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The aerospace washers market is expected to witness remarkable growth due to increase in number of aircrafts. Aerospace washers are small parts used in large volumes within the aerospace industry. They are available in wide variety depending upon the requirement of material, standard, finishing, drive style, size, head, and thickness. Primarily aerospace washers are utilized for even distribution of heavy load over larger surface area to reduce the concentration of load and ensure longer lifespan of the joint. Additionally, aerospace washers also act as a spacer and as a locking device.
COVID-19 scenario analysis:
Aerospace washers market was negatively impacted by the worldwide transport restrictions on account of COVID-19 pandemic.
Due to the mandatory lockdown imposed by authorities to slow the spread of COVID-19, manufacturers of aerospace washers faced operational issues on account of troubled supply chain of raw materials & components.
Owing to travel restrictions and loss in revenue, order of new airplane deliveries is put on hold which hinders the demand for aerospace washers directly.
Closed airports and reduced air traffic stalls the market growth of the overall aviation industry and demand for components and parts required for the maintenance and manufacturing of aircrafts.
Top impacting factors: market scenario analysis, trends, drivers and impact analysis
Global increase in demand of space and aeronautics industries, escalation in use of high-strength, lightweight materials inside commercial aircrafts and stricter safety standards are the factors that drive the aerospace washers market. However, high manufacturing cost and use of aerospace adhesives as an alternative hampers the market growth. Standardization of sizes, dimensions, and materials across the industry uplift the market attractiveness.
The aerospace washers market trends are as follows:
Civil Aviation Statistics of the World and International Civil Aviation Organization(ICAO) staff estimates that global air traffic increased from 2.25 billion people in 2009 to 4.397 billion people in 2019 with a CAGR of 6.93%. To cope up with this emerging demand in the aviation industry new aircrafts are being manufactured which further increases the demand of washers. For instance, in assembling a Boeing 787 aircraft 2.4 million fasteners (including washers) are used, furthermore if a bolt exceeds the appropriate length then up to three washers can be used to compromise for the extra length. Thus, continuous increase in space and aeronautics industry will exponentially increase aerospace washers market.
Demand of light-weight washers that can withstand high wear conditions and are thermal as well as electrical insulators grew as aircrafts with lesser weight can be more fuel-efficient and profit-making. For instance, Virgin Atlantic Airlines estimates that for each pound reduced in weight of the aircraft across their fleet 14,000 gallons per year worth of fuel can be saved. To create lighter and more fuel efficient aircraft, aviation companies have started to use components made up of less weight and high strength materials, this move act as a key driver which boosts the aerospace washers market.
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