Aerospace Forging Market Size

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.