According to the latest research report by the Aircraft Isothermal Forging is expected to grow from US$ 1,226.38 million in 2021 to US$ 2,041.55 million by 2028; it is anticipated to grow at a CAGR of 7.7% from 2022 to 2028.
Growing Preference for Titanium over Steel Fabricated parts to Provide Growth Opportunities for Aircraft Isothermal Forging Market During 2022–2028
The weight of the aircraft models has increased as a result of the aviation component makers’ reliance on steel-fabricated parts. The heavyweight raises carbon emissions and decreases fuel economy. Thus, titanium is becoming a popular lightweight alternative to steel among manufacturers of aeroplane components. In a variety of aircraft applications, titanium is increasingly preferred over steel materials. For example, practically every Airbus aircraft featured 2,772 steel bearings that added to the overall weight of the aircraft.
The demand for new and contemporary aircraft and increased aerospace spending both support market expansion in the area. The aviation isothermal forging market is expanding in the area due to the presence of major players like Alcoa Corporation, ALD Vacuum Technologies North America, Inc., Allegheny Technologies Incorporated, and Precision Castparts Corp. (Berkshire Hathaway). Additionally, the use of isothermal forging, technological breakthroughs, and spending on aerospace technologies are all at the forefront in North America, which fuels the expansion of the aircraft isothermal forging market.
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Impact of COVID-19 Pandemic on Aircraft Isothermal Forging Market
The COVID-19 epidemic has had a disastrous effect on a number of businesses, including manufacturing, aerospace, defence, and the military. These sectors of the economy are still working to repair the harm the pandemic inflicted in the previous few years. The purchase of aircraft isothermal forgings has been adversely affected as a result of the temporary suspension of operations across numerous production facilities in the aerospace industry and the aircraft manufacturing sector. Lockdowns had an effect on the world’s aviation manufacturing industry.
The market for Aircraft Isothermal Forging is concentrated with some very well-established players. Some of the key players in the Aircraft Isothermal Forging Market include
- Alcoa Corporation
- ALD Vacuum Technologies
- Allegheny Technologies Incorporated
- H.C. Starck GmbH
- Howmet Aerospace
- Leistritz Turbinentechnik GmbH
- Nanshan Forge Company
- Precision Castparts Corp
- Schuler AG
- SMT Limited
Aircraft Isothermal Forging Market is Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America
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