Aerospace fasteners are essential components of aircraft which are used in new aircraft manufacturing, for the refurbishment of old aircrafts, as well as for maintenance. Market Research Future (MRFR) has recently published a research report on the global aircraft fasteners market and has predicted a CAGR of 7.85% in the market over the forecast period of 2017-2023.
The demand for new aircraft is driving the demand for aircraft components, which is augmenting the growth of the aircraft fasteners market. Demand from aerospace fasteners also emerges from the maintenance of aircraft. With the growth of the flight business, high demand is anticipated to be triggered within the aerospace fasteners market. Development and use of lightweight and high resistance materials such as titanium, superalloys, or aluminum is likely to boost the structural qualities of fasteners, which also provide lucrative growth opportunities to the market. The rise in a number of space exploration activities has also induced a high demand for aerospace fasteners.
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The emergence of cutting edge advanced additive manufacturing in the aerospace sector has been a boon to the growth of the aerospace fasteners market. Employment of 3D technology enables simplification of the entire manufacturing process, reduces production cost, and facilitates custom manufacturing of fasteners as per individual requirements.
The global aerospace fasteners market has been segmented based on aircraft class and application.
By aircraft class, the aerospace fasteners market has been segmented into military aircraft and commercial aircraft.
By application, the aerospace fasteners market has been segmented into commercial aerospace and military.
Region-wise, the aerospace fasteners market has been segmented into North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is the leading aerospace fasteners market. The region houses some of the most commercial aircraft and jet manufacturers such as Boeing, Bombardier, Gulfstream, and Embraer which provides the region with unprecedented leverage. These market players are actively involved in R&D activities and pour in massive amounts for the development of fastening systems, which drives the growth of the market. Moreover, the governments of the developed countries in the region such as Brazil and Canada spend substantially on military aircraft, even though the market is predominantly led by the US. Furthermore, rigorous M&A activities of leading airlines in the region has laid down favorable groundwork for the growth of the market.
Europe toon is at the forefront of the aerospace fasteners market and accounts for an advantageous share of the global market. Innovation in commercial aviation space is majorly led by Europe, with recent nanotechnology-based innovations adding fuel to the market growth. The region possesses advanced aeronautical and metallurgy expertise, which helps in the growth of the market.
The APAC aerospace fasteners market is also likely to observe noteworthy growth due to the clustering of manufacturers in the region, especially in Taiwan along with the development of peripheral industries such as molding machines, heat treatments, and electroplating.
Aloca (U.S.), 3V Fasteners Company(U.S.), National Aerospace Fasteners (Taiwan), CDP Fastener Group(MA), LISI (France), TFI Aerospace(Canada), Stanley Aerospace Fastening(USA), KLX(U.S.), Wesco Aircraft Holdings(U.S.), and B&B Specialties(CA) are the notable players in the aerospace fasteners market.
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