Aerospace Nuts Market Outlook – 2027
The aerospace nuts are mainly used in aircraft manufacturing and assembly processes, and they are required primarily to join various components of aerostructures, as these components are generally assembled at different production sites. Because of this, the aircraft's final assembly includes nuts to connect certain components for the aircraft construction. Besides, aerospace fasteners are the components that connect parts of aircraft during the manufacture of original equipment and aftermarket service. Safety and quality are two critical factors in the aerospace industry, precise rules and regulations are in place to monitor the manufacture and supply of aerospace fasteners. Because of this fact, it's important to obtain compliance certification to become a supplier.
COVID – 19 Scenario Analysis:
- The mining industry represents a vital part of the global economy and is responsible for supplying key raw materials for multiple applications and end-use industries, making it a key focus sector during the ongoing pandemic outbreak.
- Mining industries in China are expected to return to normal operations by the third quarter of 2020, as companies indicated that their workers will be returning soon.
- Additionally, it is known that Iron ore producers are the least affected. Major players such as BHP and Vale confirmed that the COVID-19 virus had no significant impact on their operations.
- The prices of iron ore were higher than USD 90 per ton during the pandemic situation that could harm end-use industries.
- However, various companies are increasing expenses in R&D to develop newer materials, to be able to tackle the situations.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The market for aerospace nuts is growing due to companies shifting focus to improve the efficiency of assembly processes. Increasing international and domestic tourist arrivals by air, investments in infrastructure to improve government-wide air transport facilities are in-turn driving demand for aerospace nuts.Growing investment in defense and space exploration contributes significantly to revenue generation in the aerospace fastener industry. Efficient and affordable approaches coupled with technologies would boost demand in the industry. Besides, there has been a substantial increase in the cost of raw material with the shifting focus towards lightweight fasteners, and this factor is also expected to have a significant impact on market growth. However, substantial production costs of aerospace fasteners associated with raw materials are impeding the global growth of the market for aerospace nuts.
The Global Aerospace nuts market trends are as follows:
New product launches and deals to flourish the market
In June 2020, TriMas announced that it has been awarded several-year contracts by Airbus of Toulouse, Frances. The Monogram Aerospace Fasteners and Allfast Fastening Systems operations of TriMas Aerospace were both awarded new supply contracts by Airbus, extending the company's engineered fastener distribution activities in Europe.
Also, LISI Aerospace and Lockheed Martin signed a major contract to supply fasteners for the aircraft's F-35 program in 2020.It is the first long-term supply deal LISI Aerospace has signed with Lockheed Martin for F-35 fasteners. With an approximate cumulative value of US$ 60 million ( € 53.1 million), the deal includes three one-year options up to 2025. The entire contract will be supplied via the North American platform of LISI Aerospace. This contract strengthens the role of LISI Aerospace, as a major supplier of aerospace and military aviation fasteners.
Competitive landscape and the emergence of 3D printing along with increasing use of superalloys along with
Arconic Inc. and Precision Castparts Corp. are the market's key players, with over 50% of revenue in 2019. Contracts with aircraft manufacturers are usually long-term contracts, thereby making it difficult for other players to develop themselves on the market since only a few aircraft manufacturers remain.Aircraft hardware manufacturers have also invested in these advanced technologies to improve production efficiency, introducing 3D printing and aerospace robotics into the aircraft fasteners manufacturing process is driving the aerospace fasteners market.This technology is used for the development and production of products with complex design geometry and uniform strength.Additional production technologies help to reduce waste produced during the production of components and the overall cost of production.
Also, in military aircraft and missiles,superalloys based fasteners are used because of their high wear strength and ability to withstand high pressure and temperature.Regulatory bodies like the International Civil Aviation Organization ( ICAO) are adopting stringent aircraft CO2 emission standards to minimize the impact of greenhouse gas emissions from aviation on the climate.
Key benefits of the report:
- This study presents the analytical depiction of the global Aerospace nuts industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the global market share.
- The current market is quantitatively analyzed to highlight the global market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global market analysis based on competitive intensity and how the competition will take shape in the coming years.
Questions answered in the Aerospace nuts market research report:
- Which are the leading market players active in the Aerospace nuts market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Aerospace Nuts Market Report Highlights
Key Market Players
Boeing Co., National Aerospace Fasteners Corp., Click Bond Inc., TriMas Corp., Berkshire Hathaway Inc., Stanley Black & Decker, MinebeaMitsumi Inc., LISI SA, B&B Specialties Inc., Arconic Inc.