Global Aerospace Fasteners Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
Aerospace Fasteners Market
The global aerospace fasteners market is expected to register a CAGR close to 8% during the forecast period, 2018 to 2023. The commercial aerospace fasteners market currently holds around 60% of the total market, and is expected to reach 62% during the forecast period
Aerospace fasteners are broadly used in ballistic missiles, rockets, satellites, commercial aircraft and military aircraft. These are extremely critical mechanical components and are required to function in the most extreme of situations. Aerospace fasteners are made under strict regulations and standards so as to withstand high fatigue loading and drastic temperature changes. A single Boeing 747 Jet uses around 3 million fasteners.
The airlines are increasingly looking for aircraft with a minimum possible maintenance repair overhaul downtime. The market for aerospace fasteners is directly dependent on the number of aircraft manufactured, defense and space exploration activities. Governments across the world are solidifying their air defense and strong demand for aircrafts exists both in commercial and military aircraft segments. Replacement of aging aircrafts with next-generation aircrafts is another factor fueling up aerospace fasteners market globally. Also, the growing investment in cabin interior products, innovations in research and development for high strength and low weight aerospace fasteners will drive the market in the coming years. However, the introduction of composite materials to aircraft manufacturing, cost and availability of raw materials, and underdeveloped logistics and supply chain are some of the restraints identified in the growth of aerospace fasteners market.
Commercial Aerospace Fasteners Market to Dominate the Market Growth
The commercial aerospace fasteners market currently holds around 60% of the total market and is expected to reach 62% in the forecast period. The civil aviation industry, owing to increase in number of passengers travelling by air route, is growing at an unprecedented annual rate. This, in turn, is expected to push market growth of global aerospace fasteners market over the forecast period
Key Developments in the market
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