USD 0.71 Billion
Report ID: SQSG20A2007 | Region: Global | Published Date: June, 2022 | Pages: 165 | Tables: 92 | Figures: 66
Global Aerospace Titanium Fasteners Market size was valued at USD 0.71 Billion in 2021, and it is expected to reach a value of USD 1.13 Billion by 2028, at a CAGR of more than 6.9 % during the forecast period (2022–2028).
Aerospace fasteners are used in aerostructures during the aircraft manufacturing process. Aerospace fasteners are required in the final aircraft assembly to transform different parts into a complete aircraft. The aerospace industry is extremely concerned with safety and weight. As a result, the fasteners used in aircraft construction are made of high-quality materials. Aerostructures such as the fuselage, wings, empennage, nose, pylon and nacelle, and flight control surfaces all require fasteners during the assembly process to add appeal and robustness to commercial and military aircraft designs. Aerospace fasteners give the aerostructure firmness and rigidity, making them an important aircraft component. Nuts and bolts, screws, rivets, and other fasteners are available on the market.
Due to consistently rising air traffic in the high-growth region, the aviation industry has seen high demand for commercial aircraft in recent years. As a result, aircraft manufacturers such as Bombardier, Boeing, Embraer, and Airbus are expanding their manufacturing capacity to meet the demand for new airplane orders and backlogs from previous aircraft. Different aircraft part suppliers are also focusing on accelerating production to meet the demands of various aircraft systems.
Due to the compatibility of the materials, increased titanium use in aircraft manufacturing is directly related to composite parts. The development of composite design, construction, and deployment is what is driving the market's rising demand. In the coming years, market growth is anticipated to be boosted by the growing demand for fuel-efficient aircraft. The engine is the most intricate component of an aircraft, contains the most unique parts, and ultimately affects fuel efficiency.
Heat-resistant superalloys, such as titanium alloys, Titanium 5553, which exhibit high strength, lightweight, and excellent corrosion resistance are projected to witness an increase in market demand to meet these temperature requirements of aircraft engines like lean-burn engines, with temperature potentials as high as (2,100°C).
Global Market Size
USD 0.71 Billion
more than 6.9% CAGR
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The Global Aerospace Titanium Fasteners Market is segmented based on Product, End User, and Region. Based on a product it is categorized into Nuts, Bolts, Rivets Screws, and Others. Based on the End User it is categorized into Military Aircraft Manufacturers, Commercial Aircraft manufacturers, and MROs (Maintenance Repair & Operations. Based on Application the market is categorized into Airframes, Engines, Interiors, Flight Control Surfaces, and Landing gear. Based on the region it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Product
Based on the Product the Global Aerospace Titanium Fasteners Market is segmented into. Nuts, Bolts, Rivets Screws, and Others. It was observed that the bolts segment accounted for the largest market share in 2021. It is expected that this segment will retain dominance in the forecasted period. Furthermore, Nuts, screws and others are expected to showcase the highest CAGR in the market during the estimated period.
Analysis by End-User
Based on the Product the Global Aerospace Titanium Fasteners Market is segmented into. Military Aircraft Manufacturers, Commercial Aircraft Manufacturers and MROs (Maintenance Repair & Operations. It was estimated that MRO segment is experiencing high demand and generating highest revenue in the forecasted period. Additionally, the advancements in military airspace will drive the growth Military Aircraft Manufacturers followed by the Commercial Aircraft Manufacturers segment.
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During the Estimation period, North America is expected to retain its dominance as the largest market for the Global Aircraft Titanium Fasteners. This owes to the presence of several large-to-small-sized aircraft manufacturers, titanium fasteners manufacturers, tier players distributors, and raw material suppliers. Early innovations and adoption of latest technologies paving way for the present as well as future advancements has made it the world’s manufacturing capital of the aircraft industry. As per the latest report 36% of the Global Aerospace Titanium Fasteners Market growth will be generated from North America. Gradually the technological trends have transmitted to other parts of the world like China and India.
The Asia-Pacific region is expected to showcase the highest growth during the forecast period. Several aircraft manufacturing plants are planned to be set up in the region especially, China, India Japan due to substantial growth in air passenger and freight traffic. Additionally, India and China are looking forward to investing in defense and military and acquiring technologically advanced aircrafts to enhance their defense capabilities. Upcoming indigenous regional aircraft (Mitsubishi MRJ) is further expected to boost the demand for titanium fasteners in the aircraft industry in the region.
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The global civil aviation sector is expanding due to factors such as increased air traffic, increased travel and tourism, increased flight capacity, and opportunities for new commercial aviation routes. To meet current aircraft demand, commercial aviation sectors require new aircraft deliveries, resulting in increased commercial aircraft production. To meet the high demand and provide speedy delivery, the aircraft OEM needs effective components, systems, and raw materials. Furthermore, increasing developments in the aviation industry in developing countries such as China and India are expected to support the growth of the aerospace titanium fasteners market during the forecast period.
Growing use of composite frames in aircraft manufacturing is the primary market restraint. As composite materials are used as frames, composite structures do not require the joining of two components. Furthermore, composite properties such as high strength, corrosion resistance, light weight, design flexibility, and low thermal conductivity have increased their global demand. The growing popularity of composite materials in aircraft production due to lower material weight and modern design advantages is expected to limit market growth.
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In the Global Aerospace Titanium Fasteners Market, the key players are deploying various organic and inorganic growth strategies to survive market competition. The market for Aerospace Titanium Fasteners is concentrated and companies are leveraging strategic ways to provide superior products differentiated from others either based on quality or service. They are looking forward to expanding in potential regions that would elevate the market share in upcoming years.
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According to our analysis, increasing air traffic and commercial aviation will increase the demand of Aerospace Titanium Fasteners. Additionally rising expenditure in defense aircraft worldwide is increasing the demand. Along with the manufacturing, maintenance and operations also project rising demand for Aerospace Titanium Fasteners. Furthermore, increased research and development encompassed with advanced technologies such as robotics is expected to be a valuable resource in the growth of the Global Aerospace Titanium Fasteners Market over the forecast period.
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|Market size value in 2021||USD 0.71 Billion|
|Market size value in 2028||USD 1.13 Billion|
|Growth Rate||more than 6.9%|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Aerospace Titanium Fasteners(ASF) Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Aerospace Titanium Fasteners(ASF) Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Aerospace Titanium Fasteners(ASF) Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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