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(Transportation-News.com, May 18, 2018 ) The aerospace fasteners market is projected to grow from USD 5.49 Billion in 2016 to USD 7.73 Billion by 2021, at a CAGR of 7.08% between 2016 and 2021. Factors influencing the growth of aerospace fasteners market include increasing aircraft orders along with the increasing passenger traffic across the globe. The number of aircraft has increased due to rise in air traffic. The aerospace fasteners market is highly dependent on the number of aircraft manufactured and the ability of fasteners to minimize limitations of weight, maintenance requirements, and vulnerability of security risks. This has further resulted in procurement of high strength and low weight fasteners.
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In this report, the aerospace fasteners market has been categorized into five key segments, namely, aircraft type, end user, material type, product type, and application. The product type segment has been further categorized into rivets, screws, nuts & bolts, and others (hi-locks, collar, and so on). Based on application, the market is segmented into cabin interiors, fuselage, and control surfaces.
The aircraft type segment includes narrow body aircraft, wide body aircraft, very large aircraft, regional transport aircraft and business jets. Among these, the wide body aircraft segment is projected to grow at the highest CAGR during the forecast period. The demand for wide body aircraft is increasing globally due to its efficiency, rise in passenger traffic, and increased connectivity between important geographical locations of developing and developed regions.
On the basis of end user, the aerospace fasteners market is segmented into commercial aviation and defense. The commercial aviation segment is expected to grow at the highest CAGR during the forecast period. Increasing orders for commercial aircraft from developing regions have generated demand for aerospace fasteners from the commercial aviation segment.
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On the basis of region, the market has been classified into North America, Europe, Asia-Pacific, and RoW (Rest of the World). Europe is the most dominant region in the aerospace fasteners market, as of 2016, followed by North America. The aerospace fasteners market in Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Factors driving the growth of aerospace fasteners market include low oil prices, expansionary fiscal & monetary policies, deleveraging private sector, and steady labor market.
Factors such as introduction of composite materials to aircraft manufacturing, cost and availability of raw materials, and underdeveloped logistics and supply chain are restraining the growth of aerospace fasteners market.
Key players operating in the aerospace fasteners market are Alcoa Fastening Systems & Rings (U.S.), LISI Aerospace (U.S.), Precision Castparts Corp. (U.S.), and Stanley Black & Decker Inc. (U.S.), among others. Partnerships, collaborations, agreements, and contracts are the major growth strategies adopted by the players to strengthen their position and enhance their product offerings.
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