With 7% CAGR, Aerospace Cold Forgings Market Size Worth USD 6.01 Million by 2026 – Comprehensive Research Report by Facts & Factors
The global aerospace cold forgings market was valued at USD 3.75 Million in 2019 and is expected to surpass USD 6.01 Million by 2026, registering a CAGR of 7% during the forecast period (2020-2026), as highlighted in a report published by Facts & Factors.
Forging is the process of shaping metal by hammering or grinding it. Cold forged material has been forged at temperatures lower than the recrystallization temperature. Cold forging is a method of transforming materials into high-strength components. Cold forging provides superior production precision, which is exactly what aerospace parts require. Cold forged components are dimensionally accurate and require little or no finishing.
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Since the pandemic has put the world’s major economies on lockdown, the rapid spread of coronavirus has had a significant impact on financial markets. As a result of this massive lockdown, the entire consumer industry has abruptly lost faith in purchasing specific products. One of the major challenges that the industry is facing is the shutdown of all types of foreign transportation. The aerospace cold forgings market has slowed as a result of the global recession, which has been exacerbated by declining demand in goods production and exports. The COVID-19 Coronavirus outbreak in 2020 has had an impact on the global economy and market situation in major industries around the world.
As a result of the pandemic scenario, supply-chain volatility, trade practises, industrial activities, and other events have hampered the global lockout. The majority of the aircraft industry has been grounded due to the COVID-19 outbreak. Fleet planning and reconstruction are critical in dealing with the risks of the pandemic. Demand for aerospace cold forgings has decreased as a result of reduced servicing and inspection tests due to a decrease in air passenger traffic and a decrease in flight hours of various aircraft. The supply-demand mismatch caused by inventory supplies in the OEM and MRO industries, as well as production units, has slowed the growth of the aerospace cold forgings industry.
Furthermore, due to various country lockdowns, aircraft deliveries in the first and second quarters of 2020 have been delayed, reducing producer revenues even further. Manufacturers must meet the high expectations of airlines and passengers in terms of health protection and social distancing standards. On the other hand, the economy is improving, and businesses have resumed operations with fewer resources and in accordance with government regulations. End-use markets should be fully operational by 2021, resulting in increased demand for aircraft lubricants.
The increased demand for aerospace cold forgings from the aviation industry all over the world is propelling the aerospace cold forgings market forward. Furthermore, rising demand for new aircraft from emerging markets such as India and China is expected to drive the global aerospace cold forgings market.
Arconic, Ace Forge Pvt. Ltd., Berkshire Hathaway Inc., ATI Metal, Eramet Group, Bharat Forge, Nufast Ltd., Hadee Forgings Pvt. Ltd., Rostec State Corp., Precision Castparts Corp, Shaanxi Hongyuan Aviation Forging Co Ltd, Scot Forge, STS Intelli., and Vsmpo-Avisma are among the market leaders.
A surge in demand for new aircraft from developing economies has propelled the industry. The aerospace industry has grown tremendously as a result of recent technological advances. This is a significant factor driving the global aerospace cold forgings industry forward. Furthermore, cold forging is less difficult to perform than traditional processing methods. This has allowed for a large volume of manufacturing to be completed in less time, resulting in market growth. The global aerospace cold forgings industry is expanding as a result of increased R&D investments by aerospace cold forgings manufacturers in order to implement new, cost-effective, high-efficiency products. Influential countries are encouraging technological advances and improvements in the air defence market in order to improve defensive capability.
Market participants in the aerospace defence market are making critical decisions regarding capital investment, research and development, and the development of cutting-edge technology. They are investing in defence manufacturing projects such as landing gear manufacturing and military aircraft engine production. Micro cold forging (MCF), a forging process that extends the life of forging dies, is contributing to an increase in the demand for aerospace cold forgings.
Forging dies are susceptible to mechanical failure due to their prolonged interaction with the workpiece, and removal or restoration can be costly and time-consuming. The MCF extends the life of the dies by providing a fast reciprocating impact force to achieve the final form of the part. The high cost of raw materials is limiting the growth of the aerospace cold forgings market. Cold forging technological advancements are expected to boost the global aerospace cold forgings market’s growth prospects.
Product type, type, platform, aircraft, application, and region are the segments of the global aerospace cold forgings market. The global market is divided into captive forging, catalogue forging, and custom forging. The global market is divided into fixed-wing and rotary-wing aircraft. The global market is divided into platforms such as narrow body, wide body, regional jets, fighter jets, helicopters, and others. The global market for aircraft is divided into three categories: military aviation, commercial aviation, and general aviation. The global market is divided into three applications: landing gear, nacelle, and airframe. The global aerospace cold forgings market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East and Africa.
Geographically, North America has the highest demand for the aerospace cold forgings market, followed by the European region. During the forecast period, the North American region is expected to be the primary market for aerospace cold forgings. The United States is a major user of aerospace cold forgings in the North American region. The continent of North America. The region’s expansion can be attributed to the region’s thriving aerospace industry, which has increased aircraft demand. Furthermore, rising defence spending has fueled the market’s expansion in this sector.
Asia Pacific is expected to rise steadily during the forecast period due to increased demand for commercial aircraft. Technological advancements and an increasing population have also aided the market’s development in this area. Because of rising air passenger traffic in the region’s developing economies, the Asia-Pacific aerospace cold forgings industry is booming. Russian, Japanese, and Chinese aircraft manufacturers are entering the global market with modernised and high-tech aircraft, which is helping to grow the region’s aerospace cold forgings market. Furthermore, the entry of large players is expected to fuel demand even more. In addition, the arrival of major players is expected to increase demand.
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