace cold forgings. Due to prolonged interaction with the workpiece, forging dies are vulnerable to mechanical failure, and removal or restoration can be expensive and time-consuming. By supplying a fast reciprocating impact force to achieve the final form of the part, the MCF extends the life of the dies. The high cost of raw materials has a negative impact on the growth of the aerospace cold forgings market. Technological developments in cold forgings are expected to increase the global aerospace cold forgings market's growth prospects.
The global aerospace cold forgings market is segmented as product type, type, platform, aircraft, application, and region. By product type, the global market is segmented into captive forging, catalog forging, custom forging. By type, the global market is segmented into fixed-wing and rotary-wing. By platform, the global market is segmented into narrow body, wide body, regional jets, fighter jets, helicopter, and others. By aircraft, the global market is segmented into military aviation, commercial aviation, and general aviation. By application, the global market is segmented into landing gear, nacelle, and airframe. Geographically, the global aerospace cold forgings market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
In terms of geography, North America represents a higher demand for the aerospace cold forgings market followed by the European region. The North American region is expected to be the main market for aerospace cold forgings during the forecast period. In the North American region, the United States is a major user of aerospace cold forgings. North America. The region's growth can be traced to the burgeoning aerospace industry, which has increased aircraft demand. In addition, increasing defense spending has fueled the market's expansion in this area. Due to the demand for commercial aircraft, Asia Pacific is projected to rise steadily during the forecast period. The market's development in this area has also been aided by technological advances and an increasing population. The Asia-Pacific aerospace cold forgings industry is booming due to emerging air passenger traffic in the region's developing economies. Russian, Japanese, and Chinese aircraft manufacturers are entering the global market with modernized and high-tech aircraft, improving the region's aerospace cold forgings market. Furthermore, the entry of big players is expected to further fuel demand. Furthermore, the arrival of major players is expected to boost demand.
Global Aerospace Cold Forgings Market: Regional Segment Analysis
- North America
- Rest of Europe
- The Asia Pacific
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- The Middle East and Africa
- GCC Countries
- South Africa
- Rest of Middle-East Africa
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