Aircraft Engine Forging Market to Reach $22B by 2028
Posted By: DBusiness on October 30, 2023. For more information, please click here to read the source article.
The aircraft engine forging market is likely to grow 7.2 percent and reach a level of $22 billion by 2028, according to a new report by Detroit-based global market research firm Stratview Research.
The report breaks down the aircraft engine forging market into segments based on aircraft type, process type, component size type, material type, engine type, application type, end-user type, and region.
It also drills down by aircraft type: commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation.
The commercial aircraft market is expected to be the dominant as well as the fastest-growing segment of the aircraft engine forging market during the forecast period. Commercial aircraft engines require relatively advanced technologies to meet performance, efficiency, and environmental standards.
There has been a great use of forging and investment casting in commercial aircraft engines, in almost all sections of engines. A handful of engine makers (LEAP, GEnx, P&W 1000, Trent XWB, etc.) secure most of the market demand. Despite short-term market fluctuations caused by macro factors, the long-term market demand seems quite favorable to the industry participants.
For process type, the market is broken down into open-die forging and closed-die forging. The close die is expected to remain the larger as well as the faster-growing process in the aircraft engine forging market during the forecast period.
Complex and exceptionally precise components with great strength can be produced using closed-die forging. Closed-die forging is well-suited for manufacturing components such as turbine disks, compressor blades, shafts, and connecting rods. Closed-die forging allows manufacturers to maximize the yield from raw materials, which eventually reduces the overall cost.
Based on component size type, the market is segmented into small components and large components. The large components category is expected to be the dominating one in the market in the years to come.
Engine performance and safety depend heavily on large components such as structural parts, compressor rotors, and turbine discs. During use, these parts are exposed to heavy rotational forces, high temperatures, and mechanical stresses.
For material type, the market is segmented into nickel, titanium, stainless steel, aluminum, and others. Nickel is expected to maintain its dominance, whereas titanium is expected to be the fastest-growing material type during the forecast period.
Nickel is well suited for the harsh operating conditions of aviation engines; they have outstanding high-temperature strength and creep resistance. Nickel can maintain its mechanical properties at elevated temperatures, which is crucial for components exposed to hot gases and extreme thermal environments.
Nickel alloys provide enhanced protection against corrosion, ensuring the longevity and reliability of aircraft engines, and have better electrical conductivity and magnetic properties.
Based on engine type, the market is segmented into turbofan, turboprop, turbojet, and turboshaft. The Turbofan engine is expected to be the dominant as well as the fastest-growing segment during the forecast period.
Turbofans are the preferred choice for commercial aviation. Commercial aircraft account for most of the market, which, in turn, increases the dominance of turbofan engines. Turbofans are ideal for commercial aircraft because they maintain a balance between fuel efficiency, thrust, and noise reduction.
Nickel-based superalloys are selected in turbofan engines because of their ability to withstand extreme conditions. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in 2023, all these factors are going to boost the demand for various forged engine components soon.
The report suggests that North America is likely to remain the most dominant region for the aircraft engine forging market during the forecast period. This growth is majorly attributed to the fact that this region has a robust aerospace industry, with major engine manufacturers and OEMs. And companies, such as General Electric, Pratt & Whitney, and Rolls-Royce, have significant operations and a strong presence in North America.
The report further states that the Asia-Pacific region is expected to be the fastest-growing region in the long term. Some of the key drivers are heavy research and development investments by manufacturers in enhancing the efficiency of combustion engines.
And companies in this region are exploring electric and hybrid propulsion systems and Increasing focus on green engines.
The report also states that the market is populated with the presence of some regional and global players. Most of the major players compete in some of the governing factors, including price, product offerings, regional presence, etc.
The following are the key players in the aircraft engine forging market. Companies are focusing on providing exceptional customer service, understanding their customers’ needs, and offering customized solutions.
- Precision Castparts Corp.
- Forgital Group
- ATI Inc.
- Doncasters Group
- Voestalpine BÖHLER Aerospace GmbH & Co KG
- Aubert & Duval SAS
- Otto Fuchs KG
- Howmet Aerospace
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