Aerospace Forging Market Projected to Grow at a CAGR of ~7% During 2022 – 2031

Research Nester published a report titled Aerospace Forging Market: GlobalDemand Analysis & Opportunity Outlook 2031which delivers a detailed overview of the global aerospace forging market in terms of market segmentation by material, aircraft, application, end-use, and region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.

The global aerospace forging market is anticipated to grow at a CAGR of ~7% by attaining remarkable revenue over the forecast period, i.e., 2022 – 2031. Multiple factors, such as, growing investment in military aviation, increasing air passenger traffic, rising manufacturing and deliveries of commercial aircraft, and growing demand for air transportation are projected to drive the growth of the market during the forecast period. Additionally, International Civil Aviation Organization (ICAO) stated that 4.5 billion people travel via scheduled airline services. Furthermore,the term aerospace forging refers to the modeling of aircraft equipment by delivering compressive pressure.

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The global aerospace forging market is segmented on the basis of end-use into business, commercial, and military. Out of these sub-segments, the commercial segment is estimated to acquire a notable share in the market over the forecast period. The growth of the commercial segment is attributed to the factors such as, offering specialized services based on a particular task and facilitating scheduled flights between selected airports. Therefore, manufacturing of the commercial aircraft is rising exponentially worldwide. Furthermore, in 2020, the global manufacturing of aircraft amounted to approximately USD 165 billion.

Furthermore, the global aerospace forging market, by region, is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market is projected to attain noteworthy growth in the North America region over the forecast period on the back of the presence of major aircraft and their components manufacturers in the region. In 2019, the aircraft manufacturing industry in the region amounted to approximately USD 135 billion

The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.

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Increasing Manufacturing of Commercial Aircraft to Hike the Growth of the Market

Commercial aviation provides significant services in multiple sectors such as tourism, connectivity, trade, transportation, patrolling, advertisement, and others. Moreover, the rising number of passengers travelling via air, has surged the demand for aircrafts. All these factors are anticipated to propel the growth of the market throughout the forecast period.

However, the need for high initial investment is expected to operate as a key restraint to the growth of the global aerospace forging market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global aerospace forging market which includes company profiling of Arconic Corporation, Larsen & Toubro Limited, Precision Castparts Corp., Jiangyin Hengrun Heavy Industries Co., Ltd, WLLEOOD Group Inc., CAV System Ltd, Curtiss-Wright Corporation, Honeywell International PLC, Raytheon Technologies Corporation, and Airbus S.A.S. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global aerospace forging market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.   

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