The global aerospace fasteners market is expected to grow at a CAGR of 7.5% during the forecast period 2021-2027. Fasteners are the precision components utilized in aircraft to assemble different parts to form a complete structure. Although they are tiny and considered among small C-Class parts, they account for the highest part count in an aircraft; for instance, Boeing’s B747 aircraft has over six million parts, half of which are fasteners.
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Aerospace Fasteners are designed not only to simply perform assembly functions but also to bear or transfer load from one part to another. They are subjected to extremely rigorous and strict standards for materials, processes, and quality assurance. Aerospace fasteners need to be certified by governments and OEMs such as FAA (Federal Aviation Administration), and Boeing and Airbus.
The COVID-19 pandemic has caused the aerospace fasteners market severe distress, and the year 2020 was full of uncertainty. The availability of raw materials and the overall supply chain of aerospace fastener has been severely hit with closed borders and lockdowns. Further, a hefty decline in aircraft orders and airlines deferment from receiving aircraft deliveries has caused disruption in the demand for aerospace fasteners as well. However, the industry tends to recover at an impressive rate in the coming years and overall, there is an excellent growth opportunity for market players with stabilizing the aerospace fasteners market. Aggressive vaccination drives and resumption in air travel across the world are creating a healthy industry outlook in the coming years.
Growth Drivers Aircraft industry is constantly striving hard to overcome the challenge of reducing production lead time and enhancing faster assembly. Availability of efficient and mass volume of it can contribute towards timely part construction and assembly of systems or airframes. Besides, there is also increasing demand for lightweight and high-performance aerospace fasteners made of advanced materials with seamless installation fueling the ma across the globe.
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The aerospace fasteners market has been experiencing an array of technological advancements, with 3D printing being a notable one. 3D printing enables the industry to produce plenty of them efficiently and effectively faster and with excellent part quality. There is also increasing demand for advanced coated component giving impetus to the aerospace market growth. The growing technological innovations are likely to surge the aerospace fasteners demand in the foreseen future.
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Middle East & Africa (MEA)
Geographically, North America will lead the market driven by the strong leadership of the USA in both civil as well as defense aircraft. The region is hub for commercial aircraft production, business jet production, and fighter aircraft production along with its strong MRO capabilities driving the demand for aerospace component for both OEM and aftermarket. It has been continuously building up manufacturing capabilities, strengthening its leadership in the market. In May 2020, Airbus inaugurated its completed assembly line of A220 aircraft in Mobile, Alabama USA, which garnered an impressive 64 orders in 2020.
Asia Pacific region depicts the highest market growth driven by a rise in the number of aerospace component manufacturers in Asian countries The rise in the number of component manufacturers in India, China, and Southeast Asian Countries is giving an impetus to the demand for aerospace fasteners in the region. Further, significant investments also facilitate domestic manufacturing that has increased the demand in Asian market.
Competitive Landscape The development of lightweight aerospace components with the ability to withstand highly corrosive environments and bear required stress is the prime strategy adopted by leading players to gain a competitive edge in the market. There has been a series of mergers & acquisitions in the market, increasing the consolidation level of the market gradually.
Some of the Key Players competing in the global market are Stanley Engineered Fastening, LISI Aerospace, Acument Global Technologies, Arconic Fastening Systems & Rings, National Aerospace Fasteners Corporation, TriMas Corporation, PCC Fasteners, Alcoa Fastening Systems & Rings, and 3V Fasteners Company.
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