The global aerospace fasteners market size is expected to reach USD 9.70 billion by 2027. The emergence of robotics and 3D printing technology in the production of aircraft is expected to promote healthy growth of the market, mentioned in a report, titled “Aerospace Fasteners Market Size, Share & COVID-19 Impact Analysis, By Product (Rivets, Screws, Nuts & Bolts, and Others), By Material (Aluminum, Steel, Superalloys, and Titanium), By Platform (Fixed-wing Aircraft (Commercial Aircraft, Business Aircraft, General Aviation Aircraft, and Military Aircraft) and Rotary-wing Aircraft (Military helicopters and Civil helicopters)), and Regional Forecast, 2020-2027” the market size stood at USD 6.95 billion in 2019 and is expected to exhibit a CAGR of 8.28% between 2020 to 2027.
The coronavirus occurrence has caused enormous damage to various industries across the globe. The governments of several countries have instigated lockdown to thwart the spread of this deadly virus. Such plans have caused disturbances in the production and supply chain. But, with time and resolution, we will be able to combat this stern time and get back to normality. Our well-revised reports will help companies to receive in-depth information about the present scenario of every market so that you can adopt the necessary strategies accordingly.
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List of the Leading Companies Operating in the Aerospace Fasteners Market are:
- 3V Fasteners Company, Inc. (United States)
- Howmet Aerospace Inc. (United States)
- B&B Specialties Inc. (United States)
- Boeing Distribution Services Ins. (United States)
- HC Merchandisers, Inc. (HC Pacific) (United States)
- LISI Aerospace (France)
- M.S Aerospace (United States)
- National Aerospace Fasteners Corporation (Taiwan)
- Stanley Black & Decker, Inc. (United States)
- TFI Aerospace Corporation (Canada)
- TPS Aviation Inc. (United States)
- Wurth Group (Germany)
- TriMas Corporation (United States)
The report on the aerospace fasteners market includes:
- Valuable insights into the market
- Swot analysis of all the segments
- Latest industry development
- All-inclusive data about market players
- COVID-19 effect on the industry
Surging Deliveries of Aircraft in Emerging Nations to Boost Market
The growing inclination towards air travel among passengers can be a vital factor augmenting the growth of the market during the forecast period. The comfort, cost-effectiveness, safety, and fast travel offered by air travel are factors that will create lucrative opportunities for the market. The growing import and export activities have led to higher air traffic, thus fueling the demand for the market. The growing production of commercial aircraft owing to the necessity for newer and advanced aircraft will enable speedy expansion of the market. The increasing aircraft modernization programs in various nations will have a tremendous impact on the market in the forthcoming years.
Disturbed Supply Chain to Impede Industry openings during Coronavirus
The aviation industry has witnessed severe repercussions of the coronavirus pandemic. The lockdown in numerous regions has led to the shutdown of manufacturing facilities, thus hampering operations. The obstruction on raw material supply during COVID-19 will negatively restrict the production of aerospace fasteners. Nonetheless, the key players are adopting numerous strategies to overcome the current situation. The ease on raw material production by the government in some regions will subsequently assist in establishing the market abruptly.
Presence of Key Manufacturers to Aid Expansion in North America
The market in North America is expected to witness a rapid growth rate during the forecast period. The growth in the region is attributed to the presence of eminent aircraft manufacturers such as Textron, Boeing, and Bombardier in the region. The growing adoption of advanced manufacturing technologies will aid the expansion of the market in the region. The rising investment in R&D activities is expected to boost the growth of the market in North America. Europe is predicted to rise excellently during the forecast period due to the booming aerospace industry in European countries such as Germany, France, U.K., Russia, and Italy. Asia Pacific is expected to experience a healthy growth rate owing to the expansion of the aviation industry. The demand for commercial aircraft in India will bolster the healthy growth of the market in the foreseeable future.
Strategic Acquisition and Collaboration of Key Players to Strengthen Market
The market is dominated by the presence of major players such as Howmet Aerospace Inc., Boeing Distribution Services, and 3V Fasteners Company. The key players are fixed on a robust product portfolio and high R&D investment to reinforce its presence in the market. The adoption of various strategies such as long-term contracts, joint ventures, mergers, and acquisitions will accelerate the sales prospects of the market in the forthcoming years. Besides, the ongoing advancement in components and machinery will consequently accelerate the production capabilities, which, in turn, will aid expansion of the market.
May 2019: Wurth Group, a major supplier of fasteners, screws, and screw accessories for the aviation industry based in Germany announced that it has signed a partnership with the FTI (Fastener Training Institute).
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