The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 13, 2023 /PRNewswire/ — As per The Business Research Company, the global aerospace forging market is poised for remarkable expansion, with expectations to surge from $28.74 billion in 2022 to $31.49 billion in 2023, showcasing a substantial compound annual growth rate (CAGR) of 9.6%. Furthermore, the industry’s upward trajectory is set to continue, with projections of reaching an impressive $43.08 billion by 2027, maintaining a CAGR of 8.2%. This surge in the aerospace forging market can be attributed to various factors, including the rise in aircraft production, increased international and domestic travel, and the burgeoning tourism sector.
Diverse Landscape with Global Competitors
The global aerospace forging market presents a diverse landscape, characterized by a multitude of players vying for prominence. In 2022, the top ten competitors collectively held 9.75% of the market share. Notably, Berkshire Hathaway Inc. emerged as the industry leader with a 5.36% market share, closely followed by Bharat Forge Limited, Arconic Corporation, Mettis Group, Scot Forge Company, Consolidated Industries, Inc., ELLWOOD Group Inc., Somers Forge Ltd., Farinia Group, and Pacific Forge Incorporated. This competitive environment fosters innovation and drives industry excellence.
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Innovative Forging Techniques Transform the Landscape
Major players in the aerospace forging market are committed to advancing their techniques for metal forging, with the aim of developing new materials boasting superior properties. A prime example is SMS group, a Germany-based aerospace forging company, which unveiled the SMX 900 / 18 MN in April 2023. This hydraulic radial forging machine boasts a press force of 18 MN for each of its four press cylinders, enabling the forging of sophisticated materials for the aerospace industry. The innovative SMX forging process not only enhances material properties but also facilitates cost-effective production, ushering in a new era of efficiency in aerospace forging.
North America led the charge in the aerospace forging market, commanding a significant 32.0% share of the global market in 2022. Western Europe and the Asia Pacific regions followed suit, further highlighting the global reach of this aerospace forging market.
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The global aerospace forging market is segmented into three key categories:
- By Material:
- Other Materials
- Other Aircrafts
- Turbine Disc
- Fan Case
- Other Applications
In conclusion, the aerospace forging market is experiencing remarkable growth, driven by increased aircraft production and advancements in forging techniques. Industry players are poised to capitalize on these opportunities, and the competitive landscape is characterized by innovation and global reach. As the market continues to evolve, it remains a critical pillar in the aerospace industry, shaping the future of flight through superior materials and technologies.
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