The aircraft specialty fasteners market is likely to rise at a CAGR of 7.6% during 2023-2028, to reach US$ 1.1 billion in 2028, states Stratview Research.
DETROIT, Sept. 13, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the Aircraft Specialty Fasteners Market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.
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Report Highlights
Market Size in 2028 | USD 1.1 billion |
Growth (CAGR) | 7.6% during 2023-2028 |
Forecast Period | 2023-2028 |
Trend Period | 2017-2021 |
Base Year | 2022 |
Number of Segments Covered | 6 |
Number of Tables & Graphs | 60+ |
Country-Level Market Assessment | 20 |
Segment Insights on Aircraft Specialty Fasteners Market
The aircraft specialty fasteners market is segmented based on aircraft type, product type, application type, material type, end-user type, and region.
Based on aircraft type - The aircraft specialty fasteners market is segmented into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Commercial aircraft is expected to remain the market's largest and fastest-growing aircraft type during the forecast period. Both major commercial aircraft OEMs: Boeing and Airbus, are increasing the production rates of their best-selling aircraft to meet a huge pile of order backlogs. Also, COMAC and Irkut are entering the commercial aircraft industry with their C919 and MC-21 aircraft programs, returning in the service of B737Max, and rising aircraft fleet size. All these factors will likely create a sustainable demand for specialty fasteners for the commercial aircraft segment in the foreseeable future.
Based on the product type - The market is segmented into blind rivets, blind bolts, solid rivets, studs and inserts, panel fasteners, and others. Blind rivet is expected to remain the largest product type in the market during the forecast period, propelled by its installation efficiency and ergonomic benefits over traditional fasteners. The rivet type is also estimated to grow at the fastest rate in the coming five years. Blind Bolt, another member of the blind fastener family, is subjected to growth at an impressive rate for the same period.
Based on the application type - The market is segmented into the airframe, flight control surfaces, interior, engine, and others. Airframe is expected to remain the most dominant segment of the market during the forecast period. The airframe is the largest structure in the aircraft, where specialty fasteners are used in a wide array of applications, including wings and fuselage, leading to its dominance in the market.
Based on material type - The market is segmented into titanium, aluminum, steel, and others. Titanium is expected to remain the dominant material type in the market during the forecast period. In the aircraft industry, there has been an incessant replacement of steel and other heavy metal-based fasteners with titanium fasteners, owing to their excellent performance at a relatively low weight. Also, titanium fasteners are highly compatible with composite parts, which are increasingly used in next-generation aircraft, including the B787, A350XWB, and B777x.
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Which Region Offers the Best Opportunity and Growth?
The report suggests that North America is expected to remain dominant in the market during the forecast period. This growth is majorly attributed to the following –
- The region is dominated by the USA, owing to the presence of major aircraft OEMs, specialty fastener suppliers, airlines, and MRO companies.
Likewise, the Asia-Pacific is expected to expand at the highest rate during the forecast period, with China, Japan, and India being the key sources of growth. Substantial growth in air passenger and freight traffic in China and India is compelling aircraft manufacturers and tier players to open their manufacturing plants in the region.
Aircraft Specialty Fasteners Market Drivers
Some of the key drivers listed in the report are given below.
- An incessant increase in air passenger traffic all around the world, which is triggering an incessant increase in the production rates of the key programs, such as the A320neo, B737 Max, A220, B787, and A350XWB; the market entry of new players, such as COMAC and Irkut; and increasing aircraft fleet size.
- The benefits of using specialty fasteners over traditional fasteners, such as faster assembly and accessibility to surfaces that can't accept holes, are one of the factors that are pushing the airframers, especially Airbus, to switch from traditional fasteners to specialty fasteners, especially blind fasteners.
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Top Companies in the Aircraft Specialty Fasteners Market?
The market is highly concentrated, with the presence of some regional and global players. Development of lightweight and durable specialty fasteners, forming strategic alliances with aircraft OEMs, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market. The following are the key players in the aircraft specialty fasteners market.
- Howmet Aerospace Inc.
- Precision CastParts Corp.
- TriMas Corporation
- Lisi Group
- Stanley Black & Decker, Inc.
- National Aerospace Fasteners Corporation
What Deliverables Will You Get in this Report?
Key questions this report answers | Relevant contents in the report |
How big is the sales opportunity? | In-depth Analysis of the Aircraft Specialty Fasteners Market |
How lucrative is the future? | The market forecast and trend data and emerging trends |
Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
Which are the most attractive market segments? | Market segment analysis and forecast |
Which are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
How complex is the business environment? | Porter's five forces analysis, PEST analysis, Life cycle analysis |
What are the factors affecting the market? | Drivers & challenges |
Will I get the information on my specific requirements? | 10% free customization |
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