USD 2.13 billion
Aerospace Cold Forgings Market Size, Share, Growth Analysis, By Platform(Fixed Wing, Narrow-body, Regional Jets, Wide Body), By Application(Airframe, Landing Gear, and Nacelle.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2183 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
67
|Figures:
69
Aerospace Cold Forgings Market Insights
Global Aerospace Cold Forgings Market size was valued at USD 2.13 billion in 2022 and is poised to grow from USD 2.42 billion in 2023 to USD 6.82 billion by 2031, growing at a CAGR of 13.80% in the forecast period (2024-2031).
The global aerospace cold forgings market is a vital segment of the aerospace industry, encompassing the production of critical components through the cold forging process. Cold forging involves shaping metal parts at room temperature, enhancing their strength and durability. This market's growth is propelled by the rising demand for lightweight, high-strength materials in aircraft manufacturing, leading to increased adoption of cold forged components. Key drivers of the aerospace cold forgings market include the pursuit of fuel efficiency, reduced emissions, and enhanced performance in modern aircraft. Cold forgings offer advantages such as improved mechanical properties, precision, and cost-effectiveness compared to traditional manufacturing methods. As a result, they find application in critical aerospace components like landing gear, engine parts, fasteners, and structural elements. Continual technological advancements in material science and manufacturing processes further bolster market growth. Innovations in cold forging techniques, such as precision forging and net shape manufacturing, contribute to the production of intricate and complex aerospace components with minimal material wastage.
The market's geographical distribution is influenced by the aerospace industry's global footprint. North America, being a hub for aerospace innovation and production, plays a pivotal role in the market. Europe follows suit, driven by its established aerospace sector and demand for cutting-edge technologies. Additionally, emerging economies in Asia-Pacific, including China and India, are increasingly contributing to market growth due to expanding aerospace capabilities.
US Aerospace Cold Forgings Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Airframe
Fastest Growth
Nacelle
Growth Rate
13.80% CAGR
Global Aerospace Cold Forgings Market ($ Bn)
Country Share for North America Region (%)
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Aerospace Cold Forgings Market Segmental Analysis
The global aerospace cold forgings market is segmented on the basis of Platform, Application, and Region. By Platform, the market is segmented into Fixed Wing, Narrow-body, Regional Jets, Wide Body, Fighter Jets, Rotary Wing, Helicopters. By Application, the market is segmented into Airframe, Landing Gear, Nacelle. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Aerospace Cold Forgings Market Analysis By Platform
In the global aerospace cold forgings market, the dominant platform is the Fixed Wing segment, which encompasses various types of aircraft with fixed wings, including commercial, military, and general aviation aircraft. This segment holds a substantial market share due to the consistent demand for aircraft across different applications.
On the other hand, the Narrow-body segment is the fastest growing within the aerospace cold forgings market. This category of aircraft typically includes single-aisle commercial airplanes designed for shorter to medium-haul routes. The growing air travel demand, especially in emerging economies, is driving the expansion of this segment. The increasing preference for fuel-efficient and cost-effective narrow-body aircraft is contributing to the rapid growth in demand for cold forgings used in their construction.
Aerospace Cold Forgings Market Analysis By Application
In the global aerospace cold forgings market, the dominant segment is likely to be the airframe application. Airframes encompass the structural components of an aircraft, and cold forgings are essential in creating durable, lightweight, and high-strength parts that can withstand the stresses and demands of flight.
On the other hand, the fastest-growing segment is expected to be the nacelle application. Nacelles house the aircraft engine and play a crucial role in aerodynamics and engine performance. Cold forgings in nacelle components offer benefits such as improved fuel efficiency and reduced emissions, driving the growth in this segment as the aerospace industry seeks to enhance aircraft efficiency and environmental sustainability.
Global Aerospace Cold Forgings Market By Application
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Aerospace Cold Forgings Market Regional Insights
The global aerospace cold forgings market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The global aerospace cold forgings market exhibits a dominant presence in North America, driven by the region's established aerospace industry and a strong focus on advanced manufacturing techniques. The United States, home to major aerospace manufacturers and suppliers, contributes significantly to this dominance.
Meanwhile, Asia-Pacific stands out as the fastest-growing region in the aerospace cold forgings market. With countries like China, India, and Japan investing heavily in their aerospace sectors, there's a surge in demand for lightweight and high-performance aerospace components, which cold forgings can provide. The region's growing manufacturing capabilities, coupled with increasing defense and commercial aviation activities, contribute to its rapid expansion in the aerospace cold forgings market.
Global Aerospace Cold Forgings Market By Region
- Largest
- Fastest
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Aerospace Cold Forgings Market Dynamics
Aerospace Cold Forgings Market Drivers
Rising Demand for Lightweight and Fuel-Efficient Aircraft:
- The global aerospace cold forgings market is being driven by the aviation industry's increasing focus on fuel efficiency and reduced emissions. Cold forgings, which offer high strength-to-weight ratios, enable the production of lightweight components for aircraft, leading to improved fuel efficiency and operational performance.
