Report : South America 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 SAM Aircraft Engine Forging Market during 2021–2028
According to a new market research study on “SAM 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$ 232.13 million by 2028 from US$ 174.44 million in 2021. The market is estimated to grow at a CAGR of 4.2% from 2021 to 2028. The report provides trends prevailing in the SAM aircraft engine forging market along with the drivers and restraints pertaining to the market growth. Increase in aircraft engine production is the major factor driving the growth of the SAM aircraft engine forging market. However, issues associated with the discontinuation of quad-jets by aircraft manufacturers hinder the growth of SAM aircraft engine forging market.
The SAM aircraft engine forging market is segmented into forging type, material type, application and country. Based on forging type, the SAM 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 SAM 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 SAM 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, SAM aircraft engine forging market is classified into Brazil and Rest of SAM.
Brazil accounts for highest number of COVID-19 cases, followed by Peru, Chile, Colombia, and Ecuador, among others. SAM government has taken an array of actions to protect their citizens and contain COVID-19's spread. Brazil is the largest spender in the aerospace industry and is the only modern aircraft manufacturing country in the region. Owing to this, the demand for components and aircraft related systems and technologies is at an all-time high in the country. The slowdown in commercial and military aircraft production in the country has impaired the supply chain in Brazil. This has weakened the demand for several components, including engines and forged engine components. Thus, the outbreak of COVID-19 has had a harsh impact on the South American aircraft engine forging market, especially in Brazil.
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 SAM 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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