LONDON–(BUSINESS WIRE)–#AerospaceFastenersMarket–The new aerospace fasteners market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic Crisis and Recovery analysis of the aerospace fasteners market.
“One of the primary growth drivers for this market is the Increasing Preference for Lightweight Materials,” says a senior analyst for the Industrials industry at Technavio.
Regulatory bodies, such as the International Civil Aviation Organization (ICAO), are adopting stringent CO2 emission standards for aircraft to minimize the impact of aviation greenhouse gas emissions on the climate. As a result, aircraft manufacturers and aircraft fleet operators are focusing on advanced solutions such as reducing the weight of the aircraft by incorporating lightweight components. Since titanium is lightweight, it is increasingly being preferred for manufacturing aerospace-grade fasteners. Moreover, the metal can withstand moderately high temperatures and exhibit high tensile strength and corrosion resistance. Titanium-based fasteners are also being used in military aircraft and missiles because of their high wear resistance and strength and ability to sustain high pressure and temperature. The rising investments in the satellite manufacturing and launch industry and the development of spacecraft by private companies will further fuel the demand for titanium fasteners. Since titanium fasteners are expensive than aluminum, steel, and alloy steel fasteners, their increasing use will boost the aerospace fasteners market growth over the forecast period.
As the markets recover Technavio expects the aerospace fasteners market size to grow by USD 2.51 billion during the period 2020-2024.
Aerospace Fasteners Market Segment Highlights for 2020
- The aerospace fasteners market is expected to post a year-over-year growth rate of 5.89%.
- Aluminum can be easily processed to produce pipes, bars, and wires because of its properties such as low weight density, high heat and electricity conductivity, corrosion resistance, and malleability.
- Apart from these properties, aluminum fasteners cost low, making them ideal for use in the aerospace industry for commercial, general aviation, business aircraft, and other applications.
- However, market growth by the aluminum segment will be slower than the growth of the market by the titanium segment.
- 36% of the growth will originate from the North America region.
- Factors such as the increasing demand for aircraft, fleet expansion by airline operators, and the presence of leading global airlines, aircraft manufacturers, and aircraft component manufacturers in North America are responsible for aerospace fasteners market growth in this region.
- The US is a key market for aerospace fasteners in North America. Market growth in this region will be faster than the growth of the market in MEA.
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- The aerospace fasteners market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
- The aerospace fasteners market is segmented by Application (commercial and business aviation and defense and space), Material (aluminum, titanium, superalloys, and steel), and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is concentrated due to the presence of a few established vendors holding significant market share.
- The research report offers information on several market vendors, including Arconic Inc., B&B Specialties Inc., Berkshire Hathaway Inc., Boeing Co., Click Bond Inc., LISI SA, MinebeaMitsumi Inc., National Aerospace Fasteners Corp., Stanley Black & Decker, Inc., and TriMas Corp.
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