Aerospace Forging Market Report 2030 - TechSci Research

VipinMishra26 12 views 36 slides Mar 05, 2025
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About This Presentation

The Global Aerospace Forging Market is witnessing significant growth, primarily driven by the demand for lightweight, high-strength components in aircraft production. This growth is further bolstered by technological advancements and rising investments in the aerospace sector globally.

📊 Accordi...


Slide Content

GLOBAL AEROSPACE FORGING MARKET
FORECAST & OPPORTUNITIES
2020 – 2030
M A R K E T I N T E L L I G E N C E . C O N S U L T I N G www.techsciresearch.com

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Table of Contents
S. No. Contents Page No.
1. Introduction
1.1.Product Overview
1.2.Key Highlights of the Report
1.3.Market Coverage
1.4.Market Segments Covered
1.5.Research Tenure Considered
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

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S. No. Contents Page No.
3. Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
4. Impact of COVID -19 on Global Aerospace Forging Market
5. Global Aerospace Forging Market Outlook, 2020-2030F
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Aircraft Type Market Share Analysis (Fixed Wing, Rotary Wing)
5.2.2. By Material Type Market Share Analysis (Titanium, Stainless Steel, Aluminum Alloy, Others)
5.2.3. By Product Type Market Share Analysis (Closed Die, Open Die, Rolled Rings)

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5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS MarketShare Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2024)
5.3. Global Aerospace Forging Market Mapping & Opportunity Assessment
5.3.1. By Aircraft Type Market Mapping & Opportunity Assessment
5.3.2. By Material Type Market Mapping & Opportunity Assessment
5.3.3. By Product Type Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment

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6. Asia-Pacific Aerospace Forging Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Aircraft Type Market Share Analysis
6.2.2. By Material Type Market Share Analysis
6.2.3. By Product Type Market Share Analysis
6.2.4. By Country Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Aerospace Forging Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Aircraft Type Market Share Analysis
6.3.1.2.2. By Material Type Market Share Analysis
6.3.1.2.3. By Product Type Market Share Analysis

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6.3.2. India Aerospace Forging Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Aircraft Type Market Share Analysis
6.3.2.2.2. By Material Type Market Share Analysis
6.3.2.2.3. By Product Type Market Share Analysis
6.3.3. Japan Aerospace Forging Market Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Aircraft Type Market Share Analysis
6.3.3.2.2. By Material Type Market Share Analysis
6.3.3.2.3. By Product Type Market Share Analysis

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6.3.4. Australia Aerospace Forging Market Outlook
6.3.4.1. Market Size & Forecast
6.3.4.1.1. By Value
6.3.4.2. Market Share & Forecast
6.3.4.2.1. By Aircraft Type Market Share Analysis
6.3.4.2.2. By Material Type Market Share Analysis
6.3.4.2.3. By Product Type Market Share Analysis
6.3.5. South Korea Aerospace Forging Market Outlook
6.3.5.1. Market Size & Forecast
6.3.5.1.1. By Value
6.3.5.2. Market Share & Forecast
6.3.5.2.1. By Aircraft Type Market Share Analysis
6.3.5.2.2. By Material Type Market Share Analysis
6.3.5.2.3. By Product Type Market Share Analysis

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6.3.6. Indonesia Aerospace Forging Market Outlook
6.3.6.1. Market Size & Forecast
6.3.6.1.1. By Value
6.3.6.2. Market Share & Forecast
6.3.6.2.1. By Aircraft Type Market Share Analysis
6.3.6.2.2. By Material Type Market Share Analysis
6.3.6.2.3. By Product Type Market Share Analysis
6.3.7. Thailand Aerospace Forging Market Outlook
6.3.7.1. Market Size & Forecast
6.3.7.1.1. By Value
6.3.7.2. Market Share & Forecast
6.3.7.2.1. By Aircraft Type Market Share Analysis
6.3.7.2.2. By Material Type Market Share Analysis
6.3.7.2.3. By Product Type Market Share Analysis

