Pune, India -- (SBWIRE) -- 05/17/2018 -- Market Highlights:
Fasteners are widely used in commercial and military aircraft, ballistic missiles and rockets, aftermarket service and their parts and components. The aerospace industry makes use of a different range of fasteners such as screws, bolts, rivets, nuts, hi-locks, and pins.
Growing demand for air travel worldwide has led to increased requirement for commercial aircraft fleet. Such an increase in the number of aircraft will simultaneously result in demand for aerospace fasteners. Aerospace fastener manufacturers are increasingly focusing on emerging regions, such as Mexico, Brazil, India, and North Africa because of the high demand for aircraft. This offers opportunities for third-party companies to partner with OEMs and open MRO service centers in these regions. The use of titanium fasteners and growing investment in interior cabin products have been encouraging market growth in the last five years. With technological advances being key to product acceptance, the introduction of software such as ASRP5, which allows the simulation of complex assembly processes, bodes well for the market.
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Major Key Players
STANLEY Engineered Fastening, NAFCO,
Stanley Aerospace Fastening, and Acument Global Technologies.
According to MRFR, The aerospace fasteners market is expected to grow at a CAGR of 7.85% during the period 2017-2023.
Industry/ Innovation/ Related News:
2015:- Alcoa signed a multi-year contract worth $2.5 billion with Boeing, under which they would supply multi-material fastening systems for each of their airlines, including the 777X and 787 Dreamliner.
2015:- Alcoa signed a contract worth $1.1 billion to supply titanium fasteners for Lockheed Martin's F-35 Joint Strike Fighter program. Under the contract, Alcoa would provide the titanium fasteners for the three variants of F-35 fighter aircraft, during 2016-2024
2014:- B/E Aerospace signed an eight-year contract worth $950 million with United technologies, to provide aerospace fasteners, consumables, hardware, and logistic services to the business units of UTC Aerospace (such as Pratt & Whitney, Sikorsky Aircraft, Goodrich, and Hamilton Sundstrand)
The Americas is home to a few of the world's most renowned commercial aircraft and business jet manufacturers, namely, Boeing, Bombardier, Gulfstream, and Embraer. Companies such as Boeing often engage in R&D projects with the manufacturers of aerospace fasteners. U.S., in particular, is making substantial investments in producing advanced fastening systems, which will be integrated across modern fighter jets and MEA such as Boeing 787.
North America extensively invests in the aerospace titanium fasteners, and generates a very high demand for these fastening systems. Although, Brazil and Canada make some investments in the development of these fastening systems, yet the market is primarily dominated by the U.S.
The mergers of major airlines in the U.S. (American Airlines with US Airways, United with Continental, Delta with Northwest, and Southwest with AirTran) have made the country's airline industry the most profitable in the global aviation market. These airlines are investing in advanced technology and upgrading fasteners to enhance their flight safety and operations, which will have a positive impact on the market.
Similarly, Europe has been at the forefront of commercial aviation innovations, particularly with the recent nanotechnology-based innovations depicting the lightweight and energy-efficiency characteristics for metal-based components, which presents a number of opportunities for local manufacturers and stakeholders of aerospace fasteners. It develops advanced aerospace fasteners by unifying metallurgy with aeronautical excellence.
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