According to the latest report by IMARC Group, titled “Aerospace Fasteners Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global aerospace fasteners market size reached US$ 6.19 Billion in 2021. Aerospace fasteners are fixtures, equipment and other hardware tools, such as screws, pins, bolts, nuts and collars, that are utilized to join two or more components together in an aircraft. These fasteners can endure extreme environmental conditions, including moisture, high stress, temperature and pressure changes, and ultraviolet (UV) radiation, to eliminate any risk of failure. They often made using metals, such as steel, aluminum and titanium, for their high tensile and corrosion-resistant nature. Consequently, they are widely utilized for assembling fighter jets, explosive bolts, rockets, ballistic missiles and commercial aircraft.
Global Aerospace Fasteners Market:
The global market is primarily driven by a significant rise in air passenger traffic. This can be attributed to rapid urbanization, inflating per capita income levels and reduced airfares. Consequently, there is a significant increase in the demand for the production of new aircraft, which is boosting the sales of aerospace fasteners. Additionally, the construction of new airports, equipped with advanced automated systems, in confluence with the renovation of existing ones, is anticipated to create a positive outlook for the market growth. Moreover, the increasing need for the development of lightweight aircraft components for fuel efficiency is expected to drive the demand for lightweight aerospace fastener materials, such as aluminum. Several manufacturers are increasingly employing superalloys in the manufacturing of fasteners for their improved versatility and high resistance, which is anticipated to improve the overall aircraft performance. The emergence of three-dimensional (3D) printing in aerospace manufacturing is also projected to facilitate the market growth in the near future. On account of the aforementioned factors, the market is expected to grow at a CAGR of 6.1% during the forecast period (2022-2027).
- On the basis of the product type, the market has been divided into rivets, screws, nuts and bolts, washers, and others.
- Based on the material type, the market has been categorized into aluminum, alloy steel, titanium and others.
- On the basis of the application, the market has been classified into interior, control surfaces and fuselage.
- Based on the aircraft type, the market has been segregated into narrow body aircraft, wide body aircraft, very large aircraft, fighter jet and others.
- On the basis of the end use sector, the market has been segmented into commercial, defense and others.
- On the geographical front, the market has been divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- The competitive landscape of the market has been studied in the report, with the detailed profiles of the key players operating in the market. Some of these include Arconic Fastening Systems & Rings, B&B Specialties, LISI Aerospace, 3V Fasteners Company, National Fasteners Company, TriMas Corporation, Wesco Aircraft Holdings, CDP Fastener Group, TFI Aerospace Corporation, Stanley Engineered Fastening, and Ho-Ho-Kus Inc.
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