Aerospace Forging Market size was over USD 32.46 Billion in 2023 and is projected to exceed USD 90.43 Billion by 2036, growing at over 8.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of aerospace forging is assessed at USD 34.92 Billion.. The growth of this market can be attributed owing to the rising passenger traffic, big organizations such as Boeing and Airbus are expected to experience an increase in the production of aircraft manufacturing in the upcoming years. According to the International Air Transport Association, the number of people traveling by air is expected to grow by a factor of two over the following decades. By 2037, it is anticipated that 8.2 billion people will have used air transportation.
Moreover, constant investment in military equipment and demand for strong air transportation is anticipated to drive the industry growth. Also, U.S. operators are estimated to change the old models with better, lighter, and fuel-efficient models. For instance, according to estimates 9,130 new aircraft are likely to be delivered in North America by 2038. The aerospace and defense industries need a lot of forged components made from different alloys. Over the next few years, demand is expected to rise for items such as landing gears, turbines, engine parts, and machined parts. These parts are suitable for aerospace applications owing to their great strength.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.2% |
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Base Year Market Size (2023) |
USD 32.46 Billion |
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Forecast Year Market Size (2036) |
USD 90.43 Billion |
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Regional Scope |
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End-user (Business, Commercial, Military)
The global aerospace forging market is segmented and analyzed for demand and supply by end users into business, commercial, and military. Out of these, the commercial segment is anticipated to account for the largest market share by the end of 2036. The growth of this market can be attributed owing the growing amount of investment in the production of commercial aircraft and the rising number of scheduled flights for passengers. In recent years, strong travel demand has increased the demand for new commercial aircraft. Rising passenger numbers in the Asia-Pacific region are expected to boost long-term demand for forged parts. For instance, more than 20,000 jetliners have been delivered globally in the last ten years, a 66% increase from the previous ten years. According to the latest data, the Asia-Pacific region is expected to deliver 10,040 new aircraft from 2028 to 2038. The emerging middle class in developing countries is expected to play a key role in increasing passenger numbers. According to the same data, the middle-class population in Asia-Pacific increased from 32% in 2008 to 50% in 2018.
Material (Aluminum Alloy, Stainless Steel, Titanium)
The global market is segmented and analyzed for demand and supply by material into aluminum alloy, stainless steel, and titanium. Amongst these, the aluminum alloy segment is anticipated to hold the largest market share by the end of 2036. The use of aluminum in the aerospace industry is rapidly increasing owing to its lightweight properties. Modern planes are lighter, more modern, and more fuel efficient than older models. The development of advanced aluminum alloys in combination with other metals is another key factor likely to drive demand for aluminum forgings. Around 90% of aircraft bodies are made of aluminum, and forging with this material is essential in order to provide the metal capabilities of preventing fatigue by improving its ductility and strength.
Our in-depth analysis of the global market includes the following segments:
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By Material |
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By Aircraft |
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By Application |
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By End-Use |
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North American Market Forecast
The market in the North American region is estimated to witness the highest growth over the forecast period. This can be attributed on the back of the presence of major manufacturers of aircraft and aerospace components in the region. Furthermore, the growth of the aerospace forging market in the North American region is directly interlinked with the growth of the aircraft manufacturing industry. For instance, in 2019, the aircraft manufacturing industry was valued at about USD 135 billion in the region. A rapid acceleration in aerospace forging and manufacturing in the region is also observed in recent decades, owing to the escalating number of people traveling via airlines. The growing number of air passengers is projected to result in a significant requirement for the highest number of aircraft. A report published by the Bureau of Transportation Statistics (BTS) in 2021 stated that 674 million passengers are carried by US airlines annually which has increased by 82.5% from 2020 when about 369 million passengers were traveling via US airlines. Therefore, all these factors are anticipated to boost the growth of the market during the forecast period in the North American region.
APAC Market Statistics
The market in the Asia Pacific region is anticipated to share significant market growth in the forecast period owing to the presence of the biggest aviation market in the region. China is the world's fastest-growing aviation market. Over the next 20 years, the region is expected to deliver over 8,000 new aircraft. Strong demand is projected to provide future aftermarket service opportunities worth USD 1.6 trillion. China also ranks second in defense spending. In 2021, China will contribute about USD 293 billion to the defense industry, up 4.7% from 2020. Therefore, in the long term, China should attract large demand for aerospace forgings. China is a major exporter of forgings to the United States and Europe.
Europe Market Forecast
The market in Europe region also is expected to experience significant market growth in the forecast period. The European aerospace forgings market is driven by the increasing demand for lightweight, high-strength parts in the aerospace industry. This demand is especially important in the commercial aviation sector, where fuel efficiency and emission reduction are key priorities.
Author Credits: Dhruv Bhatia
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