New York, NY -- (SBWIRE) -- 01/15/2021 -- The rapid increase in flight journeys across the globe acts as a major market growth stimulant. Aerospace Fastener Market Size – USD 6.61 billion in 2019, Market Growth - CAGR of 6.5%, Market Trends – Augmented demand for new aircraft

The Global Aerospace Fastener Market is poised to demonstrate a robust 6.5% CAGR to reach USD 11.01 Billion over the projected timeframe (2020-2027). A plethora of growth-stimulating factors have fueled the global market expansion. These factors include the substantially growing aviation industry, burgeoning aircraft production, augmented demand for new aircraft, increasing number of flight journeys, the surging adoption of 3D printing technology in aerospace manufacturing, and the extensive use of high-performance, and precision-made fasteners in commercial and military aircraft, including turboprop engines, civil helicopters, business jets, fighter jets, and piston engine aircraft. Rising investments in the manufacture of highly advanced cabin interior products have further propelled the demand for aerospace fasteners, thereby triggering the global market growth.

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However, the lack of availability of raw materials for the production of aerospace fasteners is one of the primary factors that might hinder the global aerospace fastener market growth in the coming years. Composite components that are made into complex shapes for metallic parts require machining. Therefore, pre-formed composite components lightweight and resilient and help eliminate the use of heavy fasteners and joints. Hence, this is another key factor constraining the market growth.

Further key findings from the report suggest:
Based on product type, the rivets sub-segment accounted for a considerable market share in 2018 and is expected to sustain its market dominance over the forecast duration. Rivets find widespread usage in aircraft manufacturing and maintenance processes due to their high tensile strength and ability to fasten heavy structural components. Hence, the R&D activities for technological innovations and the rising demand for high-performance aerospace fasteners boost the growth of this segment.

The wide body aircraft sub-segment is the most dominant in the global aerospace fastener market based on the aircraft type. Demand for wide body aircraft is bolstered by the rapidly increasing passenger traffic and the increasing connectivity between chief geographical locations.

The aluminum fasteners sub-segment spearheaded the global aerospace fastener market in 2019 and is expected to grow at a robust 6.4% CAGR over the projected years. Aluminum fasteners find significant usage in aircraft manufacturing, owing to their cost-effectiveness, high tensile strength, and lightweight. However, the superalloys sub-segment is expected to witness fast-paced growth in the forthcoming years. Fasteners made with these alloys are versatile and maintain integrity in high-temperature environments, which is a key factor behind their considerably rising demand.

Among end-user industries, the defense & space sector is the leading segment that is foreseen to expand at an impressive CAGR of 6.5% over the forecast period. The rapidly increasing application of fighter jets in this sector, coupled with continually increasing space exploration activities, has propelled this segment's growth.

The North American region emerged as the leading market for aerospace fasteners in 2019 and is projected to account for the largest market share over the forecast timeframe,
expanding at a 6.0% CAGR. Escalating demand for new aircraft and the modernization of the region's existing fleet contribute to its growth. The Asia Pacific market is poised to observe massive growth due to rising domestic traffic, especially in the developing economies like India and China, and the increasing domestic and international travels.

Leading market competitors include Alcoa Fastening Systems & Rings, LISI Aerospace, Stanley Black & Decker Inc., Sky Climber Fasteners, TFI Aerospace Corp., B&B Specialities Inc., TriMas Corporation, National Aerospace Fasteners Corp., 3V Fasteners Company Inc., Precision Castparts Corp., and TPS Aviation.

In January 2020, a leading manufacturer of aerospace fasteners, Sky Climber Fasteners, launched its new line of aerospace fasteners, dubbed Rhino Hybrid Nut™, Rhino Lock Nuts™, and Rhino Aluminum Nut™. These are next-generation products made with lightweight, chromate-free materials and yield high strength-to-weight ratios.

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For the purpose of this study, the global aerospace fastener market has been segmented on the basis of product type, aircraft type, material, usage, end-user industry, and region:

By Product Type (Volume, Thousand Units; Revenue, USD Million; 2017-2027)
Screws & Bolts
Rivets
Nuts
Clamps
Special Products
Others

By Aircraft Type (Volume, Thousand Units; Revenue, USD Million; 2017-2027)
Wide Body
Single-aisle
Regional Jets

By Material (Volume, Thousand Units; Revenue, USD Million; 2017-2027)
Aluminum
Titanium
Steel
Superalloys
Others

By Usage (Volume, Thousand Units; Revenue, USD Million; 2017-2027)
Temporary
Permanent

By End-User Industry (Volume, Thousand Units; Revenue, USD Million; 2017-2027)
Commercial Aviation
General Aviation
Defense & Space

Regional Outlook (Volume, Thousand Units; Revenue, USD Million; 2017-2027)
North America
S.
Canada
Europe
K.
France
Germany
Russia
Asia Pacific
Japan
China
India
Latin America
Brazil
Middle East & Africa

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Table of contents:
Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique

Chapter 2. Executive Summary
2.1. Summary Snapshot, 2018-2026

Chapter 3. Indicative Metrics

Chapter 4. Aerospace Fastener Segmentation & Impact Analysis
4.1. Aerospace Fastener Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing demand for flight journey across the world
4.2.2.2. Increasing demand for new aircrafts
4.2.2.3. Government initiatives for the infrastructural development and repair
4.2.3. Market restraints analysis
4.2.3.1. Scarcity of raw materials
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter's Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price trend Analysis

Chapter 5. Aerospace Fastener Market By Product Type Insights & Trends

Continued...

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