Aircraft Engine Forging Market Research Report By Material (Titanium Alloys, Nickel-Based Superalloys, Steel Alloys, Aluminum Alloys), By Forging Process (Closed Die Forging, Open Die Forging, Isothermal Forging, Hot Die Forging), By Engine Type (Fixed-Wing Engines, Rotary-Wing Engines, Turboprop Engines, Turbofan Engines), By Aircraft Type (Commercial Aircraft, Military Aircraft, General Aviation Aircraft, Business Jets) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032.

Aircraft Engine Forging Market Overview

The Aircraft Engine Forging Market Size was estimated at 12.07 (USD Billion) in 2022. The Aircraft Engine Forging Market Industry is expected to grow from 12.73(USD Billion) in 2023 to 20.5 (USD Billion) by 2032. The Aircraft Engine Forging Market CAGR (growth rate) is expected to be around 5.44% during the forecast period (2024 - 2032).

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Key Aircraft Engine Forging Market Trends Highlighted

Key market drivers for aircraft engine forging include the increasing demand for commercial aircraft due to the growing aviation industry, the rising need for fuel-efficient and lightweight aircraft engines, and the advancements in manufacturing technologies that enable the production of complex and durable forged components.Opportunities in the aircraft engine forging market lie in the development of new materials and processes that enhance performance and reduce costs. Additionally, the growing adoption of additive manufacturing technologies offers the potential for cost-effective production of complex geometries and high-precision components.

Recent trends in the market include the increasing use of titanium and nickel-based alloys in forged components for their superior strength-to-weight ratio and high-temperature resistance. Automation and digitalization are also transforming the manufacturing process, improving efficiency and reducing lead times.

Aircraft Engine Forging Market Drivers

Increasing Demand for Air Travel

The rising demand for air travel is a key driver of the  aircraft engine forging market. As the number of air passengers increases, so too does the demand for new aircraft. This, in turn, drives up the demand for aircraft engines and the components that make them up, including forgings. The growth in air travel is being fueled by a number of factors, including the increasing availability of affordable airfares, the growing middle class in emerging markets, and the increasing popularity of air travel for both business and leisure. This trend is expected to continue in the coming years, which will lead to a sustained increase in demand for aircraft engine forgings.

Technological Advancements in Aircraft Engines

The development of new and more efficient aircraft engines is another major driver of the  aircraft engine forging market. As engine manufacturers strive to improve the performance and fuel efficiency of their products, they are increasingly turning to advanced forging techniques to produce the complex components required. These techniques allow for the production of lighter, stronger, and more durable components, which can improve the overall performance of the engine. The development of new materials and manufacturing processes is also contributing to the growth of the aircraft engine forging market. For example, the use of titanium and other lightweight alloys in aircraft engines is increasing, which is driving up the demand for forgings made from these materials.

Growth of the Aerospace Industry in Emerging Markets

The growth of the aerospace industry in emerging markets is another key driver of the  aircraft engine forging market. As these markets develop, they are investing heavily in their aerospace industries, including the production of aircraft engines. This is creating new opportunities for aircraft engine forging companies, as they can supply the components needed to meet the growing demand for aircraft in these regions. The growth of the aerospace industry in emerging markets is being driven by a number of factors, including the increasing demand for air travel, the growing middle class, and the increasing investment in infrastructure.

Aircraft Engine Forging Market Segment Insights

Aircraft Engine Forging Market Material Insights

The Aircraft Engine Forging Market is segmented based on material into titanium alloys, nickel-based superalloys, steel alloys, and aluminum alloys, among which titanium alloys held the largest market share in 2023, owing to their superior strength-to-weight ratio, high corrosion resistance, and ability to withstand extreme temperatures. The demand for titanium alloys in aircraft engine forgings is expected to remain strong over the forecast period, driven by the growing production of new aircraft and the need for lightweight and efficient engines.

Nickel-based superalloys are also widely used in aircraft engine forgings due to their exceptional high-temperature strength and resistance to creep and fatigue. Steel alloys are another important material used in aircraft engine forgings, particularly for components that require high strength and durability. Aluminum alloys are used in aircraft engine forgings for applications where weight reduction is critical, such as in fan blades and compressor blades.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Aircraft Engine Forging Market Forging Process Insights  

The Aircraft Engine Forging Market segmentation by Forging Process includes Closed Die Forging, Open Die Forging, Isothermal Forging, and Hot Die Forging. The Closed Die Forging segment held the largest market share in 2023, accounting for around 45% of the  Aircraft Engine Forging Market revenue. The growth of this segment can be attributed to the increasing demand for high-strength and lightweight aircraft engine components. The Open Die Forging segment is expected to witness significant growth over the forecast period, owing to the rising demand for large and complex aircraft engine components.The Isothermal Forging segment is expected to grow at a steady pace, driven by the increasing adoption of this process for the production of complex and high-precision aircraft engine components. The Hot Die Forging segment is expected to grow at a moderate pace, owing to the increasing demand for cost-effective and efficient forging processes.

Aircraft Engine Forging Market Engine Type Insights

The Aircraft Engine Forging Market is segmented into fixed-wing engines, rotary-wing engines, turboprop engines, and turbofan engines. Among these segments, the turbofan engine segment is expected to hold the largest market share in 2023, accounting for over 55% of  revenues. This dominance can be attributed to the widespread adoption of turbofan engines in commercial aircraft due to their superior fuel efficiency and thrust-to-weight ratio. The fixed-wing engine segment is projected to exhibit a steady growth rate over the forecast period, driven by the increasing demand for regional and business jets.

