8% Growing Opportunity by 2023 in the Aerospace Fasteners Market: Global Key Vendors - 3V Fasteners Company, Arconic, B&B Specialities, KLX Aerospace Solutions, LISI Aerospace, NAFCO

The aerospace fasteners market is expected to register a CAGR close to 8% during the forecast period, 2018 to 2023. The commercial aerospace fasteners market currently holds around 60% of the total market, and is expected to reach 62% during the forecast period.

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Aerospace fasteners are broadly used in ballistic missiles, rockets, satellites, commercial aircraft, and military aircraft. These are extremely critical mechanical components and are required to function even in the most extreme situations. Aerospace fasteners are made under strict regulations and standards, so as to withstand high fatigue loading and drastic temperature changes. A single Boeing 747 Jet, for example, uses around 3 million fasteners.

Key Developments:
December 2017: BUFAb acquired Kian Soon Mechanical Components Pte Ltd
November 2017: Arconic and Airbus advanced 3D Printing for Aerospace, under multi-year cooperative research agreement

Key Players:
3V Fasteners Company Inc., Arconic Inc., B&B Specialities Inc., KLX Aerospace Solutions, LISI Aerospace, NAFCO amongst others.

Commercial Aerospace Fasteners Market to Dominate the Market Growth
The commercial aerospace fasteners market currently holds around 60% of the total market and is expected to reach 62% in the forecast period. The civil aviation industry is growing at an unprecedented annual rate owing to increase in number of passengers travelling by air. This, in turn, is expected to push the market growth for aerospace fasteners, across the world, over the forecast period.

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In the present scenario, airline companies are on the lookout for aircrafts which require less amount of maintenance repair overhaul downtime. The market for aerospace fasteners is directly dependent on the number of aircraft manufactured, defense, and space exploration activities. Furthermore, governments across the world are investing more in order to develop their air defense. There has been an increasing demand for aircraft in both the commercial and military aircraft segments. Replacement of aging aircraft with next-generation aircraft is another factor fueling the aerospace fasteners market worldwide. Also, the growing investment in cabin interior products, innovations in research and development for high strength, and low weight aerospace fasteners will drive the market in the coming years. However, the introduction of composite materials to aircraft manufacturing, cost and availability of raw materials, and underdeveloped logistics, and supply chain are some of the restraints identified in the growth of the aerospace fasteners market.

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