The global aerospace fastener market size is projected to grow from USD 7.2 billion in 2022 to USD 9.9 billion by 2030, exhibiting a CAGR of 5.50% during the forecast period.
Chicago, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Aerospace Fastener Market with 220+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
As per the report titled "Aerospace fastener Market Size, Share & COVID-19 Impact Analysis, By Material (Aluminum, Alloy Steel, Titanium and Others), By Product (Nuts & Bolts, Rivets, Screws and Others), By Application (Military Aviation, Commercial Aviation and Civil Aviation), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 7.2 billion and USD 9.9 billion in 2030. The market is expected to exhibit a CAGR of 5.50% during the forecast period.
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In the aircraft sector, aerospace fasteners play a key role in defining durability, dependability, structural integrity, and design. Pyrotechnic fasteners (explosive bolts) are used in military aircraft, such as fighter jets, to secure ejectable canopies. These aerospace fasteners are known as specialty fasteners and have fewer uses than general-purpose fasteners. The market for aerospace fasteners is expanding due to businesses focusing their attention on enhancing assembly process effectiveness. The demand for aerospace fasteners is being driven by growth in domestic and foreign visitor visits by air and infrastructure investments made by governments worldwide to improve air transportation facilities.
January 2021: To expand its current statement of work, LISI Aerospace engaged into a contract with the Boeing Company. It is pleased about contract extensions as the aerospace business prepares to recover from the market slump that began in 2020.
By Material, By Product, By Application and By Geography
North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
List Of Key Companies Profiled:
B&B Specialities Inc.
Stanley Black & Decker Inc.
The National Aerospace Fasteners Corporation (NAFCO) received recognition as a knowledgeable provider of aerospace forgings
In August 2021, Safran Aircraft Engines granted National Aerospace Fasteners Corporation (NAFCO) the designation of skilled aerospace forging supplier. NAFCO has experience creating high-temperature superalloys made of iron, cobalt, and nickel for use in aviation equipment.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the aerospace fastener market plan acquisitions to improve their brand recognition globally. For instance, in February 2021, the subsidiary of Sandvik Machining Solutions called Wetmore Tool, and Engineering sold the California Associated Products (CAP) Cleco temporary fastener product business to HC Merchandisers Inc.'s division HC Pacific. Ask For Discount @ https://marketsnresearch.com/buying-request/1634
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Growing Use of Robotics and 3D Printing Technology to Boost Manufacturing Capabilities and Market Growth
Robotics and 3D printing technology have demonstrated numerous benefits in the manufacturing sector. Manufacturing autonomous robots has improved productivity and quality while lowering the risk of human mistakes and workforce dependence. Faster mass production, improved quality, tangible design and product testing, cost-effective, innovative design and freedom from customization, the ability to generate desired shapes and geometry, effective use of raw materials for implementation, less waste production, and a decrease in design and human errors are just a few benefits offered by 3D printing technology.
Increase in Commercial Aircraft Production Will Accelerate Market Growth
The worldwide civil aviation industry is expanding, and causes including rising air traffic, more travel and tourism, more flights, and possibilities for new routes in the commercial aviation industry, are fueling this expansion. To meet the present demand for aircraft, the commercial aviation industries need to receive new aircraft deliveries, which raises the level of commercial aircraft production. The aeroplane OEM therefore needs sufficient parts, systems, and raw materials, including fasteners, superalloys, aluminum, valves, actuators, switches, floor panels, cabin lighting, and others, to finish shipping out the aircraft to satisfy the high demand and provide on-time delivery. As a result, the market is being driven by the growth in demand for commercial and military aircraft.
Growth to be Stopped by Increasing Use of Composite Materials in Manufacturing of Aircraft Parts
The primary restraint on the market is the growing use of composite frames in airplane manufacturing. Since composite materials are employed as frames, composite structures do not require combining two components. Additionally, the demand for composites has grown globally because of their characteristics, including high strength, corrosion resistance, lightweight, design flexibility, and low thermal conductivity. The growing use of composite materials in the manufacture of airplanes due to their lighter weight and the advantages of the current design is anticipated to stifle market expansion.
Growth Of The Market Is Hampered By Scarce Supply And Expensive Raw Resources
The high production costs of aerospace fasteners are caused by the scarce supply and unstable price of the raw materials used in their manufacture. In addition, the increasing use of composite and lightweight materials—more expensive than conventional ones—to produce lightweight aircraft raises overall production costs and may somewhat restrain market revenue growth. Automation is also being adopted for more efficient quality testing of raw materials.
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Global Aerospace Fastener Market Segmentations:
Global Aerospace Fastener Market By Material:
Global Aerospace Fastener Market By Product:
Global Aerospace Fastener Market By Application:
Global Aerospace Fastener Market Regional Insights:
North America is projected to hold the largest share of the aerospace fastener market over the forecast period because this area is home to prestigious aircraft producers like Textron, Boeing, and Bombardier, among others. Additionally, the region's adoption of cutting-edge manufacturing techniques and greater financial support for R&D initiatives contribute to the market's expansion in North America. On the other hand, the Asia Pacific aerospace fastener market is anticipated to grow significantly. The expansion and increase in OEM presence in the local aviation market are credited with this growth.
The market in North America is expected to gain a huge portion of the global aerospace fastener market share in the coming years. Due to the presence of renowned aircraft manufacturers like Boeing, Textron, and Bombardier, the area has experienced expansion.
The growing acceptance of modern production technology is anticipated to support the region's rising demand for aerospace fasteners.
In the Asia Pacific, the growth in this region is primarily driven by increasing development and quantity of aircraft OEMs in the region's aviation sector.
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Key questions answered in this report:
What is the size of the Aerospace Fastener market and what is its expected growth rate?
What are the primary driving factors that push the Aerospace Fastener market forward?
What are the Aerospace Fastener Industry's top companies?
What are the different categories that the Aerospace Fastener Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
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Market Share, Size & Forecast by Revenue | 2023−2030
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis By Material, By Product, By Application and By Geography
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Chapter 4: Global Aerospace Fastener Market, By Material Segment Analysis
Chapter 5: Global Aerospace Fastener Market, By Product Segment Analysis
Chapter 6: Global Aerospace Fastener Market, By Application Segment Analysis
Chapter 7: Aerospace Fastener Market – Regional Analysis, 2023 – 2030
Chapter 8: Aerospace Fastener Market – Industry Analysis
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Key Insights from Primary Research/Key Insights & Findings from the report:
As per the analysis shared by our primary respondents, the Aerospace Fastener market is expected to grow annually at a CAGR of around 5.50%.
Through primary research, it was established that the Aerospace Fastener market was valued at around USD 7.2 billion in 2022.
The Aerospace Fastener market is segmented based on product: aluminum, alloy steel, titanium and others. The titanium category was predicted to show maximum market share in the year 2021.
The key factor driving the market is Growing Use of Robotics and 3D Printing Technology
The “North America” region will lead the global Aerospace Fastener market during the forecast period 2022 to 2030.
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