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NEWARK, N.J. , July 19, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global aerospace fasteners market is expected to grow from USD 6.17 billion in 2021 to USD 11.31 billion by 2030, at a CAGR of 6.96% during the forecast period 2022-2030.
The use of superalloys in manufacturing these products is anticipated to expand demand for the aerospace fasteners market during the projection period.
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Further, the rise in international & domestic tourist arrivals by air, the favorable government policies to enhance air transport infrastructure, and rising space exploration activities are the driving factors of the market growth. Also, the rapid increase in worldwide air travel due to the high standard of living, the focus of firms on enhancing assembly process efficiency, and infrastructure investments in improving air transport facilities by governments worldwide are helping to drive the market growth. Moreover, the unpredicted failure of the fasteners and high production prices are the restraining factors of the market growth. Furthermore, technological progress like using 3D printing & additive manufacturing (AM) technologies for producing aerospace elements are opportunities for market growth.
To enhance their market position in the global aerospace fasteners market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
For example, in August 2021 , National Aerospace Fasteners Corporation (NAFCO) announced that it acquired the certification as a skilled aerospace forging supplier through Safran Aircraft Engines. National Aerospace Fasteners Corporation is qualified in generating aviation products with fabrics ranging from iron-based to cobalt-based & nickel-based high-temperature superalloys.
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The growth of the aerospace fasteners market is driven by the rise in tourism, the growing government expenditure, and the increasing demand for newer & more modern aircraft. Furthermore, the ease of availability of materials utilized in the manufacture of industrial fasteners & the rapidly growing industrialization also helps drive the market growth during the forecast period. Moreover, the thriving civil aviation enterprise is the market growth trend. So, the increasing disposable incomes & growing urbanization have resulted in air commutation, which is helping to boost the market growth. However, OEMs' innovation in cabin design & technologies is another market growth trend. Further, the increasing emphasis on cabin storage technology & hardware technologies like air filtration systems, seat automation, active noise control technology, and the development of new materials & parts for various aircraft cabin interior methods will help the profitable growth of the market the projection period. Additionally, the intro of IoT for cabin crew members in aircraft will assist the proliferation of the market in the upcoming years.
The application segment is divided into control surface, fuselage, and cabin interior. In 2021, the cabin interior segment dominated the market with the largest market share of 47.21% and market revenue of 2.91 billion. This growth is attributed to the increasing innovation in the aviation industry.
The product type segment is divided into screws, nuts & bolts, rivets, and others. In 2021, the rivets segment dominated the market with the largest market share of 30.16% and market revenue of 1.86 billion. This growth is attributed to benefits like rigid connectivity to aero structure and high reliability.
The material type segment is divided into alloy steel, aluminium, titanium, and others. In 2021, the aluminium segment dominated the market with the largest market share of 32.17% and market revenue of 1.98 billion. This growth is attributed to the increase in the use of aluminium in different industries like building & construction. Further, by 2030, the titanium segment will likely dominate the market due to the growing share of wide-body aircraft in commercial aircraft deliveries.
The aircraft type segment is divided into military aircraft and commercial aircraft. In 2021, the commercial aircraft segment dominated the market with the largest market share of 56.11% and market revenue of 3.46 billion. This growth is attributed to the risen demand for fuel-efficient aircraft.
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Regional Segment Analysis of the Aerospace Fasteners Market:
The North American region occurred as the largest market for the global aerospace fasteners market, with a market share of 45.18% and a market value of around 2.78 billion in 2021. North America currently dominates the aerospace fasteners market due to the increasing investments in R&D activities. Additionally, the strong presence of different regional aircraft manufacturers also helps drive market growth during the forecast period. Furthermore, the Asia Pacific region is expected to show the fastest CAGR of 8.04% over the projection period. This growth is attributed to the increasing number of OEMs in aviation enterprises in the region. Moreover, the emergence of new airlines across major nations and growing disposable income will probably help the market's growth during the projection period.
Key players operating in the global aerospace fasteners market are:
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global aerospace fasteners market based on below mentioned segments:
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Global Aerospace Fasteners Market by Application:
Global Aerospace Fasteners Market by Product Type:
Global Aerospace Fasteners Market by Material Type:
Global Aerospace Fasteners Market by Aircraft Type:
The global aerospace fasteners market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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