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%. Factors influencing the growth of this market include the rise in aircraft orders due to the growth in air transport in emerging economies.

“Increasing aircraft orders is a major factor driving the aerospace fasteners market globally’’

The growth of aerospace fasteners market is directly proportional to the health of the airline industry. Due to application specific requirements of raw materials and limited number of suppliers, raw materials management is a burning issue for aerospace fastener manufacturers.

“Wide body aircraft segment is projected to be the fastest-growing segment during the forecast period”

Increased efficiencies and lower oil prices have saved the airline industry tens of billions of dollars. The airline industry also produced record breaking operating results in terms of profits and increased efficiencies, which have resulted in increased implementation of new aircraft.

In the next 10 years, the number of wide body airplanes entering the replacement zone will double.

“Europe is estimated to be the largest market while Asia-Pacific is projected to be the fastest-growing market during the forecast period”

Considering the number of suppliers for aircraft components in European countries, it is estimated to be the largest market for aerospace fasteners during the forecast period. On the other hand, Asia-Pacific region is projected to be the fastest-growing market during the forecast period owing to the presence of emerging economies, increased air travel, and rising demands for aircraft.

News from www.whatech.com.