Fixing on the future
New aerospace fasteners’ market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads. The aerospace fasteners market will grow by US$ 2.51 billion from 2020-2024, according to the analyst. The aerospace fasteners market is expected to post a year-over-year growth rate of 5.89%. Around 36% of growth will originate from the North America region. The aerospace fasteners market size is expected to accelerate at a CAGR of almost 6% during the forecast period.
"One of the primary growth drivers for this market is the increasing preference for lightweight materials,” said Technavio.
“Regulatory bodies, such as the International Civil Aviation Organisation (ICAO), are adopting stringent CO2 emission standards for aircraft to minimise the impact of aviation greenhouse gas emissions on the climate. As a result, aircraft manufacturers and aircraft fleet operators are focusing on advanced solutions, such as reducing the weight of aircraft by incorporating lightweight components. Since titanium is lightweight, it is increasingly preferred for manufacturing aerospace-grade fasteners. The metal can withstand moderately high temperatures and exhibit high tensile strength and corrosion resistance,” added the analyst.
Titanium-based fasteners are also being used in military aircraft and missiles because of their high wear resistance and strength and ability to sustain high pressure and temperature. Rising investments in the satellite manufacturing and launch industry, and the development of spacecraft by private companies, will further fuel the demand for titanium fasteners.
“Since titanium fasteners are more expensive than aluminium, steel and alloy steel fasteners, their increasing use will boost growth in the aerospace fasteners market over the forecast period. As markets recover, we expect the aerospace fasteners market size to grow by US$ 2.51 billion from 2020-2024,” concluded the analyst.