May 23, 2022 05:00 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 23, 2022 (GLOBE NEWSWIRE) -- The global aerospace fasteners market size was USD 4.61 billion in 2021. The market is expected to grow from USD 4.86 billion in 2022 to USD 7.73 billion in 2029, exhibiting a CAGR of 6.85% during the forecast period. Rising demand for commercial aircraft and strong robotics & 3D printing adoption is expected to bolster the market development. Fortune Business Insights™ provides this information in its report titled “Aerospace Fasteners Market, 2022-2029.”
Aerospace fasteners are used to manufacture aircraft. It is assembled in diverse locations and used in several manufacturing locations to transform parts into an aircraft. Rising demand for aircraft is expected to boost the adoption of fasteners. Increasing air traffic leads to a spike in aircraft manufacturing, thereby facilitating component usage. Further, strong adoption of 3D printing and robotics is expected to increase the adoption of the product from the aerospace industry. These factors may promote the market growth in the coming years.
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List of Key Players Profiled in the Report
By product, the market is segmented into rivets, screws, nuts & bolts, and others. As per material, it is categorized into titanium, steel, superalloys, and aluminum. Based on platform, it is segregated into fixed-wing aircraft and rotary-wing aircraft. Geographically, it is grouped into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
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The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and strategies undertaken by the market's key players.
Drivers and Restraints Rising Defense Expenditures to Foster Market Development
Rising air traffic, travel, & tourism and the increasing number of flights are expected to boost the components’ adoption. Rising defense expenditures and uneven border conditions & conflicts foster sales. Further, the rising demand for the product from the commercial and military sectors may propel its adoption. Also, rising developments in emerging countries, such as India and China, may fuel its adoption. In addition, the growth in defense aircraft manufacturing may propel the aerospace fasteners market growth.
However, the rising adoption of composite material for aircraft part manufacturing hinders the market progress.
Presence of Top Aircraft Manufacturers to Fuel Industry Growth in North America
North America is expected to dominate the aerospace fasteners market share due to the presence of top aircraft manufacturers. The market in North America stood at USD 1.86 billion in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, advanced manufacturing technologies are expected to bolster the industry growth.
In Asia Pacific, the rising development and increasing emergence of several OEMs are expected to boost aerospace fasteners' adoption. Further, the expansion of the aviation industry may nurture the aerospace and defense industry.
In Europe, robust demand for aerospace fasteners from Germany, the U.K., France, and Russia is expected to boost sales. Additionally, the presence of leading aircraft manufacturers such as Dassault Aviation, Leonardo SPA, Airbus, and others may propel the market development.
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Manufacturers Obtain Certifications to Reinforce their Market Stance
Prominent companies operating in the market obtain certifications to reinforce their market stance. For example, National Aerospace Fasteners Corp announced that it was certified as a qualified aerospace forging supplier by Safran Aircraft Engines in August 2021. It is qualified to engage in forging aviation products using several materials such as cobalt-based high-temperature, nickel-based, and iron-based materials. This strategy may enable the company to reinforce its market stance. Furthermore, manufacturers aim at product launches, mergers, acquisitions, partnerships, and expansions to boost their market position.
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