Aerospace fasteners are a hardware device that mechanically joins two or more parts together.
BROOKYLN, NEW YORK, UNITED STATES, January 8, 2018 /EINPresswire.com/ — The global aerospace fasteners market is segmented into product type such as nuts and bolts, rivets, screws and others. Among these segments, rivets segment is expected to dominate the overall aerospace fasteners market and is projected to seize a remarkable CAGR by 2024. Likely, increasing number of manufacturers of private aircraft throughout the globe is one the major factor pushing the market of aerospace fasteners. Furthermore, increasing integration of titanium fasteners due to compatibility with composite parts and possess high strength is also projected to trigger the growth of aerospace fasteners market in near future.
Global aerospace fasteners market is anticipated to mask a significant CAGR of 7.6% during the forecast period i.e. 2017-2024. Moreover, the global aerospace fasteners market is projected to account for exponential revenue of USD 9.2 Billion by 2024. Additionally, the aerospace fasteners market is riding on the back of robust expansion of aircraft industry.
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The commercial segment by application accounted for the biggest market of global aerospace fasteners in 2016. In terms of regional platform, North America accounted for the largest market of aerospace fasteners in 2016 aided by U.S. Moreover, rising government initiatives in the development of aviation sector in this region is projected to foster the growth of aerospace fasteners market. Apart from this, Asia-Pacific region is most lucrative market of aerospace fasteners due to rapid economic growth of various countries such as China and India.
Increasing Aircraft Manufacturing
Rising manufacturing of airplanes along with high demand for advance aircrafts is envisioned to flourish the growth of aerospace fasteners market. Moreover, increasing number of air travelers and increasing import and export activities across the globe have augmented the demand for aircraft which is expected to bolster the growth of aerospace fasteners market.
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Bright Outlook of Aviation Industry
Positive GDP figures of developed and developing nation such as U.S., China and others are encouraging the aviation industry to expand at phenomenal pace throughout the globe. Moreover, burgeoning middle class is expected to increase the air traffic growth which is projected to augment the demand for new aircrafts. This factor is believed to foster the growth of aerospace fasteners market.
On the contrary, high cost associated with aerospace fasteners such as titanium fasteners is expected to hamper the growth of aerospace fasteners over the forecast period.
The report titled “Aerospace Fasteners Market: Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global aerospace fasteners market in terms of market segmentation by material, by application, by product type, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global aerospace fasteners market which includes company profiling of 3V Fasteners Company Inc., Alcoa Fastening Systems, TriMas Corporation (Allfast), B&B Specialties Inc., B/E Aerospace, Stanley Engineered Fasteners (Emhart Teknologies LLC), LISI Aerospace, National Aerospace Fasteners Corporation, Precision Castparts Corp., TFI Aerospace Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aerospace fasteners market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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Source: EIN Presswire