The global aerospace fasteners market share is projected to reach US$ 7,834.5 million in 2022, expanding at a steady CAGR of 6.4% from 2017 to 2022. By 2032, the aerospace fasteners market is projected to be worth US$ 14,568.9 million. According to research conducted by Future Market Insights, the aerospace fasteners market has historically grown at a CAGR of 4.8%.
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Key Takeaways
- As the concentration of major aircraft manufacturers like Textron, Boeing, and Bombardier, among others, in the North American aerospace fasteners market, which reached $1.86 billion in 2021, this area is anticipated to continue to dominate the industry.
- According to FMI’s research report, Europe is expected to follow North America as the region with the second-highest share of the worldwide aerospace fasteners market over the forecast period.
- In 2020, the aerospace fasteners market was led by the alloy steel category in terms of revenue, but the titanium segment is projected to expand at the fastest rate of growth (CAGR) throughout the forecast period.
- In terms of product, the aerospace fasteners market was dominated by nuts and bolts in 2020, but the others sector is projected to grow at a faster rate in the coming years.
- Although the civil aviation application generated the most revenue in 2020, the military aviation application is expected to grow at the fastest rate over the forecast period.
- In 2020, Asia and the Pacific had the highest earnings of any region.
- Some of the most important aerospace companies in the aerospace fasteners market are B&B Specialities Inc., Bufab Group, Howmet Aerospace, LISI Aerospace, Precision Castparts Corp., Stanley Black & Decker Inc., TFI Aerospace, The Boeing Company, TriMas Corporation, and Wurth Group.
Airlines are anticipated to employ aeroplane fasteners comprised of lighter materials like titanium and aluminium more frequently as they work to lower their carbon footprint. New growth opportunities for the aerospace fasteners market are also anticipated to result from the entry of new companies. In the aviation industry, common fasteners including screws, nuts, rivets, and bolts are frequently utilised. As demand for both military and commercial aircraft rises, there will undoubtedly be a tonne of new opportunities over the next ten years.
The primary factors driving the aerospace fasteners market are the demand for lightweight fasteners that may reduce fuel consumption and the time it takes to assemble and dismantle aircraft components. The three biggest end-use markets for aircraft fasteners are commercial, military, and space applications.
The development of robotics and 3D printing has greatly benefited the industrial sector. Autonomous robot manufacturing employs fewer workers while producing goods of improved quality and productivity. A few advantages of 3D printing technology include quicker mass production, more accessibility, higher quality, tangible design and product testing, lower cost, more creative customizability, less waste output, and fewer design and human errors. These factors have led to an increase in the production of precise aviation parts through robots and 3D printing.
The increasing use of 3D printing and aerospace robotics in the production of aircraft fasteners is thereby driving the market for aerospace fasteners.
The industry’s increasing reliance on composite frames is the main impediment to the growth of the aerospace fasteners market. Because the framework is made of composite materials, two separate elements in composite constructions do not need to be linked. Due to their numerous appealing qualities, such as their improved strength and durability, resistance to corrosion, low weight, adjustability in design, and low thermal conductivity, composites are in high demand. Because of their reduced weight and contemporary design advantages, composite materials are being employed more and more frequently in the aerospace tools sector, which is expected to slow the aviation fasteners market.
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Competitive Landscape
Market participants in the aerospace fasteners industry are making plans and extending their operations through the adoption of strategies, the signing of long-term contracts, the formation of joint ventures and mergers and acquisitions, and increased investment in R&D. Abilities enhancement is also being incorporated into the production of high-utility aerospace hardware, which is expected to increase the product’s popularity in the aerospace fasteners market.
Key companies proliferating in the aerospace fasteners market are
- 3V Fasteners Company Inc.
- Accumen Global Technologies
- Advanced Logistics for Aerospace
- Alcoa Fastening Systems & Rings
- Allfast Fastening Systems
- Avdel private limited
- B&B Specialties, Inc.
- Bufab Group
- EADS
- Arconic
- Ho-Ho-Kus Inc.
Recent Developments in the Aerospace Fasteners Market
The French aerospace companies Safran Nacelles and Sonaca Group and the American maker of aerospace tools TriMas Aerospace announced their multiyear deal in June 2019. The contract’s parties agreed that the company would provide blind aircraft fasteners for use in the opposing party’s aviation systems.
2020 saw the sale of the California Associated Products (CAP) Cleco temporary fastener product line to HC Marchandisers Inc. by Wetmore Tool and Engineering, a division of Sandvick Machining Solutions.
The company National Aerospace Fasteners Corp. announced in August 2021 that it had been approved as a qualified aerospace forging supplier by Safran Aircraft Engines. Forging aircraft items out of materials like high-temperature superalloys made from iron and cobalt is something NAFCO is equipped to do.
Key Segments in the Aerospace Fasteners Market
By Product Type:
- Pins
- Bolts
- Studs
- Screw
- Rivets
By Application:
- Commercial aerospace
- Military aerospace
By Material:
- Aluminum
- Steel
- Super alloys
- Titanium
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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