The aerospace cold forgings market is expected to witness substantial growth through the forthcoming time period, primarily driven by the increasing prominence of air travel across the globe. Increasing consumer inclination towards air travel has been observed in recent years. While the COVID-19 pandemic has put stifled air travel, ongoing vaccination drives and the increasing number of consumers planning post-COVID vacations are anticipated to bring the numbers up steadily. As a result, the expanding passenger capacity is creating the need for better aircraft efficiency, which is anticipated to support industry outlook over the analysis timeframe.
Another shifting trend towards air travel has been facilitated by the proliferation of low-cost carriers and surging aircraft adoption for transporting cargo over long distances. Consequently, growing significance of air travel is projected to boost market expansion by 2025.
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The landing gears segment in aerospace cold forgings market is expected to account for significant growth over the forecast period. OEMs in the aircraft manufacturing sector use cold-forged titanium alloys for forming aircraft landing gear owing to its high ductility and optimum yield strength. Higher strength metal alloys have also proven to be equally transformative for other aircraft components.
With cold-forged steel and titanium alloys, stronger and lighter landing gear structures can be made whilst further reducing aircraft weight, potential cases of corrosion as well as manufacturing cost. Moreover, obligatory compliance with strict regulations regarding upgradation of existing landing gears on aging fleet is anticipated to augment aerospace cold forgings market size in the coming years.
The immense increase in air travel has led to manufacturing and replacement of aging aircraft fleets with newer, lightweight and fuel-efficient models. Reports from the International Air Transport Association (IATA) estimate that the present trends in air transport for passenger numbers could double to 8.2 billion in 2037. Moreover, the forecast anticipates a 3.5% CAGR over the next two decades which will lead to doubling in passenger numbers from current figures.
Thus, with such projected increase in air travel, airline operators are constantly demanding for newer fleets that cope with stringent emission and safety standards as well as offer a competitive lead in the market space. For instance, in April 2018, American Airlines purchased 47 new Boeing 787s aircraft to replace aging widebody models. Moreover, in July 2018, Jet Airways ordered 75 new Boeing 737 Max aircrafts to deal with ongoing demands. Investment trends such as these will encourage aircraft production and in turn boost aerospace cold forgings market growth over the forecast timeframe.
The aerospace cold forgings market for narrow body platform will record significant gains over the coming years. The segment has witnessed increased demand lately owing to growth in commercial air transportation and demand for long-haul flights. Narrow body designs help increase range and efficiency of any aircraft, allowing it to offer improved competence and lower cost per available seat mile (CASM) to operators. Speculating these benefits, OEMs are also focusing more on developing narrow body airplanes.
For instance, Boeing’s new, fourth-generation 737 called the 737 MAX offers the greatest range in its family thanks to its advanced airframe upgrades and new CFM International LEAP-1B engines that offer long-distance travel of around 7400km with a passenger capacity of 150. Reports suggest that narrow body aircraft can also lower economic risks compared to wide body models and can offer reduced cost per available seat mile (CASM) than models like the Boeing 787-800. Development and demand of such aircraft models will ultimately augment aerospace cold forgings market outlook over 2019-2025.
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The North America aerospace cold forgings market is speculated to witness unprecedented growth due to the presence of leading aircraft manufacturers across the region. The growing demand for new aircraft models along with an expanded network of routes served by several airliners will support industry growth. Additionally, market players, expanding their manufacturing facilities to improve industry share, will also add impetus to market expansion. For instance, in January 2019, Airbus unveiled its new production facility in the U.S. to fulfill the expansive demand for its A220 aircrafts.
Leading players in the aerospace cold forgings market are Bharat Forge, Arconic, Vsmpo-Avisma, Shaanxi Hongyuan Aviation Forging Co Ltd, Precision Castparts Corp, Eramet Group, Scot Forge, and ATI Metal, among others.
Major Key Points from Table of Content:
Chapter 4. Aerospace Cold Forgings Market, By Application
4.1. Global market share by application, 2018 & 2025
4.1.1. Landing gear
22.214.171.124. Market estimates and forecast, 2013-2025
126.96.36.199. Market estimates and forecast, by region, 2013-2025
188.8.131.52. Market estimates and forecast, 2013-2025
184.108.40.206. Market estimates and forecast, by region, 2013-2025
220.127.116.11. Market estimates and forecast, 2013-2025
18.104.22.168. Market estimates and forecast, by region, 2013-2025
Chapter 5. Aerospace Cold Forgings Market, By Platform
5.1. Global market share by platform, 2018 & 2025
5.2. Fixed Wing
5.2.1. Market estimates and forecast, 2013 - 2025
5.2.2. Market estimates and forecast, by region, 2013–2025
5.2.3. Narrow Body
22.214.171.124. Market estimates and forecast, 2013-2025
126.96.36.199. Market estimates and forecast, by region, 2013-2025
5.2.4. Wide Body
188.8.131.52. Market estimates and forecast, 2013-2025
184.108.40.206. Market estimates and forecast, by region, 2013-2025
5.2.5. Regional Jets
220.127.116.11. Market estimates and forecast, 2013-2025
18.104.22.168. Market estimates and forecast, by region, 2013-2025
5.2.6. Fighter Jets
22.214.171.124. Market estimates and forecast, 2013-2025
126.96.36.199. Market estimates and forecast, by region, 2013-2025
5.3. Rotary Wing
5.3.1. Market estimates and forecast, 2013 - 2025
5.3.2. Market estimates and forecast, by region, 2013–2025
188.8.131.52. Market estimates and forecast, 2013-2025
184.108.40.206. Market estimates and forecast, by region, 2013-2025
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