The global aerospace forgings market is envisaged by seasoned researchers to earn its spurs while expanding at a reasonable CAGR. Large international players could account for the most part of growth. The market might showcase a fragmented nature for its competitive landscape due the presence of a considerable count of players operating in the industry. Local companies could be faced with a stiff and challenging environment because of the capital-intensive characteristic of the market. Therefore, small companies are expected to find it quite some challenge to compete with industry giants on the basis of services, functionalities, features, and qualities.
In March 2018, Allegheny Technologies announced the expansion of its aerospace isothermal forging capacity with a view to fulfill the rising demand from the aerospace jet engine market. Taking this as a latest instance, it could be predicted that capacity expansion may be widely embraced as a go-to strategy in the near future.
Aerospace Forgings in Tough Battle with Automotive Industry
The competition in the world aerospace forgings market is foreseen to become more aggressive owing to the launch of products flaunting novel technologies and features. Although the automotive industry is said to have bagged a hefty amount of share of the global forgings market, the contribution of the aerospace industry could not be tuned out. Introduction of a range of aircrafts and aerospace equipment is envisioned to rake in a decent demand in the market. The dynamics of the aerospace market could directly influence market demand in the coming years.
Efforts to reduce dependence on the automotive industry–as vendors gradually shift their focus–are foretold to bode well for the world aerospace forgings market. Market analysts project non-automotive applications to generate some demand for aerospace forgings.
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Aerospace Industry Dominates Demand in North America
A geographical analysis of the international aerospace forgings market prognosticates North America to take a leading position because of the dominance of the aerospace industry in the region. Asia Pacific, on the other hand, is said to have cornered the forgings market in the recent past with China and India exhibiting a substantial demand in the automotive industry. Collaborations with potent manufacturers and government initiatives to support the export of forging components are said to have injected growth into the developing region. However, it could be difficult to expect the same rise of the region in the ‘aerospace’ part of the forgings market.
Leading regions of the international aerospace forgings market are forecast to bank on the revenue generated from primary applications such as nacelle component, landing gear, and airframe. Products such as catalog, captive, and custom forgings could be among important products offered in the market. According to market analysts, top companies, viz. Eramet Group, Arconic, and Precision Castparts Corp. could make their presence known in the market.