Airfoils (Casting) Market is Forecasted to Reach US$ ~9 Billion in 2028, Says Stratview Research

Stratview Research, a global market research firm, has launched a report on the global airfoils (casting) market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2022: US$ 6.01 billion

Market Size in 2028: US$ ~9 billion

Growth (CAGR): Over 7% during 2023-2028

Cumulative Sales Opportunity 2023 to 2028: US$ 50.44 billion

Leading Industry Type: Aircraft

Leading Application Type: Blades

Leading Material Type: Nickel

Leading End User Type: OE

Leading Region: North America

Forecast Period: 2023-2028

Trend Period: 2017-2021

Base Year: 2022

Number of Segments Covered: 5

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights & Market Share Analysis of the Airfoils (Casting) Market:

The global airfoils (casting) market is segmented based on industry type, application type, material type, end-user type, and region.

Based on industry type –

·        The airfoils market is segmented into aircraft and industrial gas turbines. 

·        The aircraft industry is anticipated to be the dominant as well as the faster-growing segment in the coming years. Almost all the major airframers have announced to raise the production rates of their key programs. Supply chain disruption, labor shortage, inflation, etc. remain the major factors, increasing difficulties in achieving those targets.

·        For instance; Boeing is targeting to produce an average rate of between 33 and 38 737s per month for 2023 (a total of about 400-450 units for the year), lower than that of its earlier projections (38 units per month in the first half of 2023 and 47 units per month by the end of 2023). Airbus forecasts the demand for new 39,490 passengers and freighter aircraft and air passenger traffic to increase by 3.6% annually over the next two decades. Similarly, Boeing anticipates about 41,170 commercial and regional aircraft are likely to be delivered in the next 20 years.

Based on application type –

·        The airfoils market is segmented into blades, vanes, shrouds, and others. 

·        Blade is expected to remain dominant, whereas vanes is expected to be the fastest-growing application type in the market during the forecast period. Blade erosion increases fuel consumption and power loss. High temperature, dust, moisture, and pollution affect the efficiency of blades. As a result, blades require regular maintenance and replacement.

Based on material type –

·        The market is segmented into nickel, titanium, stainless steel, and others. 

·        Nickel is expected to be the dominant material type in the market during the forecast period. Nickel is widely employed since it is durable and functional even at high temperatures.

·        Titanium is expected to be the fastest-growing material type in the market during the forecast period. Titanium has the exceptional ability to meet strict aerospace constraints owing to its nearly perfect mix of low weight and great strength.

Based on end-user type –

·        The market is segmented into OE and aftermarket. 

·        OE is expected to be the dominating segment in the airfoils market during the forecast period, due to increasing production rates of important programs like the B737 and A320 family, and the entry of new competitors like COMAC.

·        Aftermarket is expected to be the faster-growing segment in the coming years, owing to expanding fleet of commercial aircraft and the rising demand for improved lightweight components, which prompt the replacement of old components with advanced lightweight ones.

To know the most attractive segments, click here for a free sample of the report:

https://www.stratviewresearch.com/Request-Sample/3310/airfoil-market.html#form

Which region shows the most promising growth forecast and opportunity?

The analysis suggests that North America is expected to remain the largest market for airfoils, whereas Asia-Pacific is expected to be the fastest-growing region during the forecast period. This growth outlook is mainly attributed to the following:

-      The United States has the largest domestic airfoils market in the world.

-      North America has a large number of major OEMs, such as Boeing and Airbus, making the region a growth engine of the aerospace industry.

Airfoils (Casting) Market Drivers:

Some of the key drivers listed in the report are given below.

-      The increasing production rate of key aircraft programs and high preference of casting (high accuracy and precision, superior surface finish, high strength, and durability, etc).

Competitive Landscape: Top Companies in the Airfoils (Casting) Market:

The market is moderately fragmented, with over 20 players. Most of the major players compete on some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:

-         Howmet Aerospace

-        Precision Castparts Corp.

-        Consolidated Precision Products

-        Doncasters Group

-        Chromalloy Gas Turbine LLC.

What Unique Insights Does This Report Offer?

This report provides comprehensive insights into the airfoils (casting) market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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-      Aircraft MRO Market

-      Aircraft Composite Blades Market

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About us –

Stratview Research is a global market research and consulting firm that highly specializes in IT & telecom, aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to make convincing business decisions.

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