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7. Europe & CIS Aerospace Forging Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Aircraft Type Market Share Analysis
7.2.2. By Material Type Market Share Analysis
7.2.3. By Product Type Market Share Analysis
7.2.4. By Country Market Share Analysis
7.3. Europe & CIS: Country Analysis
7.3.1. Germany Aerospace Forging Market Outlook
7.3.1.1. Market Size & Forecast
7.3.1.1.1. By Value
7.3.1.2. Market Share & Forecast
7.3.1.2.1. By Aircraft Type Market Share Analysis
7.3.1.2.2. By Material Type Market Share Analysis
7.3.1.2.3. By Product Type Market Share Analysis

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7.3.2. United Kingdom Aerospace Forging Market Outlook
7.3.2.1. Market Size & Forecast
7.3.2.1.1. By Value
7.3.2.2. Market Share & Forecast
7.3.2.2.1. By Aircraft Type Market Share Analysis
7.3.2.2.2. By Material Type Market Share Analysis
7.3.2.2.3. By Product Type Market Share Analysis
7.3.3. France Aerospace Forging Market Market Outlook
7.3.3.1. Market Size & Forecast
7.3.3.1.1. By Value
7.3.3.2. Market Share & Forecast
7.3.3.2.1. By Aircraft Type Market Share Analysis
7.3.3.2.2. By Material Type Market Share Analysis
7.3.3.2.3. By Product Type Market Share Analysis

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7.3.4. Spain Aerospace Forging Market Outlook
7.3.4.1. Market Size & Forecast
7.3.4.1.1. By Value
7.3.4.2. Market Share & Forecast
7.3.4.2.1. By Aircraft Type Market Share Analysis
7.3.4.2.2. By Material Type Market Share Analysis
7.3.4.2.3. By Product Type Market Share Analysis
7.3.5. Italy Aerospace Forging Market Outlook
7.3.5.1. Market Size & Forecast
7.3.5.1.1. By Value
7.3.5.2. Market Share & Forecast
7.3.5.2.1. By Aircraft Type Market Share Analysis
7.3.5.2.2. By Material Type Market Share Analysis
7.3.5.2.3. By Product Type Market Share Analysis

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7.3.6. Russia Aerospace Forging Market Outlook
7.3.6.1. Market Size & Forecast
7.3.6.1.1. By Value
7.3.6.2. Market Share & Forecast
7.3.6.2.1. By Aircraft Type Market Share Analysis
7.3.6.2.2. By Material Type Market Share Analysis
7.3.6.2.3. By Product Type Market Share Analysis
7.3.7. Belgium Aerospace Forging Market Outlook
7.3.7.1. Market Size & Forecast
7.3.7.1.1. By Value
7.3.7.2. Market Share & Forecast
7.3.7.2.1. By Aircraft Type Market Share Analysis
7.3.7.2.2. By Material Type Market Share Analysis
7.3.7.2.3. By Product Type Market Share Analysis

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8. North America Aerospace Forging Market Outlook
8.1. Market Size & Forecast
8.1.1.By Value
8.2. Market Share & Forecast
8.2.1.By Aircraft Type Market Share Analysis
8.2.2.By Material Type Market Share Analysis
8.2.3.By Product Type Market Share Analysis
8.2.4.By Country Market Share Analysis
8.3. North America: Country Analysis
8.3.1.United States Aerospace Forging Market Outlook
8.3.1.1.Market Size & Forecast
8.3.1.1.1.By Value
8.3.1.2.Market Share & Forecast
8.3.1.2.1.By Aircraft Type Market Share Analysis
8.3.1.2.1.By Material Type Market Share Analysis
8.3.1.2.3.By Product Type Market Share Analysis

