Howmet Aerospace Inc. (Howmet) operates as a provider of advanced engineered solutions for the aerospace and transportation industries.
The company’s primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural components necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged aluminum wheels for commercial transportation.
Howmet is a global company operating in 19 countries. Based upon the co...
Howmet Aerospace Inc. (Howmet) operates as a provider of advanced engineered solutions for the aerospace and transportation industries.
The company’s primary businesses focus on jet engine components, aerospace fastening systems, and airframe structural components necessary for mission-critical performance and efficiency in aerospace and defense applications, as well as forged aluminum wheels for commercial transportation.
Howmet is a global company operating in 19 countries. Based upon the country where the point of shipment occurred, North America, and Europe generated 71% and 23%, respectively, of Howmet’s sales in 2024. In addition to the United States, Canada, and Mexico in North America, and France, the United Kingdom, Hungary, and Germany in Europe, Howmet has operating activities in numerous other countries and regions, including Japan and China.
Business
The company produces products that are used primarily in the aerospace (commercial and defense), commercial transportation, and industrial and other markets. Howmet seeks to provide its customers with innovative solutions through offering differentiated products, such as airfoils with advanced cooling and coatings for extreme temperature applications; specially-designed fasteners for lightweight composite airframe construction, reduced assembly costs, and lightning strike protection; and lightweight aluminum commercial wheels. Its products and solutions include investment castings for jet engines and industrial gas turbines (nickel superalloys, titanium, and aluminum), including airfoils and structural parts; seamless rolled rings for jet engines (mostly nickel superalloys); fastening systems for aerospace, industrial, and commercial transportation applications (titanium, steel, and nickel superalloys); forged jet engine components (e.g., jet engine disks); machined and forged aircraft parts (titanium and aluminum); and forged aluminum commercial vehicle wheels, all of which are sold directly to customers or through distributors.
Aerospace (Commercial and Defense) Market: Howmet’s largest market is aerospace, which represented approximately 68% of the company’s revenue in 2024. The company produces a range of high-performance multi-materials, highly engineered products, and vertically integrated machined solutions for aero engines and airframe structures, ranging from investment castings, advanced coatings, seamless rings, forgings, titanium extrusions, and titanium mill products, to fasteners that hold aircraft together. Wingtip to wingtip, nose to tail, Howmet can produce more than 90% of all structural and rotating aero engine components. Modernization of the commercial and defense platforms is driven by an array of challenging performance requirements. With its precision engineering, materials science expertise, and advanced manufacturing processes, Howmet aims to help its customers achieve greater fuel economies, reduced emissions, passenger comfort, and maintenance efficiencies.
Commercial Transportation Market: The commercial transportation market represented approximately 17% of the company’s revenue in 2024. The company invented the forged aluminum truck wheel and continues to advance technology to deliver breakthrough solutions that make trucks and buses lighter, more fuel-efficient, and sharper-looking. Howmet’s forged aluminum wheels are a choice for commercial trucks and mass transportation vehicles because they can reduce weight and save fuel.
Industrial and Other Markets: Industrial and other markets include industrial gas turbines, oil and gas, and other industrials, which represented approximately 15% of the company’s revenue in 2024.
Segments
Howmet has four segments, which are organized by product on a worldwide basis: Engine Products, Fastening Systems, Engineered Structures, and Forged Wheels.
Engine Products
Engine Products utilizes advanced designs and techniques to support next-generation engine programs and produces components primarily for aircraft engines and industrial gas turbines, including airfoils and seamless rolled rings. Engine Products produces rotating parts, as well as structural parts. Engine Products principally serves the commercial and defense aerospace, industrial gas turbine, and oil and gas markets.
Fastening Systems
Fastening Systems produces aerospace and industrial fastening systems, as well as commercial transportation fasteners and installation tools. In addition to highly engineered aerospace fasteners with a broad range of fastening systems, the segment also supplies the commercial transportation, renewable, and material handling industries. The business’s high-tech, multi-material fastening systems are found nose to tail on commercial and military aircraft, as well as on jet engines, industrial gas turbines, commercial transportation vehicles, wind turbines, solar power systems, and construction and industrial equipment.
Engineered Structures
Engineered Structures produces titanium ingots and mill products for aerospace and defense applications and is vertically integrated to produce titanium forgings, titanium extrusions, and machining services for airframe, wing, aero-engine, and landing gear components. Engineered Structures also produces aluminum forgings, nickel forgings, and aluminum machined components and assemblies for aerospace and defense applications. The principal markets served by Engineered Structures are commercial aerospace, defense aerospace, and land and sea defense.
Forged Wheels
Forged Wheels manufactures lightweight, high-strength forged aluminum wheels for trucks, buses, and trailers, serving the global transportation market. The company’s portfolio, sold under the Alcoa Wheels brand, includes advanced wheel designs utilizing MagnaForce alloy, offering superior durability and performance. Compared to standard steel wheel configurations, the company’s aluminum wheels deliver up to 59% weight savings per tractor-trailer, enabling greater payload capacity. The company’s proprietary Dura-Bright surface treatment resists corrosion and significantly reduces maintenance requirements, helping fleets maintain a professional appearance.
Patents, Trade Secrets, and Trademarks
As of December 31, 2024, the company’s worldwide patent portfolio consisted of approximately 950 granted patents and 220 pending patent applications. With respect to domestic and international registered trademarks, the company has many that have significant recognition within the markets that are served. Examples include the name Howmet metal castings, Huck fasteners, and Dura-Bright wheels with easy-clean surface treatments. As December 31, 2024, the company’s worldwide trademark portfolio consisted of approximately 1,570 registered trademarks and 50 pending trademark applications. Following the Alcoa Inc. Separation Transaction, the company retained the Alcoa Wheels business and, pursuant to a Trademark License Agreement, is the exclusive licensee of the ‘Alcoa’ name and logo for use with the wheels, hubs, and related products that it manufactures.
Competition
Forged Wheels competes against aluminum and steel wheel suppliers in the commercial transportation industry under the product brand name Alcoa Wheels for the major regions that it serves (North America, Europe, Japan, China, South America, and Australia). Its larger aluminum wheel competitors are Accuride Corporation, Speedline (member of the Ronal Group), Nippon Steel Corporation, Dicastal, Alux, and Wheels India Limited.
Research and Development
The company’s research and development expenses (‘R&D’) were $33 in 2024.
History
Howmet Aerospace Inc. was founded in 1888. The company was incorporated in 2017.