The aerospace industry use wide range of fasteners such as nuts, bolts, screws, rivets, pins and high locks during the making of aircraft and its parts. The factors driving the market growth are growing demand for aircraft, use of titanium fasteners, fleet utilization, and aircraft replacement has strengthen the line fit and retrofit aerospace fasteners market. Market Research Future predicts the market to grow at a CAGR of around 7% during the forecast period, to reach $9 billion.
Geographically, North America would be the largest market for aerospace fasteners market and APAC is likely to be the fastest growing market due to the significant increase in the number of aircraft in the region.
Next generation aircraft like A320, B787, B777X, and A380 constitute approx. 2.4 million to 3 million fasteners in an aircraft. The combined backlog of Boeing and Airbus as of today has an order book, of close to 12,000 aircraft, representing between eight and 10 years’ production. Majority of backlogs are for A320 family aircraft and B737Max. Thus, the demand for fasteners will significantly grow in the forecast period.
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 Objectives of Aerospace Fasteners Market
- 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
- Upcoming technologies, high growth geographies and countries were identified
- Regional and country specific demand and forecast for aerospace fasteners were studied
- Key segments covered in the report are: application, aircraft class, and region
- Under aircraft type, both commercial and military aircraft is taken into consideration
- In service fleets, current aircraft orders and future deliveries were taken into consideration while forecasting the market for commercial and military fasteners
- Average selling price for all different aircraft models and fasteners was finalized; same was referred for forecasting, keeping few assumptions into factor
- 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
- Commercial and Military Aircraft OEMs
- Component and Raw Material Suppliers
- Service Suppliers
- Potential Investors
- Key executive (CEO and COO) and strategy growth manager
- 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
- APAC is likely to be the fastest growing market, due to the significant increase in the number of aircraft in the region
- Growing air traffic and aircraft utilization are the driving factors for aerospace fasteners market
- Alcoa, 3V Fasteners, LISI Aerospace, B&B Specialties are the major vendors of aerospace fasteners market
- By 2021, commercial aerospace is likely to have the market share of around 62%
Regional and Country Analysis of Aerospace Fasteners Market
As per the MRFR analysis, the Americas Aerospace Fasteners market is poised to reach $XX billion in 2021, to grow at a CAGR of around 5% during the forecasted period. Whereas, EMEA and Asia Pacific will grow at a CAGR of around 7% and 12% respectively.
In 2014, more than 20,000 aircraft were in service globally, and this is likely to double in the next 20 years. By 2034, emerging regions like Asia and the Middle East are expected to have aircraft nearly 17,000 aircraft delivered. These factors will drive the market during the forecast period.
The reports also cover country level analysis:
- Americas (North and Latin)
- ·Rest of Europe
- Asia – Pacific
- ·Australia/New Zealand
- ·Rest of Asia-Pacific
- Middle East & Africa
- ·Rest of middle East & Africa