Amid the height of the COVID-19 crisis, the global market for Aerospace Fasteners was estimated at U.S.$5.3 billion in the year 2020. It’s now projected to reach a revised size of $6.9 billion by 2027 — growing at a CAGR of 4% over the period 2020-2027.
The aerospace fasteners market in the U.S. is estimated at $1.4 billion in the year 2020. China, the world’s second largest economy, is forecast to reach a projected market size of $1.5 billion by the year 2027, trailing a CAGR of 7.1% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.3% and 3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.1% CAGR.
These findings are from ResearchAndMarkets latest report, Aerospace Fasteners: A Global Market Trajectory & Analytics.
The report covers the progressive trend in the commercial aviation industry, as well as:
- Impact of composites on fasteners
- Countersunk-head rivets prominence in smooth finish applications
- Concerns over viability and safety of secondary locking devices
- Increase in defense spending means enhanced fasteners demands
- Focus on safety and performance spurs tool innovations
- Advanced tools come to fore in fastener manufacturing
- Technology innovations and product improvements to drive demand for fasteners
- Additive manufacturing and 3D printing
- Lightweight fasteners gain precedence
- Titanium Extends best-in-class lightweight fasteners
- Superalloys find wider use
- Issues and challenges
The report also covers companies, such as 3V Fasteners Company, Allfast Fastening Systems, LISI Aerospac, Nylok, STANLEY Engineered Fastening, TriMas Corporation, and others.