European Report This evolution reconfigures the
share of those market segments as per attached figure with the Aerospace segment leading the market and Automotive reducing its share.
It might be also relevant to comment
that Market is dimensioned at sales figures in accordance with the economic conditions of the year in question and with the applicable currency exchange rates. In this sense during the year 2023 foundries have reviewed their prices in accordance with their customers and supply chain to adjust those to the energy price rise and the inflation effect... this produces a higher figure in overall terms of the market dimension not directly comparable with the 2019 (pre-pandemic baseline) but clearly it could be stated that full recovery has been achieved in 2023.
2. Market Segments Review 2.1 High Added Value
This market segment represents the most important share, rated at 78% in the 2023 market outcome configuration. The segment is divided into three subsegments: Commercial Aerospace, Defence Aerospace and Industrial Gas Turbines.
2.1.1 Commercial Aerospace
In 2023, the Commercial Aerospace manufacturing industry witnessed substantial recovery, overcoming challenges such as supply chain disruptions, inflation, macro- economic vulnerabilities, labor shortages, and ongoing conflicts. Despite these hurdles, both Boeing and Airbus have made significant strides, yet a full return to pre-pandemic delivery volumes remains a task ahead. To provide context, in 2018, prior to the impacts of COVID-19
Continued on pg 20 January 2024 ❘ 19 ®
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