Report : Middle East and Africa 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 MEA Aircraft Engine Forging Market during 2021–2028
According to a new market research study on “MEA 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$ 158.18 million by 2028 from US$ 127.54 million in 2021. The market is estimated to grow at a CAGR of 3.1% from 2021 to 2028. The report provides trends prevailing in the MEA aircraft engine forging market along with the drivers and restraints pertaining to the market growth. Increase in utilization of used serviceable material (USM) is the major factor driving the growth of the MEA aircraft engine forging market. However, issues associated with the discontinuation of quad-jets by aircraft manufacturers hinder the growth of MEA aircraft engine forging market.
The MEA aircraft engine forging market is segmented into forging type, material type, application and country. Based on forging type, the MEA 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 MEA 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 MEA 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, MEA aircraft engine forging market is classified into South Africa, UAE, Saudi Arabia, and Rest of MEA.
The MEA aircraft engine forging market is majorly affected by the disruption in the supply chain. Pertaining to the closure of borders of countries, the supply chain of several components and systems have been disturbed. The demand for advanced aerospace technologies such as aircraft engines and engine components has declined. This has resulted in a loss of business among the aircraft engines and aircraft engine forged components market players offering their products to respective customers in the MEA region. South Africa has few aircraft manufacturers, which produce general aviation piston aircraft. The widespread COVID – 19 virus has led the manufacturers to suspend their operations or operate with a minimal workforce temporarily. This has weakened the demand for engine and engine forged components, thereby hindering the aircraft engine forging market in the country. Additionally, the disruption in the supply chain business owing to the trade ban has also reflected adverse effects on the aircraft engine forging market in the country.
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 MEA 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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