Report : Asia Pacific Aircraft Isothermal Forging Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Aircraft Components (Fan Blade, Turbine Disks, Shafts, and Connector Rings), Forging Material (Titanium and Nickel-based Superalloys), and Fit Type (Line Fit and Retrofit)
At 10.5% CAGR, the Asia Pacific aircraft isothermal forging market is speculated to be worth US$ 536.49 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific aircraft isothermal forging market was valued at US$ 294.12 million in 2022 and is expected to reach US$ 536.49 million by 2028, registering an annual growth rate of 10.5% from 2022 to 2028. The increasing preference for titanium over steel fabricated parts and growing demand for titanium and nickel-based parts in military aircraft engine production are the critical factors attributed to the market expansion.
Over the years, the aircraft component manufacturers have relied on steel fabricated parts that increased the overall weight of the aircraft models. The heavyweight reduces fuel efficiency and increases carbon emissions. Thus, aircraft component manufacturers are adopting titanium as a lightweight substitute for steel. Increasing preference for titanium over steel materials in various applications in the aerospace industry is driving the growth of the aircraft isothermal forging market. For instance, almost every Airbus aircraft had ~2,772 steel bearings that increased the aircraft's overall weight. Hence, Airbus looked for a lightweight alternative for steel bearings. As a result, steel bearings were replaced with titanium bearings that helped Airbus reduce the aircraft's overall weight by 400 kg. Moreover, in July 2021, Research and Development Organization (DRDO) in India developed an isothermally forged high-strength beta titanium alloy containing aluminum, vanadium, and iron that can be used in fighter jet engines. Such initiatives are catalyzing the aircraft isothermal forging market. In earlier aircraft fleets, steel-based materials were used for portions where high strength-to-weight of components was required, such as frames and joints. However, the steel-based components or sub-components are being replaced to reduce weight by isothermally forged titanium alloys. Moreover, isothermally forged turbofan engines are widely employed by commercial aircraft to improve combustion efficiency and fuel consumption. Titanium parts have replaced steel parts in the manufacturing of aircraft components that are propelling the adoption of isothermal forging across the aerospace industry. Thus, the increasing preference for titanium over steel fabricated parts is driving the aircraft isothermal forging market growth.
On the contrary, preference for casting over other production methods hurdles the growth of Asia Pacific aircraft isothermal forging market.
Based on aircraft components, the Asia Pacific aircraft isothermal forging market is segmented into fan blade, turbine disks, shafts, and connector rings. The fan blade held 39.4% market share in 2022, amassing US$ 115.91 million. It is projected to garner US$ 227.68 million by 2028 to expand at 11.9% CAGR during 2022–2028.
Based on forging material, the Asia Pacific aircraft isothermal forging market is bifurcated into titanium and nickel-based superalloys. With 78.1% share of the domain, the nickel-based superalloys segment dominated the market in 2022. It accrued US$ 229.84 million in 2022 and is estimated to generate US$ 408.49 million by 2028 to grow at a CAGR of 10.1% over the forecast period.
On the basis of fit type, the Asia Pacific aircraft isothermal forging market is categorized into line fit and retrofit segment. With 65.0% share of the domain, the line fit segment dominated the market in 2022. It accrued US$ 191.31 million in 2022 and is estimated to generate US$ 357.35 million by 2028 to grow at a CAGR of 11.0% over the forecast period
Based on country, the Asia Pacific aircraft isothermal forging market is segmented into Australia, China, India, Japan, South Korea, and the rest of Asia Pacific. Our regional analysis states that China captured 44.6% market share in 2022. It was assessed at US$ 131.15 million in 2022 and is likely to hit US$ 247.32 million by 2028, exhibiting a CAGR of 11.2% during the forecast period.
Key players dominating the Asia Pacific aircraft isothermal forging market are Alcoa Corporation, ALD Vacuum Technologies GmbH, ATI, H.C. Starck Solutions, Howmet Aerospace, Leistritz Turbinentechnik GmbH, LISI Aerospace, SCHULER GROUP, and SMT Limited among others.
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