Aerospace Cold Forgings Market Size

Aerospace Cold Forgings Market Size

Aerospace Cold Forgings Market Size was valued at over USD 2.5 million in 2020 and is anticipated to grow at a CAGR of more than 8.3% from 2021 to 2027. The rising need for a high strength-to-weight ratio and robust aircraft structural dependability are some of the factors driving the market growth during the forecast timeline.

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Increasing preference of aircraft manufacturers to utilize aerospace components offering close dimensional tolerances and high surface finish is propelling the aerospace cold forgings market expansion during the forecast timeframe. Surging utilization of cost-efficient materials to obtain high-strength cold-forged products will escalate the market value. Additionally, the elimination of heat treatment processes including hardening & tempering will positively impact the production cycle time, further enhancing operational efficiency. The increasing need to reduce aircraft emission levels and to enhance fuel-efficiency will further foster the industry growth.

On the other hand, the growing usage of composite materials in aircraft manufacturing is posing threats to the industry. Moreover, the market has been devasted by the outbreak of COVID-19 disease. With the downfall in the passenger air traffic and halted freight operations, the demand for new aircraft took a dip, resulting in the reduced consumption of cold forging products. However, a year after the crisis brought the industry to a halt, the demand is expected to showcase signs of recovery and the market will gain substantial momentum in the coming years.