Aerospace Forging Market Trends

Growth Drivers

• Escalating Passenger Traffic – The aerospace forging market is expected to grow in the forecast period with the growing passenger traffic. As the lifestyle of people is changing, their disposable income is changing passengers tend to travel by air which gives rise to the passenger traffic in the commercial aviation sector. When compared to February 2022, total traffic increased by 55.5% in 2023. Traffic is currently 84.9% of February 2019 levels worldwide.
• Rising Global Commercial Aircraft Manufacturing and Deliveries – Growing manufacturing and deliveries of commercial aircraft globally are expected to drive the growth of the market in the forecast period. As people worldwide have increased their travel since post covid situation it has raised the demand for more commercial aircraft globally. According to estimates more than 38,000 new aircraft are to be delivered over the next 20 years, some of which will replace older aircraft in its current fleet. 
• Growing Application in the Defense Sector – The defense sector demands a large number of forged components made up of lightweight alloys. These are majorly used to reduce the weight of aircraft at the same time the fuel efficiency and performance are maintained. Forged parts made from lightweight alloys such as titanium and aluminum are increasingly being used in aircraft construction to improve fuel efficiency and reduce emissions. The Aerospace Industry Association reports that the use of advanced materials such as composites, titanium, and aluminum alloys has reduced aircraft weight by 35% over the past 30 years. 
• Rising Research and Development Activities - Research and development of new materials and processes, and the development of specialized high-performance alloys are other important factors likely to drive the use of forged parts in the long term. For instance, the development of third-generation Al-Li alloys is expected to benefit aircraft performance and lightweight design. These alloys have the potential to replace conventional 2XXX and 3XXX series aerospace aluminum alloys. 

Challenges

• Requirement for High Initial Investment - The aerospace forging process requires a large initial investment in equipment and technology. This can create a barrier to entry for SMEs and limit competition and innovation in the market.  
• Strict Rules and Regulations
• Dependency on Raw Materials