Technavio has released its new market research report, global aerospace fastener market, which is expected to grow at a CAGR of around 7% between 2016 and 2020. Increase in the number of commercial aircraft fleet especially from the emerging economies, is propelling the demand for aerospace fasteners. Currently, the Americas dominate the global market for aerospace fasteners, accounting for around 45% of the overall market share. However, APAC is expected to witness the fastest market growth rate of more than 10% over the next four years. The growth in air traffic, rising number of commercial and military aircraft, and increasing defense expenditure in the region are expected to increase the procurement rate of aerospace fasteners.
“Of late, the aerospace fastener manufacturers are focusing on emerging countries like Mexico, Brazil, and India because of the high demand for aircraft from these countries. The low labor rates in these regions have encouraged key players in the market to outsource their heavy maintenance and airframe maintenance, repair, and overhaul (MRO) in these regions. This increased requirement for MROs and MRO outsourcing has increased the demand for aerospace fasteners in emerging regions,” says Sriram Mohan, Lead Analyst, Aerospace & Defense, Technavio Research
In recent years, the vendors are increasingly using titanium fasteners due to the lightweight property of these parts. Titanium fasteners have high tensile and shear strength and are corrosion resistamnt, whoch make them preferable for aircraft cabins. Vendors are coming up innovative cabin interior products owing to the growing demand for air travel. Some of the recent cabin improvements include interactive windows, wireless in-flight entertainment and connectivity (IFEC), lightweight seats, and customized cabins.
The key vendors in the global aerospace fastener market include 3V Fasteners, Aloca, B&B Specialties, KLX and LISI Aerospace. The market is highly competitive, and vendors compete on the besis of cost, product quality, reliability, and aftermarket service. Owing to the intense competition prevailing in this market, it is crucial for vendors to provide cost-effective and high-quality aerospace fasteners with the latest technology and materials.
A more detailed analysis is available in the Technavio report, Global Aerospace Fastener Market 2016-2020.
We can customize this reports by other regions and specific segments upon request.
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