Aerospace Fasteners Market to Reach $12.80 Bn, Globally, by 2030 at 5.5% CAGR: Allied Market Research
Drivers, restraints, and opportunities-
Rise in air travelling and surge in government expenditure on defense drive the growth of the global aerospace fasteners market. On the other hand, rise in adoption of 3D printing restrains the growth to some extent. However, developments in aerospace applications across the world are expected to create lucrative opportunities in the sector.
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COVID-19 scenario-
The alloy steel segment to retain the lion's share-
On the basis of material, the alloy steel segment held the major share in 2020, garnering more than one-third of the global aerospace fasteners market, owing to installation of maximum number of steel fasteners in aircrafts. The titanium segment, however, is projected to cite the fastest CAGR of 6.0% throughout the forecast period. This is due to its high tensile strength and capability to withstand extreme temperatures.
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The nuts & bolts segment to dominate by 2030-
On the basis of product, the nuts & bolts segment contributed to the lion's share in 2020, holding more than two-fifths of the global aerospace fasteners market. The same segment would also manifest the fastest CAGR of 5.2% from 2021 to 2030. This is attributed to their stability when used in assembly.
Asia-Pacific, followed by North America, held the major share in 2020-
By region, the market across Asia-Pacific, followed by North America, dominated in 2020, garnering more than one-third of the global aerospace fasteners market. The same region is also expected to cite the fastest CAGR of 5.9% throughout the forecast period. This is due to high air traffic in this region.
Key players in the industry-
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