Oct 17, 2019 (AB Digital via COMTEX) -- Aerospace Fasteners Market – Market Overview:
Aerospace fasteners have evolved over the years with the continuously transforming aerospace industry. They are widely used in commercial and military aircraft, their parts and components, ballistic missiles and rockets, and aftermarket service. The aerospace industry makes use of a wide range of fasteners such as bolts, nuts, screws, rivets, pins, and hi-locks.
Both civilian aircraft programs, comprising of Boeing 787, Bombardier's new C-Series airliners, and Airbus A350, and military programs, comprising of aircraft such as Lockheed's new F-35 Lightning II fighter jet, are favoring titanium aerospace parts. This preference is due to the lightweight property of these parts and their compatibility with carbon fiber reinforced composite structures, which drives their demand in the market.
Aloca (U.S.), 3V Fasteners Company(U.S.), National Aerospace Fasteners (Taiwan), CDP Fastener Group(MA), LISI (France), TFI Aerospace(Canada), Stanley Aerospace Fastening(USA), KLX(U.S.), Wesco Aircraft Holdings(U.S.), and B&B Specialties(CA) are the notable players in the aerospace fasteners market.
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Titanium hardware weighs 40% lesser than non-titanium hardware. It is also corrosion resistant, has high strength-to-weight ratio, and retains properties at high temperature. Titanium parts can have tensile strengths as high as 160 ksi and shear strengths of 95 ksi. Titanium fasteners are similar to the aluminum, steel, or superalloy fasteners in strength and structure, however, these systems are lightweight and are temperature resistant. The aerospace industry makes use of a wide range of fasteners such as adhesive fasteners, blind rivets and blind bolts, bolts and screws, brackets, build-to-print components, cable tie and tie wraps, cap plugs, clamps, clips, pins, latches, locknuts and nuts, metric standard parts, fasteners and fastening systems (for composite applications), filters, fittings, gang channels, hinges, hoses, inserts and studs, solid rivets, spacers and bushings, specials, thread roll, blade locks, and collars.
Aircraft parts manufacturers are ramping up their production to meet the demand for titanium fasteners. In 2014, B/E Aerospace signed an agreement worth $950 million with United Technologies to provide aerospace fasteners, consumables, hardware, and logistical services. In October 2015, Alcoa got a contract worth $1 billion from Airbus for the supply of titanium fasteners. In 2011, Carpenter Technology invested $5 million to expand its capacity to produce aerospace fasteners. These fasteners will be used in the airframes of the Boeing Dreamliner 787.
Growing demand for air travel worldwide has led to increased requirement for commercial aircraft fleet. Similarly, for attaining greater dominance of countries over the skies, the defense authorities of many countries are modernizing their airborne defense and offense units by manufacturing and procuring a number of military planes. Such an increase in the number of aircraft will simultaneously result in demand for aerospace titanium fasteners.
The demand for new aircraft is driving the demand for aircraft components, which is augmenting the growth of the aircraft fasteners market. Demand from aerospace fasteners also emerges from the maintenance of aircraft. With the growth of the flight business, high demand is anticipated to be triggered within the aerospace fasteners market. Development and use of lightweight and high resistance materials such as titanium, superalloys, or aluminum is likely to boost the structural qualities of fasteners, which also provide lucrative growth opportunities to the market. The rise in a number of space exploration activities has also induced a high demand for aerospace fasteners.
The emergence of cutting edge advanced additive manufacturing in the aerospace sector has been a boon to the growth of the aerospace fasteners market. Employment of 3D technology enables simplification of the entire manufacturing process, reduces production cost, and facilitates custom manufacturing of fasteners as per individual requirements.
However, owing to safety reasons, aerospace fasteners are subject to very stringent standards in materials, processes, and quality assurance tests. Aerospace manufacturers need to acquire certifications, the process of which is generally tedious and might hinder the growth of the market over the forecast period.
The global aerospace fasteners market, according to the reports, has been segmented based on type, application, aircraft type, and material.
By the mode of type, the market includes segments such as nuts & bolts, rivets, screws, and many more. Among which, the rivets segment accounted for the largest market share in 2018 and is now likely to observe the highest CAGR during the forecast period from 2019 to 2025. Rivets offer several benefits, such as high tensile strength and assist in fixing critical structural components together.
By the mode of material, the market includes segments such as aluminum, alloy steel, titanium, and others. Of which, the aluminum segment held for the largest market share in 2018, whereas, the titanium segment is possible to witness the highest CAGR during the forecast period. Benefits of titanium include lightweight and corrosion resistance that is propelling the segment growth.
By the basis of application, the market is categorized into the fuselage, control surfaces, and interior. Wherein, the fuselage segment held for the largest market share in 2018 and is now likely to develop at the highest CAGR during the forecast period. The factors such as the escalating need for passenger safety and airlines, aircraft manufacturers are investing in high-quality aerospace fasteners.
By the mode of aircraft type, the market is classified into commercial aircraft and military aircraft. Wherein, the military aircraft held for a larger market share in 2018. However, the commercial aircraft is likely to expand at a higher CAGR from 2019 to 2025. Therefore, the surging air passenger traffic is anticipated to drive the segment growth.
The global aerospace fasteners market study has been conducted in the main regions of North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.