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, Comb

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)

The aircraft engine forging market in North America is expected to grow from US$ 748.07 million in 2021 to US$ 1,147.20 million by 2028; it is estimated to grow at a CAGR of 6.3% from 2021 to 2028. A combined-cycle system of an aircraft engine receives considerable attention to achieve improved power generation. The system is continuously being improved to attain higher fuel efficiency and decrease carbon emissions. For this, the TET should be increased by developing superalloys with excellent heat-resistant properties. Cobalt and nickel-based alloys are the conventional superalloys used for the gas turbine inlet. Cobalt-based superalloys were traditionally in use as a primary material in gas turbine blade production. However, after their inception, nickel-based superalloys gradually replaced cobalt-based superalloys in turbine blades. Nickel-based superalloys are more beneficial in high-temperature environments of an aircraft engine than cobalt-based or titanium-based superalloys. In terms of the Clarke number, which determines the content of the chemical elements in the earth’s surface, the elemental Nickel content is more than elemental cobalt content; thus, the availability of nickel is relatively high. Additionally, outstanding mechanical properties of nickel-based superalloys—such as high strength, long fatigue life, and good oxidation and corrosion resistance at high temperature—are the main factors driving their use in engine turbine blades. Thus, nickel superalloy-based forged parts are further contributing to the aircraft engine forging market growth.

The closed die forging segment led the North America aircraft engine forging market, based on forging type, in 2020. Closed die forging, also known as impression-die forging, is a process in which dies move towards each other and cover the workpiece 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 3D shapes with a better finish. The closed-die forgings are regularly produced on mechanical presses, hydraulic presses, and hammers, with the capacity of 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.

In North America, the US 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, the shutdown of production facilities, and a shortage of employees. The massive outbreak of SARS-CoV-2 has created both health and economic crises in the US. It has led to major disruptions in the aerospace industry, impacting supply chains, manufacturing, and product sales, among other activities. The pandemic has, directly and indirectly, impacted the industry’s short-term and long-term strategies. The airline industry in North America experienced high net losses, along with the delayed recovery. The presence of several aircraft engine manufacturers and engine forging manufactures is anticipated to drive improvements in the aircraft engine forging market. Nevertheless, the region is expecting market recovery during 2023-2025. Recovery in passenger volume, cargo, and military aircraft fleet, and government stimulus are anticipated to boost manufacturing and sales of aircraft engines in the coming years, which is expected to drive the aircraft engine forging market during the years specified above.

The North America 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 North America 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 North America aircraft engine forging market. 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 a few players operating in the market in this region.

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