The Aircraft Isothermal Forging market size is projected to reach US$ 2,041. 55 million by 2028 from US$ 1,226. 38 million in 2021; it is expected to grow at a CAGR of 7. 7% from 2022 to 2028.
New York, July 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aircraft Isothermal Forging Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Aircraft Components, Forging Material, and Fit Type" - https://www.reportlinker.com/p06289880/?utm_source=GNW
The increasing preference for titanium over steel fabricated parts in aircraft is driving the aircraft isothermal forging market.Over the years, the aircraft component manufacturers have relied on steel fabricated parts that increased the overall weight of the aircraft models.
The heavyweight reduces fuel efficiency and increases carbon emissions.Thus, aircraft component manufacturers are adopting titanium as a lightweight substitute for steel.
Increasing preference for titanium over steel materials in various applications in the aerospace industry is driving the growth of the aircraft isothermal forging market.For instance, almost every Airbus aircraft had ~2,772 steel bearings that increased the aircraft’s overall weight.
Hence, Airbus looked for a lightweight alternative for steel bearings. As a result, steel bearings were replaced with titanium bearings that helped Airbus reduce the aircraft’s overall weight by 400 kg. These factors are driving the aircraft isothermal forging market. Moreover, in July 2021, Research and Development Organization (DRDO) in India developed an isothermally forged high-strength beta titanium alloy containing aluminum, vanadium, and iron that can be used in fighter jet engines. Such initiatives are catalyzing the aircraft isothermal forging market share.
Increasing number of isothermal forged parts applications in aircraft manufacturing is fueling the aircraft isothermal forging market globally.Isothermally forged titanium alloy parts have penetrated to meet various design and performance requirements across the aircraft manufacturing industry globally.
Aircraft manufacturers are looking for new ways to reduce the weight of an aircraft, thus, driving the aircraft isothermal forging market.Moreover, there has been an increase in the wide-scale adoption of isothermally forged titanium alloy parts applications in the aircraft manufacturing industry, such as airframes, engine parts, compressor discs, compressor blades, fans, and shafts.
The increasing number of applications of isothermally forged titanium alloy parts is driving the aircraft isothermal forging market.For instance, isothermally forged titanium alloys such as Ti-6Al-4V, Ti-10V-2Fe-3Al, and Ti-5AI-2Sn-2Zr-4Cr-4Mo find their application in the manufacturing of aircraft landing gear and structural components.
Further, isothermal forging of titanium alloy has vital applications in aircraft manufacturing, such as gear blanks, compressor cases, fan cases, rotors, shafts, seals, splitters, bearing housings, and turbine disks. Furthermore, they have important applications across the aerospace industry to manufacture bulkheads, wing roots and spars, hinges, engine mounts, brackets, beams, shafts, bell-cranks, landing-gear cylinders and struts, brake carriers and discs, and arresting hooks. These factors majorly drive the aircraft isothermal forging market growth. Another major application of isothermal forged titanium alloy part is in manufacturing turbo-machinery components. For instance, titanium-based and nickel-based superalloys are forged into buckets, blades, couplings, discs, manifolds, rings, chambers, wheels, and shafts in jet turbine engines. The isothermal forging components are stronger as compared to conventionally forged components. Further, the increasing use of isothermal forged titanium alloy components among aircraft OEMs and MRO service providers is also driving the aircraft isothermal forging market.
Impact of COVID-19 Pandemic on Aircraft Isothermal Forging Market
The impact of the COVID-19 pandemic on various industries, such as military, defense, aerospace, and manufacturing, has been devastating.These industries are still trying to recover from the damage the pandemic caused in the past few years.
Due to the temporary halt across various production facilities in the aerospace industry and the aircraft manufacturing sector, the procurement of aircraft isothermal forgings has been negatively impacted.Lockdowns impacted the global aircraft manufacturing sector.
They also disrupted supply chains and logistics, owing to complete or partial halting of manufacturing operations in various countries. The pandemic was the key reason for supply chain disruptions, loss of production, and declined revenue for several enterprises globally.
