Aerospace Forging Market - Regional Analysis
North American Market Forecast
North America industry is poised to account for largest revenue share of 32% by 2035. 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.
