Aerospace Fasteners Market To Top $9 Billion by 2021
FEATURE
Aerospace Fasteners Market To Top $9 Billion by 2021
The aerospace fasteners market is expected to grow with the CAGR of more than 7% from 2016 to 2021, topping $9 billion by 2021, according to a new report by Market Research Future.
“The various major growth of the market is due to investments in cabin interior products.”
The 103-page report features more than 60 market data tables.
“Manufacturers are moving work space to emerging economic regions like Mexico, Brazil, India, and North Africa, according to “Global Aerospace Fasteners Market Information from 2011 to 2021.”
Third-party companies have partnered with OEMs to launch MRO service centers in these regions. Asia, an emerging region in the long-haul international market, relies heavily on single aisle and wide-body aircraft, with a current fleet of 2,800 wide body aircraft and an additional 8,830 expected to arrive by 2034.
“Due to the lower rates of labor and high currency exchange rate benefits in these regions, North American airlines outsource 60% of their heavy maintenance and airframe MRO to Asia.”
North America was found to be the leading region in the market.
“The commercial aerospace market is driven by the need of connectivity and quicker travel time. The passengers have increased significantly post 2009.”
In 2014 the number of commercial aircrafts in service was 21,600 and the number of passengers served was around 400 million. In 2015, the traffic increased to 450 million and by May 2016 the number reached over 500 million.
The number of aircraft in service is also expected to increase by at least 5,000 aircraft by 2020.
“Commercial aerospace constitute 60% of total aerospace fasteners market, which is expected to be 62% of the overall market in the forecast period, considering the number of in-service aircraft fleets, backlogs, order book, growing retirement, utilization and aftermarket service.”
As of 2014, there were approximately 20,000 aircraft in service (5,000 wide body and 15,000 narrow body aircraft). More than 2,500 aircraft are to be delivered in North America and in Europe in the next 20 years.
The leading market players in the global aerospace fasteners market primarily include 3V Fasteners, Alcoa, B&B Specialties, KLX, LISI Aerospace, STANLEY Engineered Fastening, NAFCO, Stanley Aerospace Fastening, Acument Global Technologies and others.
Next generation aircraft like A320, B787, B777X, and A380 constitute approx. 2.4 million to 3 million fasteners in an aircraft. The growing air traffic, fleet utilization and replacement has strengthen the line fit and retrofit aerospace fasteners market.
The combined backlog of Boeing and Airbus as of today have an order book, of close to 12,000 aircraft, representing between eight and 10 years’ production. Majority of backlogs are for A320 family aircraft and B737Max aircraft where fasteners are mainly used.
“Thus the demand for fasteners will significantly grow in the forecast period.”
This report can be purchased at https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=1138.
Related Stories:
There are no comments at the moment, do you want to add one?
Write a comment