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Aerospace Fastener Market To See 6.8% CAGR

Aerospace Fastener Market To See 6.8% CAGR
July 21
15:55 2022

The aerospace fasteners market is expected to reach $14.39 billion in 2030 and register a revenue CAGR of 6.8% over the forecast period, according to “Aerospace Fastener Market Size, Share, Trends, By Product, By Material, By Aircraft, By End-Use, By Application, and By Region Forecast to 2030.” The growth of the market is attributed to the increase in air travel and the growing demand for aircrafts from the commercial as well as defense sectors.

Rising concerns over fuel efficiency and emission levels are impelling airlines to opt for lighter materials, which is projected to create a demand for fasteners made of titanium and aluminum. In addition, the entry of new players in the market is anticipated to create new opportunities for market growth.

The aerospace industry employs a variety of standard fasteners, including screws, nuts, rivets, and bolts. The aerospace fastener market is expected to grow significantly in the next decade due to the increasing demand for aircrafts from the commercial and military sectors.

The market is driven by the need for faster assembly and disassembly of aircraft components, as well as the increasing demand for lightweight fasteners that can reduce fuel consumption. The major end-use sectors of the aerospace fastener market are commercial aviation, military aviation, and space applications.

Some Key Highlights from the Report

  • By product, rivets segment accounted for largest market revenue share in 2020 and is expected to witness a faster revenue CAGR during the forecast period. The rivets segment includes various types of rivets such as semi-tubular, solid, blind, split, drive, and others. Aerospace applications require high strength-to-weight ratio fasteners for better performance and to avoid weight penalties.
  • By application, fuselage segment to lead the aerospace fastener market during the forecast period. Fuselage is one of the key applications of aerospace fasteners. Fuselage comprises the frame and skin of an aircraft, which needs to be assembled using high-strength fasteners. The increased demand for new aircraft deliveries is projected to drive the growth of the fuselage segment.
  • The Asia-Pacific region is anticipated to be the fastest-growing market for aerospace fasteners during the forecast period. The Asia-Pacific region comprises countries such as China, Japan, India, and South Korea, which are some of the major economies in the world.
  • Aerospace fasteners market in North America is anticipated to grow at a CAGR of 5.3% during the forecast period. The market is driven by the rise in air passenger traffic, followed by growth in commercial aircraft deliveries. Moreover, an increase in defense spending and aircraft production is projected to create significant opportunities for the market players in this region.

The report is available for $4,590. 

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