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8.3.2. Canada Aerospace Forging Market Outlook
8.3.2.1. Market Size & Forecast
8.3.2.1.1. By Value
8.3.2.2. Market Share & Forecast
8.3.2.2.1. By Aircraft Type Market Share Analysis
8.3.2.2.2. By Material Type Market Share Analysis
8.3.2.2.3. By Product Type Market Share Analysis
8.3.3. Mexico Aerospace Forging Market Outlook
8.3.3.1. Market Size & Forecast
8.3.3.1.1. By Value
8.3.3.2. Market Share & Forecast
8.3.3.2.1. By Aircraft Type Market Share Analysis
8.3.3.2.2. By Material Type Market Share Analysis
8.3.3.2.3. By Product Type Market Share Analysis

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9. South America Aerospace Forging Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Aircraft Type Market Share Analysis
9.2.2. By Material Type Market Share Analysis
9.2.3. By Product Type Market Share Analysis
9.2.4. By Country Market Share Analysis
9.3. South America: Country Analysis
9.3.1.Brazil Aerospace Forging Market Outlook
9.3.1.1.Market Size & Forecast
9.3.1.1.1.By Value
9.3.1.2.Market Share & Forecast
9.3.1.2.1.By Aircraft Type Market Share Analysis
9.3.1.2.1.By Material Type Market Share Analysis
9.3.1.2.3.By Product Type Market Share Analysis

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9.3.2. Argentina Aerospace Forging Market Outlook
9.3.2.1. Market Size & Forecast
9.3.2.1.1. By Value
9.3.2.2. Market Share & Forecast
9.3.2.2.1. By Aircraft Type Market Share Analysis
9.3.2.2.2. By Material Type Market Share Analysis
9.3.2.2.3. By Product Type Market Share Analysis
9.3.3. Colombia Aerospace Forging Market Outlook
9.3.3.1. Market Size & Forecast
9.3.3.1.1. By Value
9.3.3.2. Market Share & Forecast
9.3.3.2.1. By Aircraft Type Market Share Analysis
9.3.3.2.2. By Material Type Market Share Analysis
9.3.3.2.3. By Product Type Market Share Analysis

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10.Middle East & Africa Aerospace Forging Market Outlook
10.1. Market Size & Forecast
10.1.1.By Value
10.2. Market Share & Forecast
10.2.1. By Aircraft Type Market Share Analysis
10.2.2. By Material Type Market Share Analysis
10.2.3. By Product Type Market Share Analysis
10.3. Middle East & Africa: Country Analysis
10.3.1.Turkey Aerospace Forging Market Outlook
10.3.1.1.Market Size & Forecast
10.3.1.1.1.By Value
10.3.1.2.Market Share & Forecast
10.3.1.2.1.By Aircraft Type Market Share Analysis
10.3.1.2.1.By Material Type Market Share Analysis
10.3.1.2.3.By Product Type Market Share Analysis

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10.3.2. Saudi Arabia Aerospace Forging Market Outlook
10.3.2.1. Market Size & Forecast
10.3.2.1.1. By Value
10.3.2.2. Market Share & Forecast
10.3.2.2.1. By Aircraft Type Market Share Analysis
10.3.2.2.2. By Material Type Market Share Analysis
10.3.2.2.3. By Product Type Market Share Analysis
10.3.3. UAE Aerospace Forging Market Outlook
10.3.3.1.Market Size & Forecast
10.3.3.1.1. By Value
10.3.3.2.Market Share & Forecast
10.3.3.2.1. By Aircraft Type Market Share Analysis
10.3.3.2.2. By Material Type Market Share Analysis
10.3.3.2.3. By Product Type Market Share Analysis

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10.3.4.South Africa Aerospace Forging Market Outlook
10.3.4.1.Market Size & Forecast
10.3.4.1.1. By Value
10.3.4.2.Market Share & Forecast
10.3.4.2.1. By Aircraft Type Market Share Analysis
10.3.4.2.2. By Material Type Market Share Analysis
10.3.4.2.3. By Product Type Market Share Analysis
11. SWOT Analysis
11.1. Strength
11.2. Weakness
11.3. Opportunities
11.4. Threats
12. Market Dynamics
12.1. Market Drivers
12.2. Market Challenges
13. Market Trends and Developments

