Report : APAC Aircraft Engine Forging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Forging Type (Closed Die Forging and Seamless Rolled Ring Forging), Material Type (Nickel Alloys and Titanium Alloys), and Application (Fan Case, Combustion Chamber Outer Case, Turbine Disc, Rotors, and Others)
Nickel Alloy Segment to Dominate APAC Aircraft Engine Forging Market during 2021–2028
According to a new market research study on “APAC Aircraft Engine Forging Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Forging Type, Material Type, and Application” is expected to reach US$ 1,085.35 million by 2028 from US$ 654.85 million in 2021. The market is estimated to grow at a CAGR of 7.5% from 2021 to 2028. The report provides trends prevailing in the APAC aircraft engine forging market along with the drivers and restraints pertaining to the market growth. Fabrication of next generation aircraft is the major factor driving the growth of the APAC aircraft engine forging market. However, issues associated with the discontinuation of quad-jets by aircraft manufacturers hinder the growth of APAC aircraft engine forging market.
The APAC aircraft engine forging market is segmented into forging type, material type, application and country. Based on forging type, the APAC aircraft engine forging market is segmented into closed die forging and seamless rolled ring forging. The closed die forging segment dominated the market in 2020 and seamless rolled ring forging segment is expected to be the fastest growing during the forecast period. Based on material type, the APAC aircraft engine forging market is segmented into nickel alloys and titanium alloys. The nickel alloys segment dominated the market in 2020 and titanium alloys segment is expected to be the fastest growing during the forecast period. Based on application, the APAC aircraft engine forging market is segmented into fan case, combustion chamber outer case, turbine disc, rotors, and others. The combustion chamber outer case segment dominated the market in 2020 and turbine disc segment is expected to be the fastest growing during the forecast period. Based on country, APAC aircraft engine forging market is classified into China, India, Japan, South Korea, and Rest of APAC.
The COVID-19 pandemic has not only disrupted the APAC’s economy and the region’s aerospace market but has also changed the customer attitude towards the sector. The region has witnessed a significant decline in the air transportation. Approximately 18,000 aircraft including the Boeing 747s and Airbus A380s were put in storage in 2020, due to the collapse in passenger demand and bankruptcies. From aircraft manufacturing and assembly viewpoint, China is one of the leading aerospace manufacturing countries in the region and has been one of APAC's most affected countries during Q1 and Q2 of 2020. Due to this, the manufacturing facilities have been witnessing severe conditions in aircraft and aircraft component manufacturing facilities. The Airbus and Boeing manufacturing facilities in China were shut down for a longer period, which resulted in substantial lesser demand for various components and systems including engines. Similarly, China’s indigenous aircraft manufacturer COMAC also halted its production of C919 during Q1, which resulted in negatively in aircraft engines and aircraft engine forging market. However, the aviation authorities, airlines, and aircraft manufacturers foresee a strong growth in APAC aviation industry. Owing to this, several airlines and military forces are ordering and taking deliveries of newer aircraft models. This is expected to drive the demand for aircraft engines among commercial and military aircraft manufacturers, which would boost the aircraft engine forging market player’s businesses.
Allegheny Technologies Incorporated, Doncasters Group, Farinia Group, LISI Group, Otto Fuchs KG, Precision Castparts Corp., Safran, and VSMPO-AVISHMA Corporation are among the leading companies in the APAC aircraft engine forging market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Wuxi Paike New Materials Technology Co. (China) ordered SMS Group for the world’s largest rolled ring forging machine in September 2020. The machine would be specifically used for manufacturing of forged components of aircraft engines through rolled ring forging process.
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