The aerospace fasteners market is projected to grow from USD 5.49 billion in 2016 to USD 7.73 billion by 2021, at a CAGR of 7.08%, according to a report from Research and Markets.
A rise in aircraft orders – due to the growth in air transport in emerging economies – has been a key factor behind these rising expectations. With application specific requirements of raw materials and limited number of suppliers, raw materials management is reportedly a burning issue for aerospace fastener manufacturers.
A rise in aircraft orders in emerging regions like Asia-Pacific, as well as North America and Europe, coupled with maintenance for existing aircraft fleets, has seen the demand for aerospace fasteners grow. Nuts & bolts are used extensively during manufacturing and maintenance as they have high tensile strength and their ability to affix critical structural components together. Owing to this, the nuts & bolts segment is projected to be the fastest-growing segment during the forecast period, the report said.
Other predictions include a rise in the number of wide body airplanes (thanks to increased efficiencies and lower oil prices – the latter possibly a more precarious state of affairs). Europe is estimated to be the largest market while Asia-Pacific is projected to be the fastest-growing market during the forecast period.
Naturally, there’s plenty more detail in the report, but you will have to pay for the privilege of reading it (buy it here).