Aerospace Cold Forging Market worth over $4.5mn by 2027

Aerospace Cold Forging Market Size is set to surpass USD 4.5 million by 2027, according to a new research report by Global Market Insights Inc.
 

Increasing preference of aircraft manufacturers for utilizing aerospace components offering close dimensional tolerances and high surface finish will foster the market growth during the forecast timeframe. The surging utilization of low-cost materials for obtaining high-strength cold-forged products by work hardening will escalate the market demand. Additionally, the elimination of heat treatment processes including hardening and tempering will positively impact the production cycle time, further boosting the operational efficiency.
 

The increasing need to reduce aircraft emission levels and to enhance fuel efficiency will positively impact the market expansion during the forecast timeline. The adoption of lightweight aircraft components is prominently contributing to reducing the overall weight; thereby, upscaling the fuel efficiency. Cold forged components offer lightweight alternatives with over 24% weight savings as compared to hot forged products.
 

Rising application in regional aircraft will escalate the segment penetration

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In 2020, regional aircraft held more than 15% of the market share. The demand for regional aircraft is experiencing continuous growth attributed to the increased flexibility in use and lesser operating costs. The regional jet sector is growing faster attributed to 50% rise in passenger number in 2017 compared to 2005. Regional aircraft has a lower per unit capital cost than narrow body aircraft. The demand for passenger regional jet fleet is increasing due to the advancement in technology.
 

Browse key industry insights spread across 200 pages with 191 market data tables & 19 figures & charts from the report, “Aerospace Cold Forging Market Size, By Platform (Rotary Wing {Helicopters}, Fixed Wing {Narrow body, Widebody, Regional Jets, Fighter Jets}), By Application (Airframe, Nacelle, Landing Gear), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Competitive Landscape, Growth Potential & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/aerospace-cold-forgings-market
 

Airframe segment will witness exponential growth

The airframe segment is projected to showcase 8.3% growth rate through 2027. Airframe is a structure of an airplane or spacecraft. Its principal components include fuselage, wings, landing gear, and tail assembly. Airframe is made up of high strength and lightweight materials such as aluminum alloys, magnesium, stainless steel, and titanium. Titanium alloys are utilized in airframes woing to their good toughness, high strength-to-weight ratios, and corrosion resistance. Airframe is also made by cold forging process, such as cold rolling product sheet and plate, providing good dimensional accuracy, excellent surface finish, and tight tolerances possible.
 

North America region to exhibit a steady growth during the forecast period

North America aerospace cold forging market is expected to expand at a CAGR of over 8.7% by 2027. The increasing demand for aircraft in the U.S. and Canada will propel the demand for aerospace cold forging as cold-forged parts require no finishing work, thereby saving costs. The cold forging process saves resources by the elimination of secondary machining operations, which produce scrap chips that can result in costly disposal fees. As aerospace’s order backlog remains high all the time, manufacturers are ramping up production to accommodate the growing demands for commercial as well as defense aircraft. Commercial aircraft demand tends to be correlated with GDP growth rates and the major aircraft manufacturers use these rates in developing their long-range plans.
 

Industry to observe a surge in R&D investments

Advanced manufacturing technologies adopted by industry players are significantly contributing to increasing the overall productivity. Cold forged components possessing lower yield strength offer ease of machinability, further reducing the total machining time. Focused efforts in R&D for developing advanced hydraulic presses that provide multifunctional capabilities will support the industry size. The key manufacturers in the market include Precision Castparts Corp, Arconic, Vsmpo-Avisma, Shaanxi Hongyuan Aviation Forging Co Ltd, Scot Forge, Eramet Group, Bharat Forge, and ATI Metal.