Aircraft Engine Forging Market Forecasts to 2030 – Global Analysis By Forging Type (Closed Die Forging, Open Die Forging and Rolled Ring Forging), Material Type (Titanium Alloys, Nickel Alloys, Aluminum Alloys and Steel Alloys), Engine Type, Aircraft Type

According to Stratistics MRC, the Global Aircraft Engine Forging Market is accounted for $2.9 billion in 2024 and is expected to reach $4.6 billion by 2030 growing at a CAGR of 7.4% during the forecast period. Aircraft engine forging is a manufacturing process that uses hammers and dies to apply compressive forces to shape metal parts for aircraft engines. Strength, durability, and resistance to stress and fatigue are among the mechanical qualities of metals that are improved by this process. For engine operations to withstand high temperatures and pressures, forged parts—such as turbine discs, shafts, and blades—are essential. Forged parts' accuracy and dependability enhance the overall effectiveness, security, and performance of contemporary aircraft engines.

According to the International Air Transport Association (IATA), air passenger traffic is projected to quadruple over the next two decades, with approximately 8.2 billion passengers expected to travel by air by 2037.

Market Dynamics:

Driver:

Increasing demand for aircraft

The rise in global air travel, driven by economic growth and increasing disposable incomes, has significantly boosted the demand for new aircraft. This growth is further supported by advancements in aviation technology and the introduction of fuel-efficient models. Consequently, the production of aircraft engines and their forged components has surged to meet this demand. The expansion of commercial and defense aviation sectors globally reinforce the need for high-quality forged components, ensuring sustained growth in the aircraft engine forging market.

Restraint:

High initial investment

Aircraft engine forging involves complex manufacturing processes requiring advanced machinery and skilled labor, resulting in high initial capital expenditure. Additionally, the use of specialized materials like titanium and nickel-based superalloys increases production costs. These factors pose significant barriers for new entrants and limit market expansion. The high upfront investment needed to establish forging facilities impacts profitability, particularly for smaller manufacturers, thereby restraining the overall growth of the market.

Opportunity:

Increasing focus on MRO

The growing emphasis on Maintenance, Repair, and Overhaul (MRO) services presents lucrative opportunities for the aircraft engine forging market. As airlines aim to optimize operational efficiency and extend fleet lifespans, the demand for forged replacement parts is increasing. Advanced forging technologies enable the production of durable, high-performance components tailored for MRO needs. This trend is particularly prominent in emerging markets where aging fleets require frequent maintenance, driving growth in aftermarket services.

Threat:

Dependency on OEMs

The market's reliance on Original Equipment Manufacturers (OEMs) poses a significant threat due to limited diversification. OEMs dominate procurement decisions, often dictating terms that can squeeze profit margins for forging companies. Furthermore, delays or fluctuations in aircraft production schedules directly impact demand for forged components. This dependency limits market resilience against external disruptions such as economic downturns or geopolitical tensions, creating challenges for sustained growth.

Covid-19 Impact:

The COVID-19 pandemic severely disrupted the aircraft engine forging market due to reduced air travel and halted manufacturing operations. Lockdowns and travel restrictions led to a sharp decline in new aircraft orders and MRO activities. Supply chain disruptions further compounded challenges by delaying raw material availability and component deliveries. Although recovery began post-2021 with increasing air travel demand, the pandemic exposed vulnerabilities in global supply chains and highlighted the need for diversified sourcing strategies.

The closed die forging segment is expected to be the largest during the forecast period

The closed die forging segment is expected to account for the largest market share during the forecast period due to its ability to produce high-strength and lightweight components essential for aircraft engines. This process ensures precision and structural integrity, making it ideal for critical parts like turbine disks and blades. The segment's leadership is driven by advancements in material science, such as high-strength alloys, which enhance performance under extreme conditions. Its widespread adoption across commercial and military aviation underscores its importance in ensuring engine reliability and efficiency.

The commercial aircraft segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the commercial aircraft segment is predicted to witness the highest growth rate due to increasing global air passenger traffic and fleet expansions by airlines. The demand for fuel-efficient engines with advanced forged components drives innovation in this segment. Additionally, rising investments in low-cost carriers and regional connectivity initiatives boost production of single-aisle jets, further accelerating growth. The emphasis on reducing carbon emissions through lightweight materials also contributes to this segment’s high growth.

Region with largest share:

During the forecast period, the North America region is expected to hold the largest market share due to its well-established aerospace industry and early adoption of advanced technologies. The presence of major manufacturers like Boeing and Pratt & Whitney supports robust demand for forged engine components. High defense spending and a strong focus on research and development further bolster regional growth. Additionally, North America's extensive MRO network ensures steady demand for replacement parts, reinforcing its dominant position in the global market.

Region with highest CAGR:

Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR owing to rapid growth in commercial aviation and increasing investments in aerospace manufacturing capabilities. Countries like China and India are driving demand through rising air travel and government support for indigenous production. The region’s focus on next-generation aircraft programs emphasizes lightweight materials and advanced forging technologies. Expanding MRO services also contribute significantly to regional growth as airlines modernize fleets to meet surging passenger traffic.

Key players in the market

Some of the key players in Aircraft Engine Forging Market include Precision Castparts Corporation, ATI Incorporated, Bharat Forge Limited, Doncasters Group Limited, Voestalpine BÖHLER Aerospace GmbH & Co KG, Aubert & Duval SAS, Otto Fuchs KG, Howmet Aerospace, Mettis Group, Alcoa Corporation, SIFCO Industries, Consolidated Industries Incorporated, Avio Aero, Forgital Group, VSMPO-AVISMA Corporation, Canton Drop Forge, Farinia Group and LISI Aerospace.

Key Developments:

In May 2024, Forgital Group, a global leader in Forging, marching, assembly and testing, proudly announces the signing of a multi-year agreement with Safran Aircraft Engines, a world leader aircraft engine manufacturer manufacturing, solidifying their collaborative efforts in advancing aerospace technologies. The agreement, spanning multiple years, encompasses the joint pursuit of CFM International LEAP-1A/-1B and GE9X programs, emblematic of the enduring commitment both companies share towards innovation and excellence in the aerospace industry.

In July 2023, Doncasters is delighted to announce the signing of an agreement with Safran Aircraft Engines to renew and expand the supply of large superalloy structural castings and hot section air flow castings for the LEAP-1A and LEAP-1B platforms. This contract extension is a reflection of the strong and developing partnership between Doncasters and Safran Aircraft Engines, covering both precision investment castings and superalloy supply.

Forging Types Covered:
• Closed Die Forging
• Open Die Forging
• Rolled Ring Forging

Material Types Covered:
• Titanium Alloys
• Nickel Alloys
• Aluminum Alloys
• Steel Alloys

Engine Types Covered:
• Turbofan Engines
• Turbojet Engines
• Turboprop Engines
• Turboshaft Engines

Aircraft Types Covered:
• Commercial Aircraft
• Military Aircraft
• Business Jets
• Helicopters

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements