The rise in air traffic across the region is leading to an increase in demand for commercial aircraft. Aircraft manufacturers have increased their rate of production of commercial aircraft and helicopters over the years. Rise in the manufacturing of aircraft is directly magnifying the demand for aircraft engines over years. Additionally, airlines, aircraft operators, armed forces, and charter operators are likely to boost the demand for new engines as part of their fleet modernization and growth plans. The growing need for a new generation of engines with low emissions and weight, which would improve airplane fuel efficiency, is also contributing to the aircraft engine forging market proliferation. Companies are investing in the research and development of new engine models by employing cutting-edge technologies such as additive manufacturing and composite technologies. Thus, the rise in aircraft engine production worldwide is boosting the aircraft engine forging market.
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.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the aircraft engine forging market. The SAM aircraft engine forging market is expected to grow at a good CAGR during the forecast period.