Aircraft Engine Forging Market Report

Attractive Opportunities

Global Demand Analysis & Sales Opportunities in Aircraft Engine Forging Market 

• The annual demand for aircraft engine forging was USD 18.2 billion in 2024 and is expected to reach USD 19.6 billion in 2025, up 7.3% than the value in 2024.
• During the forecast period (2025-2032), the aircraft engine forging market is expected to grow at a CAGR of 3.9%. The annual demand will reach USD 25.6 billion in 2032.
• During 2025-2032, the aircraft engine forging industry is expected to generate a cumulative sales opportunity of USD 187.8 billion, which is more than 2 times the opportunities during 2019-2024.

High-Growth Market Segments: 

• Asia-Pacific is expected to be the fastest-growing market over the next five years. North America holds the market dominance.
• By aircraft type, Commercial aircraft is expected to be the largest demand generator for forged parts in the coming years.
• By process type, Close die is expected to be the most preferred forging process in the aircraft industry over the next five years.
• By component type, Large components are expected to be the dominant segment in the aircraft engine forging market in the coming years.
• By material type, Nickel is expected to be the most preferred material in the aircraft engine forging market in the foreseeable future.
• By engine type, Turbofan is expected to be the most preferred engine during the forecast period.
• By application type, Combustion system is forecast to remain the major application area for forging.
• By end-user type, OE is expected to be the dominant segment.

Market Statistics 

Have a look at the sales opportunities presented by the aircraft engine forging market in terms of growth and market forecast.

Market dynamics

Introduction:

The aircraft engine forging market involves the manufacturing of high-strength, precision-forged components used in aircraft engines, such as turbine discs, shafts, and compressor parts. These components are critical for ensuring engine performance, durability, and safety under extreme conditions.

Market Drivers:

• The aircraft engine industry has been evolving over the years, driven by various factors such as increasing preference for air travel, rising demand for fuel-efficient aircraft, and technological advancements in engine design. All the major engine manufacturers are adopting different strategies to develop new models of engines that consume less fuel and produce less noise. As aircraft engines become more advanced and efficient, the demand for forged components with superior performance characteristics such as lightweight, corrosion resistance, heat resistance, and high strength, has increased.
• The market for aircraft engine forged parts will be further driven by the government's stricter rules regarding carbon emissions, which are creating pressure on engine manufacturers to decarbonize their operations and develop environmentally friendly components. For instance, GE Aviation and Safran developed the CFM56 engine, the best-selling aircraft engine of all time, and its successor is expected to be “the future of flight”. Heavy R&D investments by manufacturers in enhancing the efficiency of combustion engines, exploring electric and hybrid propulsion systems, and their increasing focus on green engines are a few of the factors fueling the market for forged parts in the coming years.

Segments Analysis

Aircraft Trends

"Commercial aircraft segment accounted for the largest market share."

• We have segmented our market into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. 
• Commercial aircraft 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, almost in all sections of engines. A handful of engines (LEAP, GEnx, P&W 1000, Trent XWB, etc.) secure the majority 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.

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Process Trends

"Close die segment accounted for the largest market share."

• The aircraft engine forging market is segmented 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.

Component Size Trends

"The large components segment accounted for the largest market share."

• 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.

Material Trends

"The nickel segment accounted for the largest market share."

• 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.

Engine Trends

"The turbofan engine segment accounted for the largest market share."

• 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.  

Regional Insights

"North America accounted for the largest market share."

• North America is likely to remain the most dominant region, whereas Asia-Pacific is expected to be the fastest-growing region in the long-term scenario. 
• North America has a robust aerospace industry, with major engine manufacturers and OEMs located in the region. Companies, such as General Electric, Pratt & Whitney, and Rolls-Royce, have significant operations and a strong presence in North America. These companies drive the demand for forging and contribute to the dominance of the region in the market.
• Also, North American engine manufacturers have a long history of technological advancements and innovation in aircraft engine design and manufacturing. They invest heavily in research & development to improve engine performance, efficiency, and environmental sustainability.

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Key Players

The market is fairly 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

Note: The above list does not necessarily include all the top players in the market.

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Recent Developments/Mergers & Acquisitions: 

Recent Market JVs and Mergers & Acquisitions: A fair number of M&A and joint venture activities over the past decade prove that inorganic growth is indubitably the key strategy adopted by major players to stay ahead of the competition.

• In 2019, Carlyle Group, a global private equity firm, acquired Forgital Group S.p.A., a producer of large forged and machined components for aerospace and other industries.
• In 2022, Continental Forge was acquired by Forged Solutions Group, a key supplier of intricate, precision-forged rings and closed-die products to aerospace and defense customers.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation 

This report studies the market, covering a period of 15 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The aircraft engine forging market is segmented into the following categories.

Aircraft Engine Forging Market, by Aircraft Type

• Commercial Aircraft
• Regional Aircraft
• Helicopter
• Military Aircraft
• General Aviation

Aircraft Engine Forging Market, by Process Type

• Open-Die Forging
• Closed-Die Forging

Aircraft Engine Forging Market, by Component Type

• Small Components
• Large Components

Aircraft Engine Forging Market, by Material Type

• Nickel
• Titanium
• Stainless Steel
• Others

Aircraft Engine Forging Market, by Engine Type

• Turbofan
• Turboprop
• Turbojet
• Turboshaft

Aircraft Engine Forging Market, by Application Type

• Fans
• Compressors
• Combustion Systems
• Turbines
• Others

Aircraft Engine Forging Market, by End-User Type

• OE
• Aftermarket

Aircraft Engine Forging Market, by Region

• North America
• Europe
• Asia-Pacific
• The Rest of the World

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s aircraft engine forging market realities and future market possibilities for the forecast period. 
• The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruits available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

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Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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