Aerospace Metal Forgings Market to Reach USD 18.2 Billion by 2032

The Aerospace Metal Forgings Market: An Overview

The aerospace metal forgings market plays a pivotal role in the aviation and defense sectors, providing essential components that ensure structural integrity, durability, and performance under extreme conditions. Metal forgings involve shaping metals like aluminum, titanium, and steel through compressive forces, resulting in parts with superior mechanical properties compared to cast or machined alternatives. These forgings are critical for aircraft engines, landing gear, airframes, and turbine disks, where failure is not an option. The market's growth is fueled by rising global air travel, military modernization, and the push for fuel-efficient aircraft. The aerospace metal forgings market was valued at USD 13.01 billion in 2023 and is projected to grow from USD 13.5 billion in 2024 to USD 18.2 billion by 2032, registering a CAGR of 3.81% during the forecast period (2024–2032).

Key Drivers and Opportunities

Several factors propel the market forward. The surge in aircraft production by OEMs like Airbus and Boeing, aiming to meet rising air travel demand, is a primary driver. Global passenger traffic is expected to double by 2040, necessitating lighter, more efficient components to reduce fuel consumption and emissions. Advancements in forging technologies, such as isothermal forging and induction heating, enhance component durability and enable the use of superalloys like nickel-based materials. Defense spending, which rose 74% from 2001 to 2020, creates opportunities in military aircraft, where forged parts withstand high stresses. Sustainability initiatives, including the development of Sustainable Aviation Fuel (SAF) and eco-friendly processes, open doors for partnerships focused on lighter, recyclable metals. Emerging markets in LAMEA offer growth potential through government investments in aerospace infrastructure.

Challenges and Restraints

Despite robust growth, the market faces hurdles. High capital investments for advanced forging equipment and skilled labor shortages pose significant barriers, particularly for smaller players. Supply chain disruptions, exacerbated by geopolitical events and tariffs—like the 25% U.S. duties on steel and aluminum imposed in March 2025—have inflated material costs and limited domestic capacity. Volatility in raw material prices, such as titanium, adds uncertainty, with global steel demand fluctuating and recovering only 1.7% in 2024. Environmental regulations demand greener processes, but transitioning from traditional methods increases operational expenses. Post-pandemic recovery has been uneven, with some regions lagging due to delayed aircraft deliveries.

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Key Companies in the Aerospace Metal Forgings Market Include:

• Thyssenkrupp Aerospace
• Hindustan Aeronautics Limited
• Aubert Duval
• Boeing
• Airbus
• ATI
• Rostec Corporation
• Constellium
• Safran
• Albany Engineered Composites
• Carpenter Technology Corporation
• Howmet Aerospace Inc.

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Trends and Innovations

The market is witnessing transformative trends. Digitalization, including AI-driven simulations and real-time monitoring, is revolutionizing forging for greater precision and efficiency. Additive manufacturing integration allows for hybrid forging, producing complex, customized parts with reduced waste. The shift toward hybrid and composite materials, blending metals with fibers, supports lighter aircraft designs. Titanium's rising prominence, especially in defense, aligns with demands for high-temperature resistance. Sustainability trends emphasize recyclable alloys and low-emission processes, with collaborations like ATI's 12,500-ton press launch in March 2024 enhancing titanium production. Recent developments, such as Bharat Forge's partnership with General Atomics in January 2023 for aerostructures, underscore India's growing role.

Regional and Competitive Analysis

Regionally, North America leads due to its defense prowess and OEM presence, with the U.S. holding 17.8% of the materials market at USD 2.3 billion in 2024. Europe excels in innovation, while Asia-Pacific's CAGR is boosted by air travel growth and local manufacturing. The competitive landscape is consolidated, with key players like Precision Castparts Corp. (a Berkshire Hathaway subsidiary), Arconic, ATI, VSMPO-AVISMA, and Bharat Forge dominating through vertical integration and R&D. These firms invest in expansions, such as Norsk Titanium's 2020 partnership with Spirit AeroSystems for rapid prototyping. Mergers, like Stonepeak's acquisition of Forgital Group in December 2024, signal consolidation trends.

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