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The global aerospace fasteners market to reach US$ 8.95 Billion by 2027, exhibiting at a CAGR of 6.1% during 2022-2027.
SHERIDAN, WYOMING, UNITED STATES, September 13, 2022 /EINPresswire.com/ -- According to IMARC Group latest published report, The global aerospace fasteners market size reached US$ 6.19 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.95 Billion by 2027, exhibiting at a CAGR of 6.1% during 2022-2027.
Aerospace fasteners are fixtures and other hardware tools, such as screws, pins, bolts, nuts, and collars, used to join two or more components in an aircraft. They are made of alloy steel that is heat-treated to add stability against tensile and shear loads. They are durable and secure and assist in enhancing the efficiency of an aircraft and reducing its overall weight. They also have self-sealing capabilities that help make an aircraft leakage-proof. They are used for producing non-permanent joints that can be dismantled without damaging the surrounding equipment. At present, product manufacturers are introducing specialty fasteners manufactured using high-performing alloys that have been developed to meet the hardline standards and requirements of the aerospace industry.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Significant growth in the aviation and aerospace industries, increasing number of air passengers around the world, and the rising focus on improving the safety and performance of aircraft are among the major factors positively influencing the demand for aerospace fasteners. Moreover, numerous airline organizations are extensively investing in premium cabin-interior products to enhance the overall flight experience of passengers, which is contributing to the market growth. The expanding number of aircraft and the growing demand for newer generation aircraft are also driving the market.
In addition, the rising utilization of satellites for military surveillance and related defense applications is contributing to the market growth. They are also used in the manufacturing of unmanned aerial vehicles (UAVs), which is favoring the market growth. Besides this, there is an increase in the instances of armed conflicts, violence, and terrorism, which is catalyzing the demand for aerospace fasteners in the manufacturing of ballistics missiles. They are also utilized in enforcing defense strategies and countering terrorist threats and political and territorial issues. Apart from this, the integration of 3D printing and additive manufacturing (AM) technologies for producing aerospace components, such as panels, ducts, and wings, is offering lucrative growth opportunities to market players operating in the industry. These technologies assist in manufacturing lightweight components and minimizing the number of components by printing two different adjacent parts into one single component. The deployment of superalloys in the manufacturing of aerospace fasteners for their improved versatility and high resistance is also driving their sales to enhance the overall aircraft performance. They are efficient under high temperatures and are stable under excessive turbulence. Furthermore, governing agencies of numerous countries are undertaking initiatives to promote space research, which is creating a positive outlook for the market.
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North America (United States, Canada)
Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
List of Major Key Players:
The major players in the market are Arconic Fastening Systems & Rings, B&B Specialties, LISI Aerospace, 3V Fasteners Company, National Fasteners Company, TriMas Corporation, Wesco Aircraft Holdings, CDP Fastener Group, TFI Aerospace Corporation, Stanley Engineered Fastening, Ho-Ho-Kus Inc, etc.
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