Since the beginning of the outbreak in 2020, the aerospace industry has been among the most severely hit sectors globally.Moreover, this outbreak put the aircraft isothermal forging industry players in the worst possible position since their workforces were shut down for safety and to prevent the spread of COVID-19, which directly impacted the aircraft isothermal forging market.
Companies operating in this market had to make tough choices for sustaining during the pandemic and the post-pandemic recovery period. Since these companies were severely impacted, this further resulted in a negative impact on the aircraft isothermal forging market.
The aircraft isothermal forging market in the US is anticipated to retain its robust growth outlook during the market forecast period. The US has a presence of market players, such as Bula Forge & Machine, Coulter Forge Technology, General Dynamics Ordnance and Tactical Systems, Precision Castparts Corp., Scot Forge, and Aichi Forge USA Inc. These above-mentioned companies generate revenue for the market in the US. The US has the largest defense budget in the world. It spends a large amount of budget on the adoption and procurement of upgraded fighter planes that is further augmenting the demand for aircraft isothermal forging in the country. In 2021, Boeing announced that it has delivered around 21 F/A-18 Hornet/Super Hornet multirole fighters, 13 KC-46 Pegasus aerial refueling aircraft, and 16 P-8 Poseidon maritime patrol aircraft manufactured in the US. Military aircraft, such as the F-22, F/A-18, C-17, F-35, and the UH-60 Black Hawk helicopter, are among the military’s assets that use large quantities of isothermally forged titanium. This has been driving the adoption of isothermal forging by aircraft manufacturers to produce aircraft engines and various airframe components, further driving the aircraft isothermal forging market in the US. Further, the growing utilization of isothermally forged titanium and nickel alloys for the production of helicopters across the US is also driving the market growth in the country.
In Asia Pacific aircraft isothermal forging market, the aircraft isothermal forging market growth is driven by the increasing number of aircraft fleets with the rising passenger traffic, increasing spending on military aircraft with a rising defense budget in the Asian countries.According to Airbus, Asia Pacific will require 17,620 new passenger and freighter aircraft out of which 30% will replace older less fuel-efficient models.
This is expected to drive the adoption of isothermally forged titanium and nickel-based aircraft components, which would fuel the aircraft isothermal forging market in this region.Asia’s economy continues to grow rapidly with large population.
The region has become the fastest growing in the world for airline activity.The domestic and international air passenger traffic was impacted due to the COVID-19 pandemic in this region.
However, it has been rising since the last quarter of 2021. This has propelled the demand for commercial, civil, and military aircraft fleet in this region, which promotes the aircraft isothermal forging market player’s businesses. Furthermore, as per the report published by SIPRI in 2021, the total military spending in Asia Pacific reached US$ 586 billion in 2021, which accounted for a rise of 3% than 2020; it is expected to be on an upward trend in the coming years. China and India were two of the major economies that increased their military spending, resulting in the rise in of the manufacturing and procurement of new aircraft, fighter jets, and helicopters. This has further led in the demand for aircraft isothermal forging services for new aircraft manufacturing and for maintenance, repair, and overhaul activities in Asia Pacific. In 2019, Indian Air Force announced that it had issued a tender to acquire 114 Multi-Role Fighter Aircraft (MRFA) worth around US$ 18 billion that was one of the biggest procurements of military aircraft in the region. This is further expected to increase the demand for titanium and nickel-based components to be deployed in those military aircraft. All these factors would drive the demand for isothermally forged parts in the region during the market forecast period.
ALD Vacuum Technologies GmbH, ATI, H.C. Starck Solutions, Leistritz Turbinentechnik GmbH, Precision Castparts Corp, SCHULER GROUP, Alcoa Corporation, Howmet Aerospace, LISI Aerospace, and SMT Limited are among the key global aircraft isothermal forging market players profiled in this market study.
The overall aircraft isothermal forging market size has been derived using both primary and secondary sources.To begin the aircraft isothermal forging market research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the aircraft isothermal forging market.
The process also serves the purpose of obtaining an overview and market forecast of the aircraft isothermal forging market with respect to all market segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights about the topic.
Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the aircraft isothermal forging market.
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