The global aerospace fasteners market exhibited strong growth during 2015-2020. Looking forward, the market is expected to grow at a CAGR of 8.2% between 2021 to 2026. This is according to a new report from global market store, Research and Markets, Aerospace Fasteners Market: Global Industry Trends, Share, Size & Growth.
“Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use sectors,” stated a press release from Research and Markets. “These insights are included in the report as a major market contributor.”
Of course, aerospace fasteners refer to various hardware tools — such as screws, rivets, nuts, bolts and pins — that mechanically fix or join two or more components together. These fasteners must be durable and secure, enhancing an aircraft’s efficiency while reducing its overall weight.
The components are typically manufactured using aluminum, titanium and steel, owing to the high tensile and shear strength and corrosion resistance of these metals.
These fasteners must often also offer non-permanent joints that can be dismantled or removed without damaging the surrounding equipment. Owing to this, they find extensive applications in assembling commercial and military aircraft, rockets, ballistic missiles, and satellites.
The thriving civil aviation industry is one of the key factors driving the growth of the market. Inflating disposable incomes and growing urbanization have resulted in a rise in air commutation, which has consequently led to the increasing production of aircraft and the use of aerospace fasteners.
Additionally, various airlines are heavily investing in premium cabin-interior products to enhance passengers’ overall flight experience. Technological advancements, such as the use of 3D printing and additive manufacturing for producing such components, is further augmenting the market growth. Superalloys in the manufacturing of these products are also common.
Superalloys are more cost-effective and lightweight in comparison to other metals. They’re also effective under high-temperatures and are stable under excessive turbulence. Other factors, including favorable government policies to improve air transport infrastructure, along with increasing space exploration activities, are projected to drive the market further.
This report provides a deep insight into the global aerospace fasteners market, including micro and macro details related to industry performance, recent trends, key drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, and more.
A few of the key players covered include: Arconic Fastening Systems & Rings, LISI Aerospace, 3V Fasteners Company, National Fasteners Company, TriMas Corporation, Wesco Aircraft Holdings, TFI Aerospace Corporation, Stanley Engineered Fastening, and others.
Market breakup by product type:
- Nuts and Bolts
Market breakout by material type:
- Alloy Steel
To learn more about the report, click here.