APAC 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 Ch

APAC 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)

The aircraft engine forging market in APAC is expected to grow from US$ 654.85 million in 2021 to US$ 1085.35 million by 2028; it is estimated to grow at a CAGR of 7.5% from 2021 to 2028. Although the production and procurement of airplanes are rising substantially with continuous increase in air travel, ~400-600 commercial aircraft units are retired, ruled out (due to age), and disassembled each year, which creates a heap of waste. Such a massive amount of waste includes ~1,000 tonnes of carbon fiber, 1,800 tonnes of alloys, 30,000 tonnes of aluminum, and 600 tonnes of other scrap materials. With rising concerns about the environment, aerospace companies such as Pratt & Whitney, along with government bodies, have identified new ways to replace the existing, newly sourced raw materials for the manufacturing of aerospace parts with recycled and renewable materials. Thus, efforts by various countries for escalating the use of USM are likely to drive the aircraft engine forging market during the forecast period.

The APAC aircraft engine forging market, based on material type, is segmented into nickel alloys and titanium alloys. The nickel alloy segment led the market in 2020. Numerous forging companies operating in the aerospace industry (irrespective of the engine or structural parts) are more inclined toward the use of super nickel alloys. These materials come with high- resistance to temperature and heat. Nickel alloys are utilized in gas turbines for building energetics, blades, on rotors, turbo, and turbine aircraft engines, steam turbines, propelling nozzles, process equipment, valves, pumps, and other parts, which must endure during extreme environments. Nickel alloys are ideal for environments where the temperature is in access of 1000 degrees F. Hence, in an aircraft engine, nickel alloys are used in combustion chambers and turbines. As a temperature is high in the rear half section, an iron-based or nickel-based alloy is used in an aircraft engine. Demand for nickel alloy is extremely high in both closed and open die forging techniques. The use of nickel alloys allows forging companies to manufacture robust aircraft parts and components as this alloy is resistant to corrosion, and extreme heat and temperature conditions. Aircraft engines have evolved with the burgeoning need to survive in higher combustion temperatures, which may reach 800°C/1,475°F.

The COVID-19 pandemic has disrupted the overall economy and the aerospace market of APAC. It has also changed the customer attitude toward the airline industry as the region has witnessed a significant decline in the air transportation. ~18,000 aircraft, including the Boeing 747s and Airbus A380s, were put in storage in 2020, due to the collapse in passenger demand and bankruptcies. China is one of the leading countries in the aerospace industry in APAC, in terms of the scale of aircraft manufacturing and assembly, and it has been one of APAC's most affected countries during Q1 and Q2 of 2020. The Airbus and Boeing manufacturing facilities in China were shut down for a long period in that year, which resulted in substantially less demand for various components and systems, including engines. COMAC, China’s indigenous aircraft manufacturer, also halted its production of C919 during Q1, which hampered the progress of the markets for aircraft engines and aircraft engine forging in the country. However, the aviation authorities, airlines, and aircraft manufacturers foresee strong growth in the aviation industry in APAC during the post-COVID period. Owing to this, several airlines and military forces are ordering and taking deliveries of newer aircraft models. This is expected to drive the demand for aircraft engines among commercial and military aircraft manufacturers, which would boost the performances of aircraft engine forging market players in the coming years.

The APAC aircraft engine forging market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast of the APAC aircraft engine forging market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights. The participants typically involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the APAC aircraft engine forging market. Allegheny Technologies Incorporated, Doncasters Group, Farinia Group, LISI Group, Otto Fuchs KG, Precision Castparts Corp., Safran, and VSMPO-AVISHMA Corporation are among a few players operating in the market in this region.

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