Turboprop engines are primarily used in smaller aircraft and are anticipated to witness a moderate growth rate during the forecast period. Rotary-wing engines, which power helicopters, are expected to experience a gradual increase in demand as the use of helicopters expands in various sectors, such as search and rescue, law enforcement, and military operations.

Aircraft Engine Forging Market Aircraft Type Insights

The Aircraft Engine Forging Market is segmented by Aircraft Type into Commercial Aircraft, Military Aircraft, General Aviation Aircraft, and Business Jets. The Commercial Aircraft segment is expected to hold the largest market share in 2023 and is projected to continue to grow at a steady pace over the forecast period. This growth is attributed to the increasing demand for commercial aircraft due to the rising number of air travelers and the expansion of the  aviation industry. The Military Aircraft segment is also expected to witness significant growth over the forecast period, driven by the increasing demand for military aircraft from emerging economies and the ongoing modernization of existing military fleets. The General Aviation Aircraft and Business Jets segments are expected to experience moderate growth over the forecast period, supported by the rising demand for private jets and the growing popularity of general aviation for recreational and business purposes.

Aircraft Engine Forging Market Regional Insights  

The Aircraft Engine Forging Market is segmented into North America, Europe, APAC, South America, and MEA. The growth of the North American market is attributed to the presence of major aircraft manufacturers such as Boeing and Lockheed Martin, as well as the increasing demand for commercial aircraft. Europe is expected to be the second-largest market for aircraft engine forgings, with a market size of USD 3.5 billion in 2023. The growth of the European market is driven by the increasing demand for fuel-efficient aircraft and the presence of major airlines such as Airbus and Lufthansa.APAC is expected to be the fastest-growing market for aircraft engine forgings, with a CAGR of 6.2% from 2024 to 2032. The growth of the APAC market is attributed to the increasing demand for commercial aircraft from emerging economies such as China and India. South America and MEA are expected to account for a smaller share of the  aircraft engine forging market, with market sizes of USD 1.2 billion and USD 0.9 billion, respectively, in 2023. The growth of these markets is expected to be driven by the increasing demand for commercial aircraft and the presence of major airlines such as LATAM Airlines Group and Emirates.

Source Primary Research, Secondary Research, MRFR Database and Analyst Review

Aircraft Engine Forging Market Key Players And Competitive Insights

Major players in the Aircraft Engine Forging Market industry are constantly striving to gain a competitive edge by investing in research and development, expanding their product portfolios, and forming strategic partnerships. Leading Aircraft Engine Forging Market players are focusing on developing innovative forging technologies to meet the evolving demands of the aerospace industry. They are also emphasizing operational efficiency and cost optimization to maintain profitability. Mergers and acquisitions have been a prominent trend in the Aircraft Engine Forging Market industry as companies seek to consolidate their market position and expand their capabilities. The competitive landscape is expected to remain dynamic, with new entrants emerging and established players adopting innovative strategies to stay ahead in the market.

Safran S.A. is a leading company in the Aircraft Engine Forging Market, renowned for its expertise in manufacturing a wide range of forged components for aircraft engines. The company has a  presence with manufacturing facilities in several countries. Safran S.A. is committed to delivering high-quality products and services to its customers, and it invests heavily in research and development to stay at the forefront of forging technology. The company's strong brand reputation and extensive customer base position it as a formidable player in the Aircraft Engine Forging Market.

Avio S.p.A., a competitor in the Aircraft Engine Forging Market, is a prominent manufacturer of forged components for aircraft engines and other industrial applications. The company has a long history in the forging industry and has developed a strong reputation for its quality and reliability. Avio S.p.A. operates ly and has a diverse customer base. The company focuses on innovation and continuously invests in new technologies to improve its products and processes. With its commitment to quality and customer satisfaction, Avio S.p.A. is a respected player in the Aircraft Engine Forging Market.

Key Companies in the Aircraft Engine Forging Market Include

• GKN Aerospace


• Howmet Aerospace


• Krupp AG


• Safran SA


• Precision Castparts Corp.


• Senior plc


• Bharat Forge


• RollsRoyce Holdings


• MessierDowty


• Ladish Co.


• Avio Aero


• ThyssenKrupp AG


• Ryerson Holding

Aircraft Engine Forging Market Industry Developments

The  aircraft engine forging market is projected to reach a valuation of USD 20.5 billion by 2032, expanding at a CAGR of 5.44% from 2024 to 2032. The increasing demand for air travel and the growing production of new aircraft are driving the growth of the market. Additionally, the rising adoption of lightweight and durable materials, such as titanium and aluminum alloys, in aircraft engine components is further fueling market expansion.

Key players in the market include Precision Castparts Corp., Avio Aero, and GKN Aerospace. Recent developments in the market include the development of advanced forging technologies, such as isothermal forging and hot die forging, which offer improved product quality and reduced production costs. Furthermore, the growing adoption of additive manufacturing, or 3D printing, is expected to create new opportunities for the development of complex and customized aircraft engine forgings.

Aircraft Engine Forging Market Segmentation Insights

Aircraft Engine Forging Market Material Outlook

• Titanium Alloys


• Nickel-Based Superalloys


• Steel Alloys


• Aluminum Alloys

Aircraft Engine Forging Market Forging Process Outlook

• Closed Die Forging


• Open Die Forging


• Isothermal Forging


• Hot Die Forging

Aircraft Engine Forging Market Engine Type Outlook

• Fixed-Wing Engines


• Rotary-Wing Engines


• Turboprop Engines


• Turbofan Engines

Aircraft Engine Forging Market Aircraft Type Outlook

• Commercial Aircraft


• Military Aircraft


• General Aviation Aircraft


• Business Jets

Aircraft Engine Forging Market Regional Outlook

• North America


• Europe


• South America


• Asia Pacific


• Middle East and Africa