Aerospace Titanium Fasteners Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Aircraft Type, Product Type, Application, and End User
The Aerospace Titanium Fasteners market was valued at US$ 1,119. 23 million by 2028 from US$ 693. 31 million in 2020; it is expected to grow at a CAGR of 6. 9% during 2021–2028. Most aircraft system manufacturers are focused on reducing the final weight of aircraft.
New York, June 20, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aerospace Titanium Fasteners Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Aircraft Type, Product Type, Application, and End User" - https://www.reportlinker.com/p06279412/?utm_source=GNW
Lightweight aircraft are more economical to operate, can travel a greater range, carry more payloads, and exhibit longer airworthiness.
The unmanned military aircraft (UAV) is controlled by remote; it carries sensors, target designators, offensive ordnance, or electronic transmitters to interfere with or destroy enemy objects.Reducing the structure’s weight allows it to have more sensors and payload.
Thus, the rising demand for lightweight material-based fasteners will boost the ales of titanium fasteners in military UAV systems, eventually bolstering the aerospace titanium fasteners market.
Technological advancements in the aerospace industry have led to the production of newer and more durable aerospace fasteners.Moreover, the increasing adoption of lightweight titanium fasteners in the aerospace industry provides notable opportunities for the aerospace titanium fasteners market players.
In 2020, TriMas Aerospace received multi-year contracts from Airbus and signed new supply contracts with the company, which led to a surge in the sales of engineered fasteners of TriMas Aerospace in Europe.Moreover, the presence of developed countries, such as the US and Canada, and the high focus on the aerospace & defense sector are two major factors driving the growth of the aerospace titanium fasteners market in North America.
Due to the high standards of living in North America, airplanes and helicopters are widely used modes of transportation for domestic and international travel.Thus, the demand for commercial aircraft for passenger travel and cargo services is relatively high in the region, which favors the aerospace titanium fasteners market growth.
The US is a leading country in the world in terms of defense expenditure. North America is a hub of a few of the world’s largest aircraft & helicopter manufacturers, such as Boeing, Textron Corporation, Gulfstream, Lockheed Martin, Northrop Grumman, Piper Aircraft Inc., Cirrus Design Corporation, Electric Aircraft Corporation, and Bombardier. Hence, the presence of aircraft manufacturers and increasing commercial aircraft production are the two major factors boosting the aerospace titanium fasteners market growth in North America.
Titanium fasteners exhibit high-temperature resistance, corrosion resistance, and nonmagnetic nature in military aircraft.Titanium’s robust strength and low density provide the high levels of performance desired by aeroengine manufacturers.
Its high-temperature capability is suitable for jet engines and airframe parts that must endure temperatures ranging from subzero readings to 600°C.According to XOT Metals, titanium is mainly consumed by the military aerospace industry.
The F/A-18, F-22, C-17, F-35, and the UH-60 Black Hawk helicopter are among the military aircraft models that use a huge volume of titanium fasteners. Further, military helicopters and UAVs also need higher volumes of titanium fasteners to attain improved operational efficiencies and lower fuel consumption benefits.
During the COVID-19 pandemic, the entire aviation industry came to a halt.Several aircraft production units in the US, France, Russia, and China were temporarily shut down to adhere to the social restrictions enacted by various governments.
Furthermore, the total number of commercial aircraft and general aviation deliveries has impacting negatively to the aerospace titanium fasteners market share due to the industry crisis caused by the COVID-19 pandemic that has led to a decline in the demand for aircraft components required for the assembly of new aircraft production.However, the number of deliveries of single-engine piston aircraft increased in 2020.
According to the General Aviation Manufacturers Associations, in 2019, ~1,111 units of single-engine piston airplanes were delivered worldwide, and the number rose to ~1,155 units in 2020.This led to an increased demand for aerospace titanium fasteners for piston airplanes in 2020.
However, the aerospace titanium fasteners market witnessed an overall decline of ~20% due to a substantial negative impact on commercial and military aircraft deliveries during FY 2020. Nevertheless, aviation authorities, airlines, and aircraft OEMs foresee strong growth in the APAC aviation industry in the near future. Due to this, several airlines are ordering newer aircraft models, which is expected to drive the demand for aircraft components among aircraft OEMs and MRO vendors during the forecast period.
The aerospace titanium fasteners market is analyzed on the basis of aircraft type, product type, application, and end user.Based on aircraft type, the market is segmented into narrow body aircraft, wide body aircraft, general aviation, cargo aircraft, helicopters, and military aircraft.
In 2021, the narrow body aircraft segment led the aerospace titanium fasteners market with the largest share.Based on product type, the market is segmented into bolts, nuts, screws, rivets, and others.
In 2021, the bolts segment led the aerospace titanium fasteners market and accounted the largest share.Based on application, the market is segmented into flight control surfaces, airframe, engine, interiors, and landing gear.
In 2021, the airframe segment dominated the aerospace titanium fasteners market with the largest share. Based on end user, the market is segmented into aircraft manufacturers, MRO service providers, and military forces. In 2021, the aircraft manufacturers segment led the aerospace titanium fasteners market and accounted for the largest share. The aerospace titanium fasteners market, by geography, is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share of the market.
The key players profiled in the study of the aerospace titanium fasteners market XOT Metals; Leeart industry Co., ltd.; B&B Specialties, Inc.; 3V Fasteners; Cherry Aerospace; Ferralloy inc.; SuperBTI CO., Ltd; TriMas Corporation; Torqbolt Inc.; and Lisi Aerospace Inc.
The overall aerospace titanium fasteners market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the aerospace titanium fasteners market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.
The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the aerospace titanium fasteners market.
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