New York, April 13, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Aerospace Titanium Fasteners Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Aircraft Type (Narrow Body Aircraft, Wide Body Aircraft, General Aviation Aircraft, Cargo Aircraft, Helicopters, and Military Aircraft), Product Type (Bolts, Nuts, Screws, Rivets, and Others), Application (Flight Control Surfaces, Airframes, Engines, Interiors, and Landing Gears), and End User (Aircraft Manufacturers, MRO Service Providers, and Military Forces)”, the global aerospace titanium fasteners market growth is driven by the increasing adoption in military aircraft, rising development by aerospace titanium fastener manufacturers, and increasing demand by MRO service provider.
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| Report Coverage | Details |
| Market Size Value in | US$ 0.69 Billion in 2020 |
| Market Size Value by | US$ 1.11 Billion by 2028 |
| Growth rate | CAGR of 6.9% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2020 |
| No. of Pages | 205 |
| No. Tables | 111 |
| No. of Charts & Figures | 94 |
| Historical data available | Yes |
| Segments covered | Aircraft Type, Product Type, Application, and End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Aerospace Titanium Fasteners Market: Competitive Landscape and Key Developments
The key players operating in the aerospace titanium fasteners market include XOT Metals; Leeart Industry Co. Ltd.; B&B Specialties Inc.; 3V Fasteners; LISI Aerospace; Cherry Aerospace; Ferralloy, Inc.; Superbti Co. Ltd.; TriMas Aerospace; and Torqbolt Inc. Various other companies are operating in the market, and are coming up with new technologies and offerings, thereby contributing to the expansion of the aerospace titanium fasteners market, in terms of revenue.
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In 2021, TriMas signed an agreement to acquire TFI Aerospace to add it to TriMas Aerospace. TFI is a leading manufacturer and supplier of specialty fasteners used in a variety of applications, predominantly in aerospace applications.
In 2021, B&B Speacialties, Inc. participated in International Fastener EXPO 2021, which was held in Las Vegas from September 21, 2021 to September 23, 2021.
The aerospace industry prefers the use of lightweight materials to increase fuel efficiency. Thus, the high demand for titanium fasteners among aircraft OEMs, aircraft component OEMs, and maintenance service providers is catalyzing the aerospace titanium fasteners market. The military aerospace industry is the major adopter of aerospace fasteners, followed by commercial aerospace and general aerospace industries. 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.
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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. Further, the market players manufacture robust titanium fasteners for applications such as airframes, landing gears, engine components, and interiors. With the emphasis on lightweight aircraft models using composite materials and carbon fiber braking systems, the requirement for titanium fasteners will increase in the coming years.
The aerospace titanium fasteners market is segmented 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 aircraft, cargo aircraft, helicopters, and military aircraft. Based on product type, the aerospace titanium fasteners market is segmented into bolts, nuts, screws, rivets, and others. Based on application, the market is segmented into flight control surfaces, airframes, engines, interiors, and landing gears. Based on end user, the market is segmented into aircraft manufacturers, MRO service providers, and military forces.
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Aerospace Titanium Fasteners Market: Application Overview
On the basis of application, the aerospace titanium fasteners market is categorized into flight control surfaces, airframe, engines, interiors, and landing gear. The airframe segment led the aerospace titanium fasteners market share by more than 38% in 2020. Airframe is the main frame (or skeleton) of an aircraft which holds and supports the entire aircraft assembly to its attachments. Also it accounts for the largest amount of fasteners in the total fasteners used in an aircraft. The very straight factors that are driving the market for this segment are increasing commercial and military aircraft production and high demand from aftermarket MRO operations across the aerospace industry.
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