DUBLIN–(BUSINESS WIRE)–The “Global Aerospace Titanium Fasteners Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Aircraft Type, Product Type, Application, and End User” report has been added to ResearchAndMarkets.com’s offering.
The Aerospace Titanium Fasteners market was valued at US$ 1,119.23 million by 2028 from US$ 693.31 million in 2020; it is expected to grow at a CAGR of 6.9% during 2021-2028
Most aircraft system manufacturers are focused on reducing the final weight of aircraft. Lightweight aircraft are more economical to operate, can travel a greater range, carry more payloads, and exhibit longer airworthiness. The unmanned military aircraft (UAV) is controlled by remote; it carries sensors, target designators, offensive ordnance, or electronic transmitters to interfere with or destroy enemy objects. Reducing the structure’s weight allows it to have more sensors and payload. Thus, the rising demand for lightweight material-based fasteners will boost the ales of titanium fasteners in military UAV systems, eventually bolstering the aerospace titanium fasteners market.
Technological advancements in the aerospace industry have led to the production of newer and more durable aerospace fasteners. Moreover, the increasing adoption of lightweight titanium fasteners in the aerospace industry provides notable opportunities for the aerospace titanium fasteners market players. In 2020, TriMas Aerospace received multi-year contracts from Airbus and signed new supply contracts with the company, which led to a surge in the sales of engineered fasteners of TriMas Aerospace in Europe.
Moreover, the presence of developed countries, such as the US and Canada, and the high focus on the aerospace & defense sector are two major factors driving the growth of the aerospace titanium fasteners market in North America. Due to the high standards of living in North America, airplanes and helicopters are widely used modes of transportation for domestic and international travel.
Thus, the demand for commercial aircraft for passenger travel and cargo services is relatively high in the region, which favors the aerospace titanium fasteners market growth. The US is a leading country in the world in terms of defense expenditure. North America is a hub of a few of the world’s largest aircraft & helicopter manufacturers, such as Boeing, Textron Corporation, Gulfstream, Lockheed Martin, Northrop Grumman, Piper Aircraft Inc., Cirrus Design Corporation, Electric Aircraft Corporation, and Bombardier. Hence, the presence of aircraft manufacturers and increasing commercial aircraft production are the two major factors boosting the aerospace titanium fasteners market growth in North America.
Titanium fasteners exhibit high-temperature resistance, corrosion resistance, and nonmagnetic nature in military aircraft. Titanium’s robust strength and low density provide the high levels of performance desired by aeroengine manufacturers. Its high-temperature capability is suitable for jet engines and airframe parts that must endure temperatures ranging from subzero readings to 600C. According to XOT Metals, titanium is mainly consumed by the military aerospace industry. The F/A-18, F-22, C-17, F-35, and the UH-60 Black Hawk helicopter are among the military aircraft models that use a huge volume of titanium fasteners. Further, military helicopters and UAVs also need higher volumes of titanium fasteners to attain improved operational efficiencies and lower fuel consumption benefits.
During the COVID-19 pandemic, the entire aviation industry came to a halt. Several aircraft production units in the US, France, Russia, and China were temporarily shut down to adhere to the social restrictions enacted by various governments. Furthermore, the total number of commercial aircraft and general aviation deliveries has impacting negatively to the aerospace titanium fasteners market share due to the industry crisis caused by the COVID-19 pandemic that has led to a decline in the demand for aircraft components required for the assembly of new aircraft production. However, the number of deliveries of single-engine piston aircraft increased in 2020.
- Increasing Adoption in Military Aircraft
- Rising Development by Aerospace Titanium Fastener Manufacturers
- Increasing demand by MRO Service Provider
- Discontinuation of A380 and B747 Manufacturing
- Increasing Demand of Light Weight Fasteners
- Rising adoption in Military UAV
- XOT Metals
- Leeart industry Co. ltd.
- B&B Specialties, Inc.
- 3V Fasteners
- Cherry Aerospace
- Ferralloy inc.
- SuperBTI CO. Ltd
- TriMas Corporation
- Torqbolt inc.
- Lisi Aerospace Inc.
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