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14. Competitive Landscape
14.1. Company Profiles (Up to 10 Major Companies)
14.1.1. Company Details
14.1.2. Key Product Offered
14.1.3. Financials (As Per Availability)
14.1.4. Recent Developments
14.1.5. Key Management Personnel
15. Strategic Recommendations
15.1. Key Focus Areas
15.1.1. Target Regions
15.1.2. Target Aircraft Type
15.1.3. Target Material Type
16. About Us & Disclaimer

Market Overview

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Scope of Report
Product of Interest (POI): Aerospace Forging
Review Period
2020 – 2023
Base Year
2024
Estimated Year
2025
Forecast Period
2026 – 2030
Year Range
Aerospace forging is a manufacturing process that involves shaping metal alloys into precise, durable components
for the aerospace industry. Using high pressure and heat, raw metal is transformed into parts like engine
components, landing gears, and airframes. This process enhances strength, fatigue resistance, and reliability,
ensuring that aerospace parts can withstand extreme conditions. Aerospace forging is crucial for producing high-
performance, lightweight, and safety-critical components in aviation and space exploration.
Market Segmentation
REGION
•North America
•Europe & CIS
•Middle East & Africa
•Asia Pacific
•South America
PRODUCT TYPE
•Closed Die
•Open Die
•Rolled Rings
MATERIAL TYPE
•Titanium
•Stainless Steel
•Aluminum Alloy
•Others
AIRCRAFT TYPE
•Fixed Wing
•Rotary Wing

Research Methodology

2424© TechSci Research
✓Identifying Key Opinion
Leaders
✓Questionnaire Design
✓In-depth Interviews
Data
Collection
Developing list
of Respondents
Formulating
Questionnaire
Market
Profiling
Data
Validation
Data
Analysis
In-depth secondary
research was conducted to
determine top companies
in Global aerospace forging
market, overall market size
and segmental market size.
In order to conduct
industry experts’
interviews, TechSci
formulated a detailed
Survey Questionnaires.
List of top companies
and industry
specialists was
developed.
TechSci conducted
interviews with
industry experts and
leadings companies for
data collection and
verification.
Data obtained as a
result of primary
and secondary
research was
validated through
rigorous
triangulation.
The data was scrutinized
using MS-Excel, statistical
tools and internal
proprietary database to
obtain qualitative and
quantitative insights about
Global aerospace forging
market.
Data
Collection
Data Filter
& Analysis
Research &
Intelligence
Actionable
Insights
Business
Solution
Primary Research Desk Research Company Analysis
✓Recent Developments
✓Market Changing
Aspects/Dynamics
✓Government Policies
✓Final Conclusion
✓Market Participants
✓Key Strengths
✓LinkedIn
✓TechSci Internal
Database
✓Factiva
✓Hoovers
✓EMIS
✓Volza
✓Bloomberg
Paid Sources
✓Company Websites
✓Company Annual
Reports
✓White Paper Study
✓Financial Reports
✓Investor
Presentations
✓Regulatory Body
✓Associations, etc.
Secondary
Research
Primary Research
Research Methodology
✓Board members
✓Financial Advisors
✓Business Heads
✓Investors
✓Product Heads
✓Paid Databases
✓Research Heads
Key Industry Partners
Methodology Landscape

