Aerospace fastener market in Asia Pacific is predicted to be the fastest growing region owing to economic and income growth in emerging countries such as India and China. China has significantly contributed in the global traffic growth with an average rate of 10% each year. India’s emerging high growth economy is boosting passenger traffic in its domestic business and is predicted to become third largest commercial aircraft industry by 2020. Increasing middle class population in these countries is likely to drive the industry size. The region is dominating owing to new airport construction for instance, till 2021, about USD 1 trillion is invested in existing and new airports across the world where in Asia Pacific accounts for 40% of the investment.
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Technological innovations are driving product acceptance across the aviation industry over the projected time span. Enhanced software systems offered to provide product management solutions will enhance the industry size. Assembly line engineers and software experts visualize and examine the process to maximize the fasteners usage by eliminating stress. It improves production rate and reduces time required for complex joining process of wide body and single aisle aircrafts such as A320neo and A350 XWB.
Rivet segment is expected to account for significant aerospace fastener industry volume share over the forecast timeframe. Two major types of rivet used in aircraft industry are common solid shank rivets and countersunk head rivets. Solid shank rivets are widely used in repair and assembly work. Countersunk head rivets are utilized where smooth finish is desired and is being adopted as a standard in the U.S.
Commercial airlines segment is predicted to pose highest CAGR over the study period owing to consistent air travel demand growth trend. In 2017, North America accounted for 30% of the world’s commercial jets in service. Diverse terrain make air travel an attractive transportation alternative which is estimated to increase with personal income rise.
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Increasing defense and space exploration activities contributes significantly in the aerospace fastener market revenue generation. Efficient and affordable strategies coupled with innovations will drive the industry demand. Alternative joining technologies such as welding, clinching, and using adhesives may limit the business demand. Usage of composite materials in aircraft manufacturing for reducing the overall weight will require less number of fasteners. These factors are restraining the industry growth over the forecast period. Increasing GHG emission regulatory framework and fuel costs may limit the demand for aviation industry.
Global air travel is growing at brisk pace owing to higher living standards along with increasing middle-class population, low air fares, and tourism growth. In addition, technology development and infrastructure investment will support the overall business demand.
Global aerospace fastener market players are B&B Specialties, Stanley Engineered Fasteners, TriMas Corporation (Allfast), 3V Fasteners Company, KLX, B/E Aerospace, National Aerospace Fasteners Corporation, LISI Aerospace, Alcoa Fastening Systems, TFI Aerospace Corporation, Precision Castparts Corp., and TPS Aviation.
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