According to our latest market study on "Aerospace Titanium Fasteners Market Forecast to 2028 - COVID-19 Impact and Global Market Analysis - by Aircraft Type, Product Type, Application, and End User," the aerospace titanium fasteners market is projected to reach US$ 1,119.23 million by 2028 from US$ 693.31 million in 2020; it is expected to grow at a CAGR of 6.9% during 2021-2028.
The North American aerospace industry is the largest market for aerospace globally, owing to the existence of numerous military and commercial aircraft manufacturers, maintenance, repair, and overhaul (MRO) service providers. Favourable economic policies, a skilled workforce, high GDP per capita, and a positive outlook towards adopting new technologies are factors driving the continuous growth of the North American aerospace industry. This growth, in turn, generates high demand for fasteners, particularly aerospace titanium fasteners. Major aircraft manufacturers like Boeing, Textron, Lockheed Martin, Northrop Grumman, Bombardier, and Gulfstream Aerospace have various manufacturing facilities in this region, which produce significant volumes of aircraft and components. Additionally, the presence of key players in the aerospace titanium fasteners market, such as Cherry Aerospace and Ferralloy Inc., is further driving the growth of the market in North America.
In 2018, the general aviation industry contributed over US$ 247 billion to the US economy, as per the General Aviation Manufacturers Association (GAMA). Business purposes account for two-thirds of the 25.5 million flights flown by general aviation aircraft annually in the US. The global fleet of general aviation aircraft, which includes small training aircraft, helicopters, and intercontinental business jets, exceeded 440,000 in 2020. Commercial airlines based in Canada and the US, such as Delta Air Lines, American Airlines, Air Canada, United Airlines, and Southwest Airlines, have placed numerous orders for commercial aircraft that are expected to be fulfilled between 2021 and 2025. Delta Airlines placed an order for 95 units of A220 aircraft in 2019, with 12 units already supplied in May 2020, and the remaining scheduled to be delivered by the end of 2023.
The aviation industry's rapid expansion has significantly strained the existing commercial aviation infrastructure. India's "Make in India" campaign offers a substantial potential for joint ventures and collaborations in the aerospace sector, including MRO facilities. In 2018, India's Ministry of Defense launched a Defense Production Policy to propel the country to the forefront of the aerospace and defense industry and achieve sales of US$ 26 billion in defense goods and services by 2025. The policy has already attracted US$ 10 billion in investment for establishing the Defense Exports Organization and the production of fighter aircraft and helicopters, among other things. This increased focus on aircraft manufacturing and MRO services is expected to drive the demand for military aircraft and helicopter components, thus bolstering the aerospace titanium fasteners market in India during the forecast period.
The aerospace market in Asia Pacific was impacted by the COVID-19 pandemic, leading to changes in customer attitudes towards the sector and a significant decline in air transportation across the region. China, a major aerospace manufacturing country with established aircraft manufacturing and assembly operations, was one of the most affected countries in APAC during Q1 and Q2 of 2020. The pandemic disrupted the production of aircraft and associated components, including aerospace titanium fasteners, as the manufacturing facilities of Airbus and Boeing in the country were closed indefinitely. The production halt of C919, a key component in the Chinese commercial aircraft fleet, by indigenous manufacturer COMAC during Q1 also negatively impacted the APAC aerospace titanium fasteners market.
The aerospace titanium fasteners market is divided into three segments based on end users: aircraft manufacturers, MRO service providers, and military forces. In 2020, the aircraft manufacturers segment held the largest market share. However, during the forecast period, the MRO service providers segment is projected to exhibit the highest CAGR in the aerospace titanium fasteners market.
Key Findings of Study: Aerospace Titanium Fasteners Market Growth
The global aerospace titanium fasteners market is split into five key regions: North America, Europe, APAC, MEA, and SAM. In 2020, North America was the dominant region, accounting for over 35% of the market share, and was launched to maintain its leading position during the forecast period. Europe held the second-largest share in the market, followed by APAC, MEA, and SAM. Based on aircraft type, the narrow-body aircraft segment had the largest share of over 30% in the aerospace titanium fasteners market.
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