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

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)

The aircraft engine forging market in Europe is expected to grow from US$ 440.90 million in 2021 to US$ 637.91 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028. 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. A rise in the manufacturing of aircraft is directly magnifying the demand for aircraft engines. 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.

The closed die forging segment led the Europe aircraft engine forging market, based on forging type, in 2020. The closed die forging is also familiar with the name of impression-die forging. It is a forging process in which dies move towards each other and covers the work piece either entirely or partially. The heated raw material, which is almost the size or shape of the final forged part, is sited in the bottom die. An impression-die forging of steel uses aluminum, titanium and other alloys that can produce a series of 3-D shapes with better finish. The closed-die forgings are regularly produced on mechanical presses, hydraulic presses, and hammers, with the capacity up to 20,000 tons, 50,000 tons, and 50,000 lbs. respectively. The cost incurred during die production is much higher which makes closed die forging suitable for large production runs instead of short production units. Moreover, the closed die forging is appropriate for small critical parts with safety consideration due to its high precision.

With the outbreak of COVID-19, the production and sales of aircraft engines came to a sudden halt in most of Europe. The collapse of the demand side severely impacted the EU aerospace sector and reduced international trade, thereby putting the economies in a deep crisis. 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 flight numbers during the initial months of the COVID-19 pandemic. The global passenger volume contracted by 60.5%, and the total cost of infrastructure declined by 45.4% in 2020, increasing unit costs. This reduced demand has severely affected the performances of regional aircraft manufacturers, thereby limiting the aircraft engine manufacturers’ growth. However, the EU aerospace industry is anticipated to recover gradually in the coming years due to a gradual economic revival and the importance of international services. According to the European aircraft manufacturing giant, Airbus, the global and European aviation industry is expected to reach pre-COVID levels during 2023-2025. Consequently, the company has been ramping up its production volumes to be able to deliver a higher number of orders in the coming years. 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.

The Europe 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 Europe 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 Europe 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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