2525© TechSci Research
Baseline Methodology
Our research team has relied on primary and secondary research to gather market size and market data. The team has monitored
and analyzed various aspects of the Global aerospace forging market. The team has studied the outlook of multiple segments such
as aircrafttype,producttype,materialtype,region, and companies of this market. The study includes historical data for 2020, 2021,
and 2022, 2023 base data for 2024, and forecast data for 2025, 2026, 2027, 2028, 2029 and 2030, which will enable our clients to
make better decisions while planning their strategy to achieve sustainability in the Global aerospace forging market.
Research Methodology
Objective of The Study
To analyze the historical growth in the market size of the Global aerospace forging market from 2020 to 2024.
To estimate and forecast the market size of the Global aerospace forging market from 2025 to 2030 and the growth
rate until 2030.
To classify and forecast the Global aerospace forging market based on aircraft type, product type, material type, region,
and company.
To analyze and forecast the market size in terms of aircraft type, which are fixed wing, rotary wing.
To analyze and forecast the market size in terms of region: North America, South America, Middle East & Africa,
Europe, Asia-Pacific
To identify drivers, challenges, and trends for the Global aerospace forging market.
To examine competitive developments in the Global aerospace forging market, such as expansions, new product
launches, mergers & acquisitions, etc.
To identify and analyze the profile of leading companies in the aerospace forging products companies and the top 5
companies market share.

2626© TechSci Research
Formulation of the Scope
The base yearis a reference point used as a starting point, for comparison in various analyses and forecasts. It serves as the
foundation against which changes, growth, or trends are measured.
The review period refers to the time span during which historical data is examined, analyzed, and reviewed. It is the period of
time leading up to the base year and is used to establish the baseline for comparison and understand trends
The forecast period is a future-oriented timeframe during which predictions or projections are made based on current/
historical data and analysis. It extends beyond the base year and allows for estimations of potential future outcomes.
The market could be defined by a specific industry and product. The market then is further divided into meaningful segments
based on demographics, psychographics, behavior, geography, or product categories. This helps in analyzing the market more
effectively, along with estimating the size of each segment.
Assumptions and Limitations:
The base currency considered is USD. Based on the average exchange rate for the base period, other countries currencies have
been converted to USD. The projection period's exchange rate conversion was calculated using the conversion rates from the
base year. The base year considered for this study is 2024. The historic period considered for this study is from 2020 to 2023.
The forecast CAGR considered is for the period of 2025E-2030F.
Research Methodology
Note: 2024 being the base year, 2020-2023 is the review period and 2025-2030 is the forecast period for analyzing the market in between 2020-2030

2727© TechSci Research
TechSci has used a combination of secondary and primary research sources (free telephonic and face-to-face interviews and
incentivized telephonic and face-to-face interviews with the respondents) to capture the data. We have an extensive network of
respondents of participants in the value chain, industry experts, and customers to obtain relevant insights and navigate data
challenges.
Secondary Research
It comprises desk research, in which our research team conducted a preliminary assessment of the information available
through secondary sources. Below is the categorization given for each reference from which the data was sourced, and further,
that data was used for the data triangulation and estimation of the market sizes and market shares.
Research Methodology
Sources of Research
Industry Associations News Portals/Secondary Sources
•Aerospace Industries Association (AIA)
•Association of Asia Pacific Airlines (AAPA)
•European Union Aviation Safety Agency (EASA)
•Japanese Aerospace Industry Association (JAXA)
•TechSci Research Proprietary Database & Knowledge
Repository
•Company Annual Reports
•Industry Magazines
•Industry Reports
•News Dailies
•Credible Paid Databases

2828© TechSci Research
Primary Research : Our research team maintains survey questionnaires with a set of questions and topics and responses from
the primary respondents. The survey questionnaires are administered through telephonic or face-to-face interviews and surveys
online or by email with the value chain participants. Interviews with industry experts are done through telephone or face-to-
face interviews only. Below is a set of exercises done with the help of primary interviews through our network of respondents,
such as value chain participants, industry experts, and customers, to obtain relevant insights and gather the required
information.
Research Methodology
Value Chain Participants Industry Experts
Sample Size = 25-30 Sample Size = 3
•Survey Questionnaires
✓Telephonic Interviews
✓Face-to-Face Interviews
•Surveys
✓Online
✓email
•Partial List of Companies Interviewed
✓OTTO FUCHS KG
✓Arconic Inc.
✓Precision Castparts Corp.
✓VSMPO-AVISMA Corporation
✓Bharat Forge Limited
✓Allegheny Technologies Incorporated
✓ATI Ladish LLC
✓Norsk Titanium AS
✓Fountaintown Forge Inc.
✓Farinia Group
✓Others
•Survey Questionnaires
✓Telephonic Interviews
✓Face-to-Face Interviews

