Report: Aerospace Fastener Growth at 6.8% CAGR
The aerospace fastener market size is expected to reach $14.39 billion in 2030 and register a revenue CAGR of 6.8% over the forecast period, according to the latest report by Reports and Data.
“Steady market revenue growth of aerospace fasteners is due to a number of factors such as increase in production of commercial aircrafts, rising defense expenditure and an increase in global tourism. However, growing application of composite materials in aerospace manufacturing could affect market revenue growth over forecast period.”
Over the last few years, the aviation industry witnessed high demand for commercial aircraft due to rising air passenger traffic, especially in developing regions. The increase in space exploration missions is also leading to an increase in production of fasteners, according to the report.
Key Highlights
• 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.
• By application, fuselage segment accounted for largest market revenue share in 2020 and is expected to witness a faster revenue CAGR during the forecast period.
• Aerospace fasteners market in North America accounted for largest revenue share in 2020 due to presence of leading aircraft manufacturers such as Boeing, Bombardier and many more in this region. Adoption of advanced aircraft manufacturing technologies within the region and increased investments in research and development activities are boosting the revenue growth of market in North America.
• Aerospace fasteners market in Asia Pacific region is expected to witness fastest revenue CAGR during the forecast period owing to growing development and number of aircraft OEMs in aviation industry in the region. Increase in disposable income and migration of people toward big cities are improving prospects of aviation industry to flourish. Growing initiatives to boost tourism sector in various countries in the region and easier international travel are expected to fuel growth of aviation industry.
The report costs $4,590 for a single-user. Web: reportsanddata.com
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