HYDERABAD, May 24, 2016 /PRNewswire/ --
Mordor Intelligence announces the publication of their research study on the global aerospace fasteners market. The report, titled "Global Aerospace Fasteners Market" , discusses the current and future business landscape of the market with region and country-specific analysis.
The global aerospace fasteners market was valued at USD 5.62 billion in 2015. This value is projected to reach USD 8.12 billion by 2020, at a compound annual growth rate (CAGR) of 7.68% during the forecast period of 2015-2020.
The market for aerospace fasteners in commercial aircraft applications currently holds around 60% share of the total market. This market share is anticipated to reach 62% during the forecast period. The boom in the commercial aviation sector and the demand for newer fleets in Asia-Pacific commercial aerospace industry are the major factors contributing to this growth.
Unlike North America and Europe, which are extremely well connected by air routes, most of the countries in the Asia-Pacific have limited connectivity with a developing commercial aerospace industry. Limited infrastructure is the primary cause impeding the market growth in this region. However, air travel, both domestic and international, is becoming increasingly popular in the region with rising disposable incomes.
Asia-Pacific is expected to hold the highest share for jet orders over the forecast period. The region is also expected to account for increased defense spending, which in turn will boost the market for aerospace fasteners in military aircraft applications.
This report suggests that market is poised to witness substantial growth during the study period. A wide assortment of fasteners, such as screws, rivets, nuts, pins, bolts, etc. are used in aircraft, rockets, and missiles. They are critical mechanical components and are required to function in the most extreme of situations. The airlines are increasingly focusing on minimum possible maintenance/repair overhaul downtime. The performance of fasteners plays a vital role in the same.
Major players in the global aerospace fasteners market are Alcoa Inc., KLX Aerospace Solutions, B&B Specialties LLC, and 3V Fasteners Co., Inc. The acquisition of two aerospace business, namely Republic Fastener Manufacturing Corporation ('Republic') and Van Petty Manufacturing ('Van Petty'), by Alcoa in March 2008 was aimed at strengthening the company's fast-growing business segment Alcoa Fastening Systems (AFS). This acquisition is expected to add a combined worth of USD 51 million to Alcoa's revenues; the company has been witnessing growth from USD 1.5 billion in 2002 to USD 3.7 billion in 2007.
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SOURCE Mordor Intelligence