Cold forging methods with enhanced material technology and computer modeling techniques will provide greater precision, reduced energy requirements, and cost-effectiveness, boosting the aerospace cold forgings market share over the forecast period.
— The size of Aerospace Cold Forgings Market was anticipated as $3.5 billion in the year 2018 and is predicted to touch $5.5 billion till 2025, rising with a CAGR of 7% between the years 2019 to 2025 as per the research was done by Global Market Insights, Inc.
Shifting trends toward adopting air travel owing to the proliferation of low-cost carriers along with the increasing use of aircraft for carrying cargo over long distances are supporting the aircraft cold forging market over the projected timeframe. Rising aircraft efficiency with proliferating passenger capacities in aircraft will propel aerospace cold forgings market growth over the study timeframe. According to the International Air Transport Association (IATA), in 2017, the widebody aircraft accounted for around 19% market from the total commercial fleet.
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Increasing requirements for higher strength-to-mass ratio in aircraft and the rising importance for maintaining airplane structural dependability are accelerating the aerospace cold forgings market penetration over the study timeframe. Manufacturers are focused on enhancing dimensional tolerances and surface quality in aircraft landing gear manufacturing through cold forgings. The use of cold forgings in aircraft landing gear provides enhanced fuel economy and reduced airframe weight.
Innovations in the low-cost manufacturing process for cold forgings and stringent international aviation standards requirement in terms of design characteristics, application, and manufacturing processes through cold forgings will foster aerospace cold forgings market growth. For instance, the International Aerospace Quality Group and Federal Aviation Administration will regulate the cold forgings production process for aerospace applications.
Industry players are entering into joint ventures with aircraft manufacturers to establish new manufacturing plants for titanium forgings that will influence aerospace cold forgings market expansion. For instance, in September 2018, VSMPO-Avisma announced the establishment of a new manufacturing plant for titanium forgings in a joint venture with Boeing with an investment of around USD 82.3 million. The program will be concentrated on the titanium sponge production for Boeing commercial aircraft including the 787 Dreamliner family, the 737 MAX, and Boeing 777X.
Fixed wing will register significant growth over the study timeframe on account of increasing applications of aircraft landing gear in fixed-wing aircraft including narrow body aircraft, regional jets, and fighter jets. The introduction of short-haul routes is influencing the demand for low-cost carriers, thereby fostering the aerospace cold forgings market over the projected timeframe. Further, proliferating long-distance travel and increasing tourism enable manufacturers to increase the aircraft efficiency with its compact design and advanced aircraft components.
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North America accounted for a significant volume share in the aerospace cold forgings market place on account of the existence of prominent aircraft manufacturers focusing on adopting technologically-advanced products for their products to improve the market share. Aircraft manufacturers are increasing aircraft deliveries across the globe to cater to increasing air passenger traffic growth. Rising defense budget across the region has led to higher demand for fighter jets, thereby escalating the aerospace cold forgings market share over the study timeframe.
Prominent players in the aerospace cold forgings market place include: Vsmpo-Avisma, Arconic, Eramet Group, Precision Castparts Corp, Scot Forge, Shaanxi Hongyuan Aviation Forging Co Ltd, Bharat Forge, and ATI Metal. Industry participants are entering into strategic mergers & acquisitions for improving their business share.
Some Point from Table of Contents:
Chapter 4. Aerospace Cold Forgings Market, By Application
4.1. Global market share by application, 2018 & 2025
4.1.1. Landing gear
18.104.22.168. Market estimates and forecast, 2013-2025
22.214.171.124. Market estimates and forecast, by region, 2013-2025
126.96.36.199. Market estimates and forecast, 2013-2025
188.8.131.52. Market estimates and forecast, by region, 2013-2025
4.1.3. Airframe184.108.40.206. Market estimates and forecast, 2013-2025
220.127.116.11. Market estimates and forecast, by region, 2013-2025
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