Aerospace Fasteners Market Scenario:
Fasteners are widely used in commercial and military aircraft, ballistic missiles and rockets, aftermarket service and their parts and components. The aerospace industry makes use of a different range of fasteners such as screws, bolts, rivets, nuts, hi-locks, and pins.
The Aerospace Fasteners Market is expected to grow at a CAGR of 7.85% during the period 2017-2023.
Growing demand for air travel worldwide has led to increased requirement for commercial aircraft fleet. Such an increase in the number of aircraft will simultaneously result in demand for aerospace fasteners. Aerospace fastener manufacturers are increasingly focusing on emerging regions, such as Mexico, Brazil, India, and North Africa because of the high demand for aircraft.
This offers opportunities for third-party companies to partner with OEMs and open MRO service centers in these regions. The use of titanium fasteners and growing investment in interior cabin products have been encouraging market growth in the last five years.
With technological advances being key to product acceptance, the introduction of software such as ASRP5, which allows the simulation of complex assembly processes, bodes well for the market.
Both civilian aircraft programs, comprising Boeing 787, Bombardier’s new C-Series airliners, and Airbus A350, and military programs, including aircraft such as Lockheed’s new F-35 Lightning II fighter jet, are favoring titanium aerospace parts. This preference is due to the light weighing parts and their compatibility with carbon fiber reinforced composite structures, which drive their demand in the market.
Aerospace Fasteners Market Key Findings:
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In 2015, the Americas had the largest share of 45% in the market and is expected to lead with 40.5% market share by 2021
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APAC is likely to be the fastest growing market, due to the significant increase in the number of aircraft in the region
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Growing air traffic and aircraft utilization are the driving factors for aerospace fasteners market
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Alcoa, 3V Fasteners, LISI Aerospace, B&B Specialties are the major vendors of aerospace fasteners market
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By 2021, commercial aerospace is likely to have the market share of around 62%
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Aerospace Fasteners Market Regional Analysis:
The Americas is home to a few of the world’s most renowned commercial aircraft and business jet manufacturers, namely, Boeing, Bombardier, Gulfstream, and Embraer. Companies such as Boeing often engage in R&D projects with the manufacturers of aerospace fasteners. U.S., in particular, is making substantial investments in producing advanced fastening systems, which will be integrated across modern fighter jets and MEA such as Boeing 787.
North America extensively invests in the aerospace titanium fasteners, and generates a very high demand for these fastening systems. Although, Brazil and Canada make some investments in the development of these fastening systems, yet the market is primarily dominated by the U.S.
Key Players:
The leading market players in the Global Aerospace Fasteners Market primarily include 3V Fasteners, Alcoa, B&B Specialties, KLX, LISI Aerospace, STANLEY Engineered Fastening, NAFCO, Stanley Aerospace Fastening, and Acument Global Technologies
Study Objective of Aerospace Fasteners Market:
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To provide detailed analysis of the market structure along with forecast for the next 5 years of the various segments and sub-segments of the Global Aerospace Fasteners Market
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Upcoming technologies, high growth geographies and countries were identified
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Regional and country specific demand and forecast for aerospace fasteners were studied
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Key segments covered in the report are: application, aircraft class, and region
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Under aircraft type, both commercial and military aircraft is taken into consideration
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In service fleets, current aircraft orders and future deliveries were taken into consideration while forecasting the market for commercial and military fasteners
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Average selling price for all different aircraft models and fasteners was finalized; same was referred for forecasting, keeping few assumptions into factor
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For all the regions: key companies, forecast demand for aircraft, passenger traffic and fasteners demand were identified and then with historical Figure, data collected through primary and annual reports were triangulated to derive the regional market size
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