Aircraft Engine Forging Market to reach US$5,966.9 million by 2031; Growth Due to Growing Demand from Aviation Industry | The Insight Partners
The aircraft engine forging market was valued at US$3,787.2 million in 2024 and is projected to reach US$5,966.9 million by 2031; it is expected to register a CAGR of 6.84% during 2025-2031.
Advanced forging techniques such as isothermal and precision die forging, allow for tight tolerances and complex geometries, minimizing further machining. With the increasing demand for fuel efficiency and lightweight engines, forged parts are essential in modern engine designs, including those used in commercial jets and military aircraft.
Overall, forging is vital in the aerospace industry, ensuring reliability and safety in the most demanding engine environments. The surging aircraft engine production, increasing utilization of nickel-based superalloys in aircraft engine forging processes, and rising focus on fuel efficiency and emission reduction are driving the aircraft engine forging market growth. Technological advancements in forging processes and increased utilization of used serviceable material (USM) are expected to create an opportunity for the market in the future. Manufacturing advanced future-generation aircraft is likely to emerge as a key trend for the market in the upcoming years.
The report runs an in-depth analysis of market trends, key players, and future opportunities. The aircraft engine forging market analysis focuses on various applications expected to determine market strength in the coming years.
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Overview of Aircraft Engine Forging Market Report FindingsSurge in Aircraft Engine Production: The rapid expansion of the commercial aviation industry, especially in emerging economies, is driving the demand for new aircraft to support surging passenger traffic.
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Global Headlines on Aircraft Engine Forging Market Safran Aircraft Engines signed an agreement with Hindustan Aeronautics Limited (HAL), India’s leading aerospace and defense company, for the industrialization and production of rotating parts for LEAP engines.Forgital Group, a global leader in forging, marching, assembly and testing, proudly announces signing a multi-year agreement with Safran Aircraft Engines, a world-leading aircraft engine manufacturer, solidifying their collaborative efforts in advancing aerospace technologies.
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Aircraft manufacturers are experiencing significant customer demand due to increasing air travelers, military movements, cargo volumes, and the need for combat-ready aircraft. The rising procurement of commercial and military aircraft is pressuring these manufacturers to procure more components.
The sheer demand for forged products from component manufacturers has led to an increase in supplier density. Many suppliers benefit the buyers as it helps compare different suppliers depending on their products, lead time, contract valuation, and brand value. Thus, this factor has had a significant impact on the bargaining power of buyers in the aircraft engine forging market, and the effect is also foreseen to remain high throughout the forecast period. In addition, the aircraft engine forging market comprises many players across geographies. The competition among the market players is at an all-time high and is anticipated to remain high throughout the forecast period from 2021 to 2031. The degree of competition among the market players depends on products, forging materials, price, and lead time, among others. About the increasing demand for forged products from aircraft engine manufacturers, the industry is witnessing a rise in the number of forged product suppliers.
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