Aerospace Forging is a manufacturing process used to shape the metal to be used by many products such as rotors, turbine disks, fan cases, shafts and others. The various types of material used to manufacture aerospace forgings like titanium, stainless steels, aluminum alloys and other alloys. These aerospace forgings are being deployed in different type of aircrafts which includes Unmanned Aerial Vehicle (UAV), fixed wing aircraft and rotorcraft. Moreover, these forgings are compatible with different parts of the aircraft such as blades, landing gear cylinders, and hinges among others, due to its adaptability to any kind of sizes and shapes will further drive the demand of aerospace forgings market over the forecast period.This growth is primarily driven by Strong Demand for Forging Equipment from Aerospace Industry, Improvement in Global Economic Conditions and Innovations in Components and Manufacturing Process along With developing Aerospace Industry.
Globally, a noticeable market trend is evident Booming Commercial Aerospace Industry. The Aerospace & Defense sector in the North America region has been increasing at a strong rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as American Axle & Manufacturing Holdings (United States), Alcoa (United States), Ellwood Group (United States), Precision Castparts (United States), FRISA (Mexico), ATI Ladish Forging (United States), HHI Forging (United States), General Dynamics Ordnance & Tactical Systems (United States), Sumitomo (Japan) and Scot Forge (United States) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On Jan 29, 2016, Berkshire Hathaway Inc. and Precision Castparts Corp. a worldwide, diversified manufacturer of complex metal components and products today announced the completion of the acquisition of Precision Castparts Corp.
- Strong Demand for Forging Equipment from Aerospace Industry
- Improvement in Global Economic Conditions
- Innovations in Components and Manufacturing Process along With developing Aerospace Industry
- Booming Commercial Aerospace Industry
- Alloys Used For Aerospace Forgings Are Poor in Toughness, Notch Sensitive, And Susceptible To Stress-Corrosion Cracking
- Rising Input Metal and Labor Costs
Growing Urbanization and Industrialization in Many Regions Worldwide and Technological Advancements in Aerospace Industry
Lack of Skilled Manpower and High Cost of Aerospace Forging Process
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