Report : Europe 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)

Closed Die Forging Segment to Dominate Europe Aircraft Engine Forging Market during 2021–2028

According to a new market research study on “Europe 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$ 637.91million by 2028 from US$ 440.90 million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the Europe aircraft engine forging market along with the drivers and restraints pertaining to the market growth. Rise in adoption of nickel based superalloys is the major factor driving the growth of the Europe aircraft engine forging market. However, issues associated with the discontinuation of quad-jets by aircraft manufacturers hinder the growth of Europe aircraft engine forging market.  

The Europe aircraft engine forging market is segmented into forging type, material type, application and country. Based on forging type, the Europe 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 Europe 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 Europe 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, Europe aircraft engine forging market is classified into Germany, France, UK, Russia, and Rest of Europe.

With the outbreak of COVID-19, the production and sales of aircraft engines came to a sudden halt in most of Europe. Collapse of the demand side severely impacted the EU aerospace sector, thereby putting the economies in deep crisis and reduced international trade. The air transport sector plays an important role in economic growth and employment in many of the European countries which was strongly impacted by supply chain disruptions, and technological challenges. The European aerospace industry began to witness airspace inefficiencies, activity delays, and declining number of flights with the initial spread of COVID-19 in the region. The global passenger volume contracted by 60.5%, and total cost of infrastructure declined by 45.4% in 2020, increasing unit costs. This reduced demand has severely impacted the regional aircraft manufacturers thereby affecting the aircraft engine manufacturers, The EU aerospace industry is anticipated to recover gradually due to a slower economic recovery and the importance of international services. The European aircraft manufacturing giant, Airbus, foresees faster recovery of aviation industry and aircraft manufacturing. According to the company, the global and European aviation industry is expected to reach pre-covid levels between 2023 and 2025. Owing to this, the company has been ramping up their production volumes, in order to deliver higher number of orders. The announcement of such strategies showcased a sigh of relief for the aircraft component manufacturers including aircraft engine manufacturers and aircraft engine forging market players.

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 Europe 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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