The aerospace fasteners market is
projected to grow from USD 5.49 billion in 2016 to USD 7.73 billion by 2021, at
a CAGR of 7.08% during the forecast period 2016 to 2021. The market has been
segmented into five key segments based on aircraft type, end user type,
material type, product type, and application. On basis of product type, the
market is segmented into rivets, screws, nuts & bolts, and others. Based on
end user, the market is segmented into commercial aviation and defense. With
respect to aircraft type, the market is segmented into narrow body aircraft,
wide body aircraft, very large aircraft, regional transport aircraft, business
jets, and fighter jets. Based on application, the market is segmented into
cabin interiors, fuselage, and control surfaces. The increasing number of
aircraft orders and growing demand for precision made fasteners are some of the
key factors expected to drive the aerospace fasteners market.
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LISI Group is one of the leading
players in the aerospace fasteners market. It operates through three business
segments: automotive (LISI Automotive), medical (LISI Medical), and aerospace
(LISI Aerospace). The company’s aerospace segment is engaged in manufacturing
of fasteners which include blind fasteners, externally and internally threaded,
sleeved pin, lockbolt, safety locking and tooling.The company has been working
on industrialization of new products associated with various advanced programs,
such as the new GE and LEAP engines, or even the structure of the A350 and A320
Neo aircraft, which is expected to gain market value coupled with brand value in
the market. The company’s major technological breakthrough was made possible by
disabling two technological barriers in the fastening systems, that is, the
development of a new CLY62 temporary fasteners which is compact and compatible
with robotization along with the development of OPTIBLIND blind structural
fastener solution, which is capable of meeting all relevant areas of
performance of traditional dual access fasteners.
Wide body aircraft segment is
expected to witness the highest growth in aerospace fasteners market during the
forecast period. According to Boeing, the demand for wide body aircraft is
expected to witness strong growth across the globe over the next ten years on
account of increasing connectivity between important geographical locations of
developing and developed regions.
New product development is one of
the key strategies implemented by the major players to expand their product
portfolio with advanced products so as to capture a major market share in the
near future.
The aerospace fasteners market is
anticipated to witness the highest growth in Asia-Pacific region during the
forecast period. The aerospace fasteners market is on a rise in this region due
to aircraft manufacturers in China and Russia. Also the rise in component manufacturers
in Japan, India and China contribute as major factors for growth in the
aerospace fasteners market. Considering the emerging economies, increased air
travel and rising demands for aircraft in the Asia-Pacific region, it is
projected to be the fastest growing market during the forecast period.
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