Report : North 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)

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

According to a new market research study on “North America 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$ 1,147.20 million by 2028 from US$ 748.07 million in 2021. The market is estimated to grow at a CAGR of 6.3% from 2021 to 2028. The report provides trends prevailing in the North America aircraft engine forging market along with the drivers and restraints pertaining to the market growth. Surge in aircraft engine production is the major factor driving the growth of the North America aircraft engine forging market. However, issues associated with the discontinuation of quad-jets by aircraft manufacturers hinder the growth of North America aircraft engine forging market.  

The North America aircraft engine forging market is segmented into forging type, material type, application and country. Based on forging type, the North America 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 North America 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 North America 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, North America aircraft engine forging market is classified into US, Canada, and Mexico.

The US has witnessed the most severe impact of COVID-19 in 2020 and 2021. The aircraft engine manufacturers and engine component manufacturers in the country were affected due to nationwide lockdowns and travel restrictions, shut down of production facilities, and shortage of employees. The massive outbreak of the virus has created both a health crisis and an economic crisis in the US. It has led to major disruptions in the aerospace industry, impacting everything from supply chain and manufacturing to product sales. The pandemic has directly and indirectly impacted the industry’s short term and long term strategies. The pandemic has reached an unprecedented level for the airline industry in North America with increasing net losses and delays in recovery. The presence of several aircraft engine manufacturers and engine forging manufactures is anticipated to drive the improvement of aircraft engine forging market in the forthcoming years. The region is expecting market recovery from the economic disruption between 2023 - 2025. Recovery in passenger volume, cargo and military aircraft fleet and government stimulus is anticipated to boost manufacturing and sales of the aircraft engines, which is expected to highlight recovery of aircraft engine forging markets.

All Metals & Forge Group, Allegheny Technologies Incorporated, Doncasters Group, Farinia Group, LISI Group, Otto Fuchs KG, Pacific Forge Incorporated, Precision Castparts Corp., Safran, and VSMPO-AVISHMA Corporation are among the leading companies in the North America 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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