Advancements in Material Science and Manufacturing Technologies:
- Technological innovations in materials and manufacturing processes are enhancing the capabilities of aerospace cold forgings. Advanced alloys and precise forging techniques allow the production of complex and highly durable components, meeting stringent aerospace industry standards and safety requirements.
Aerospace Cold Forgings Market Restraints
High Initial Investment and Tooling Costs:
- Establishing cold forging capabilities for aerospace applications requires significant initial investments in specialized equipment, tooling, and facilities. These costs can pose a barrier to entry for smaller manufacturers or companies without substantial resources.
Stringent Regulatory and Quality Standards:
- The aerospace industry is subject to strict regulatory and quality standards to ensure safety and reliability. Complying with these standards for cold forged components necessitates rigorous testing, certification processes, and continuous quality control, potentially leading to delays and increased production costs.
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Aerospace Cold Forgings Market Competitive Landscape
The global aerospace cold forgings market features a competitive landscape characterized by intense rivalry among various manufacturers and suppliers. Companies vie to provide high-quality forged components for aerospace applications, including structural parts, engine components, and landing gear. Market players emphasize technological innovation to enhance product performance, reduce weight, and improve fuel efficiency, aligning with the industry's drive for advanced materials and processes. Collaborations with aerospace OEMs and strategic partnerships with raw material suppliers are common strategies to secure a stable supply chain. Moreover, a focus on stringent quality control, adherence to aerospace industry standards, and compliance with safety regulations remain crucial aspects of competition. As the aerospace sector continues to evolve, the ability to offer customized solutions, efficient production processes, and cost-effectiveness will determine the success of companies in this dynamic market.
Aerospace Cold Forgings Market Top Player’s Company Profile
- Arconic Corporation - United States
- Bharat Forge Limited - India
- Scot Forge Company - United States
- Larsen & Toubro Ltd. - India
- Jiangyin Hengrun Heavy Industries Co. Ltd. - China
- Consolidated Industries Inc. - United States
- Somers Forge Ltd - United Kingdom
- Pacific Forge Inc - United States
- Precision Castparts - United States
- Ellwood Group Inc - United States
- All Metals & Forge Group - United States
- Farinia Group - France
- Victoria Drop Forgings - United Kingdom
- Mettis Group - United Kingdom
Aerospace Cold Forgings Market Recent Developments
- In May 2023, RTI International announced the opening of a new aerospace cold forgings facility in India. The facility is expected to produce high-precision forgings for aircraft engine components and other applications.
- In June 2023, Scot Forge announced the expansion of its aerospace cold forgings facility in Scotland. The expansion is expected to create 50 new jobs.
- In January 2024, steel products maker Goodluck India Ltd, said it has raised around Rs 200 crore through issue of equity shares on Qualified Institutional Placement (QIP) basis. Goodluck India manufactures a wide range of engineered steel structures, precision/auto tubes, forging for defence and aerospace, CR (cold rolled) products and GI (galvanised iron pipes) pipes.
Aerospace Cold Forgings Key Market Trends
- Increased Emphasis on Lightweight Materials: The aerospace industry is increasingly focusing on reducing the weight of aircraft components to improve fuel efficiency and overall performance. Cold forgings, which involve shaping metal at room temperature, offer a way to produce lightweight and high-strength parts. As a result, there is a growing demand for cold-forged components in aerospace applications, such as landing gear, engine parts, and structural components.
- Advancements in Manufacturing Techniques: Rapid advancements in manufacturing technologies, such as computer-aided design (CAD) and computer-aided manufacturing (CAM), are enhancing the precision and complexity of cold-forged aerospace components. These advancements enable the production of intricate shapes and designs with minimal material wastage. Additionally, the integration of automation and robotics in the cold forging process is further improving efficiency and reducing production costs, thereby driving the adoption of cold forgings in the aerospace industry.
Aerospace Cold Forgings Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global aerospace cold forgings market analysis, the market is witnessing substantial growth propelled by the escalating demand for lightweight, high-strength components in the aviation sector. Cold forging, a precision manufacturing process, produces intricate aerospace parts with enhanced structural integrity, offering weight reduction benefits and fuel efficiency improvements. Rising air travel, defense modernization, and space exploration initiatives are bolstering market expansion. Additionally, stringent safety and performance standards are compelling manufacturers to adopt cold forging for critical components. North America, as an aerospace hub, dominates the market, driven by established aerospace industries. Asia-Pacific's burgeoning aviation sector and increasing investments in defense are also contributing to market growth. As the aerospace industry evolves, cold forging technology is expected to play a pivotal role in shaping the production landscape, ensuring robust and efficient aerospace systems.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.13 billion |
| Market size value in 2031 | USD 6.82 billion |
| Growth Rate | 13.80% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Aerospace Cold Forgings Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Aerospace Cold Forgings Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Aerospace Cold Forgings Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Aerospace Cold Forgings Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Aerospace Cold Forgings Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Aerospace Cold Forgings Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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