The global aerospace fasteners market is anticipated to reach a value of USD 10.7 billion by 2024, growing at a compound annual growth rate (CAGR) of 7.4% during the forecast period (2019-2024). Aircraft fasteners are integral components used in aircraft construction, and are likely to witness a significant demand in the coming years due to the increasing demand for new aircrafts and increasing aircraft production.
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The aerospace fasteners market is mainly driven by the growth in the global aircraft fleet and rising demand for lightweight aircrafts. Moreover, the increasing demand for luxury air travel and air freight services is expected to give a further boost to the market. Moreover, the defense sector is also anticipated to witness a steady growth due to increasing defense budget spending in various countries.
The market is fragmented, with a number of small and large players present in the market. Some of the key players in the market are LISI Group, Stanley Engineered Fastening, Alcoa Fastening Systems, SPS Technologies and Bay Fastening Systems.
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Table of Contents
1. Introduction
2. Market Overview
3. Market Dynamics
4. Market Segmentation
5. Competitive Landscape
6. Regional Analysis
7. Conclusion
Introductiona
Aerospace fasteners are used in the aircraft construction, and are designed to secure two or more components together. Fasteners are available in various shapes and sizes, and typically include screws, nuts, bolts, rivets, clamps, and pins. Aerospace fasteners are used in various parts of the aircraft, including the fuselage and wings, engine, and landing gear.
Market Overview
The global aerospace fasteners market is expected to grow at a compound annual growth rate (CAGR) of 7.4% during the forecast period (2019-2024). This growth can be attributed to the increasing demand for new aircrafts, increasing aircraft production, and the growth in the global aircraft fleet. Moreover, the increasing demand for luxury air travel and air freight services is expected to give a further boost to the market.
Market Dynamics
The primary driver of the aerospace fasteners market is the growth in the global aircraft fleet. The increasing number of aircrafts, coupled with the increasing demand for new aircrafts, is expected to drive the demand for aerospace fasteners. Moreover, the increasing demand for luxury air travel and air freight services is also driving the demand for aircrafts, which in turn is driving the demand for aerospace fasteners.
The market is also driven by the increasing demand for lightweight aircrafts. The use of lightweight aircrafts is becoming increasingly popular, as they are more fuel-efficient, cost-effective, and environmentally friendly. This is driving the demand for lightweight aerospace fasteners, which are more efficient and cost-effective than traditional heavy-duty fasteners.
Market Segmentation
The global aerospace fasteners market is segmented on the basis of type, application, and region.
On the basis of type, the market is segmented into screws, nuts, bolts, rivets, clamps, and pins.
On the basis of application, the market is segmented into commercial aerospace and military aerospace.
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Regional Analysis
The global aerospace fasteners market is segmented on the basis of region into North America, Europe and Asia Pacific.