(Aviation-NewsWire.Com, September 15, 2020 ) The Aerospace Fasteners Market is projected to grow from $5.49 Billion in 2016 to $7.73 Billion by 2021, at a CAGR of 7.08%. 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.
Rivets segment is estimated to account for the largest market share during the forecast period
On basis of product type, the aerospace fasteners market is segmented into rivets, screws, nuts & bolts, and others (hi locks, collar, and so on). Rivets segment is estimated to account for the largest market share during the forecast period. They are used extensively during manufacturing and maintenance process as they have high tensile strength and ability to affix critical structural components together. Considering the requirement for fuel-efficient and lightweight aircraft, there is a huge demand for precision made, technologically sound, lightweight, and high-performance fasteners. Innovations in research and development for lightweight and high-performance aerospace fasteners will drive this market in the coming years.
The wide body aircraft segment is expected to grow at the highest rate during the forecast period
The aerospace fasteners market has been segmented and analyzed on the basis of aircraft type into narrow body aircraft, wide body aircraft, very large aircraft, regional jets, and business jets. Wide body aircraft segment is anticipated to grow at the highest pace during the forecast period and dominate the market owing to the efficiency of wide body aircraft and the rise in passenger traffic. Increasing connectivity between important geographical locations of developing and developed regions has led to a rise in demand for wide body aircraft.
The aerospace fasteners market is expected to grow at the highest rate in the Asia-Pacific region
The aerospace fasteners market is on a rise in the Asia-Pacific region due to the presence of aircraft manufacturers in China and Russia. The rise in number of component manufacturers in Japan, India, and China contribute are also the major factors driving the growth of aerospace fasteners market in this region.
Key Market Players
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.). Contracts, new product launches, expansions, partnership, collaborations, and agreements are the major growth strategies adopted by the players to strengthen their position in this market.
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