2929© TechSci Research
Research Methodology
Approach for the Market Study
TechSci follows two types of approaches for the assessment of the market:
The Bottom-Up approach to market analysis starts with a granular analysis of specific countries, segments, companies and then
builds up to form a broader understanding of the overall market. This method focuses on gathering detailed data and insights at
the micro level and then aggregating them to draw conclusions about the larger market.
The Top-Down Approach to market analysis involves starting with a broad view of the overall market and then narrowing down
to specific segments or niches. It typically begins with analyzing macroeconomic factors and industry trends and then drilling down
to understand the specific market segments, target customers, and potential opportunities.
Methodology Followed for Calculation of Market Size & Market Shares:
Market Size By Value: Market size, in terms of value, for the year 2024 was calculated based on information collected through
exhaustive secondary research and primary surveys with various key opinion leaders i.e., value chain participants, such as
aerospace forging products companies, market influencers, industry experts.
The team interviewed 25-30 critical value chain participants, majorly from aerospace forging products companies. The
respondents have been working at responsible positions in aerospace forging companies. The team interviewed 3 industry experts
associated with the aerospace forging companies from the last decades were also interviewed. This exercise obtained the overall
market size during 2020-2024, validated by multiple round of interviews. Considering standard deviation, the market size was
averaged out to arrive at the market size data during 2020-2024.
Bottom-Up Approach 80%
Top-Down
Approach 20%

3030© TechSci Research
Research Methodology
Market shares by aircrafttype,producttype,materialtype,region, and company and current and future market growth rates were
calculated based on the responses received through primary surveys with the value chain participants, in which the respondents
were asked about the market shares or revenue generated from various types of market segments in aerospace forging products
companies. The final percentage shares were calculated by taking the geometric mean of growth estimates, and company wise
revenue shares generated across various segments were considered to arrive at the final market percentage shares after
eliminating the outliers.
Forecasting Methodology:
TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey
results using statistical tools.
Data Triangulation & Validation:
Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast
Global aerospace forging market, TechSci Research used various forecast techniques such as:
Moving Average Method For Time Series Analysis: The average of the data set of the market's historical data was considered
for data forecasting. This technique is beneficial for forecasting short-term trends and is a widely used method for time series
forecasting. Yearly moving average of historical data was used for estimating the trend values for time series forecasting.
After estimating the trend values based on yearly moving average methods, seasonal variations were calculated from the actual
data. After getting these two as a basis, market sizes were predicted for the forecasting years.

3131© TechSci Research
Regression Analysis: In this technique, multiple linear regression analysis was practiced, which involves using a regression
model to estimate the value of the dependent variable on the numerous independent and directly related variables. The values
of the independent variable were typically those assumed to determine the values of the dependent variable. Based on the
historical trend of market data of two or more independent variables, the data of the Global aerospace forging market was
forecasted with the help of statistical tools.
Econometric and Judgmental Analysis: Relationships with the economic variables, majorly macro-economic variables, were
considered to forecast the data, combined with incorporating intuitive judgment and opinions. This technique is majorly used
when there is no historical data, and the market is totally niche, new, and unique.
Note: (a) Sum of some shares may not be 100% due to round off till two decimal places.
Research Methodology

32© TechSci Research
Sample Data- Snapshot
Global Aerospace Forging Market Size, By Value (USD Million), 2020-2030F
Global Aerospace Forging Market Share, By Aircraft Type, By Value, 2020–2030F
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
15.00
2020 2024 2025E 2030F
CAGR BY VALUE: XX% CAGR BY VALUE: XX%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
50%
2020
2021
2022
2023
2024
2025E
2026F
2027F
2028F
2029F
2030F
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