The Global Market for Aerospace Fasteners is Projected to Reach US$7.5 Billion by 2024
Steady Commercial Aircraft
Production & Revival of Military Aircraft Demand to Drive the Global Aerospace
Fasteners Market, According to a New Report by Global Industry Analysts, Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market size, share and demand forecasts on the global Aerospace Fasteners
market. The
global market for Aerospace Fasteners is projected to reach US$7.5 billion by
2024, driven by sustained improvements in the production of commercial
aircraft and revival of demand for military aircraft, especially in European
markets.
Mechanical
fastening devices such as bolt, nut, screw, rivet or nail, that affix or join
together two or more objects, are of high significance as they are the critical
components that define the integrity and longevity of structures. The aerospace
fasteners industry evolved alongside the aerospace industry which witnessed a
continuous development of aircraft from commercial, shipping, military and
business airplanes to highly advanced ballistic missiles and rockets. Fasteners
are required to be highly durable to withstand extreme gravitational pressures
when in air. Although fasteners account for just 3% of the total airplane
manufacturing cost, they cannot be overlooked because of their small size, as
the safety and efficiency of an aircraft is largely dependent on the proper
selection and correct installation of these very small hardware parts. The aerospace sector uses variety of fasteners such as hi-locks, bolts,
nuts, washers, rivets, collars, screws, spacers and pins. All these fasteners
are required to be certified by stringent standards governing usage in each
end-use sector and hence the entry barriers for new entrants in this industry
are quite high.
The
global aerospace industry is concentrated in a few countries. With most of the
civil aviation and general aviation production concentrated in North America,
and Europe, the market for Aerospace Fasteners also depicts a similar trend.
Boeing and Airbus dominate the global commercial aviation market, virtually
accounting for the market for large airliners. However, Comac of China has
embarked on a program to launch the single-aisle short-haul C919 aircraft by
2020. If successful, the new aircraft would render increased competition in the
single-aisle aircraft market. Apart from OEM demand, MROs also require supply
of aerospace fasteners. However, demand from MROs is small compared to the OEM
market, as aerospace fasteners are regular replacement parts such as engine
components and other parts, which witness regular wear and tear requiring
periodic replacement.
As
stated by the new market research report on Aerospace
Fasteners the United States represents the largest market worldwide, supported
by the presence of a large number of aerospace companies in the country. Asia-Pacific
is forecast to emerge as the fastest
growing market with a CAGR of 11.4% over the analysis period, led by the
continuous development of the domestic commercial aerospace industry in China
and India. The impending launch of the Chinese made C919 single-aisle aircraft
is also expected to significantly influence growth dynamics in the global
market.
The
two major fastener consumers in the aerospace industry include OEM aircraft
builders such as Boeing and Airbus and Tier-I partners. OEMs and their Tier-I
partners generally procure fasteners from manufacturers as well as third party
distributors which have negotiated supply contracts with the fastener
manufacturers or fastener OEMs. The global aerospace fasteners market is
oligopolistic with Arconic, Precision Castparts Corp., and Lisi Group
accounting for most of the market. Consolidated Aerospace Manufacturing, a
consortium of aerospace suppliers, is providing enabling smaller, specialist
companies to compete with the majors.
Key
players in the market include 3V® Fasteners Company, Inc., Aerofit, LLC, Arconic
Inc., B&B Specialties, Inc., Bristol Industries, LLC, LISI Aerospace S.A.S,
National Aerospace Fasteners Corporation, Nylok Corporation, Precision
Castparts Corp., QRP®, Inc., STANLEY Engineered Fastening, TFI Aerospace
Corporation, TriMas Corporation, Voss Industries, Inc., and Wesco Aircraft
Holdings, Inc. among others.
The research report titled "Aerospace
Fasteners: A Global Strategic Business Report" announced by Global Industry Analysts Inc.,
provides a comprehensive review of market trends, growth drivers, innovations
and launches, and strategic industry activities of major companies worldwide.
The single segment report provides market estimates and projections in US
dollars for all major geographic markets including the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe),
Asia-Pacific (China, and Rest of Asia-Pacific), Latin America, and Rest of
World.
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