The global aerospace fasteners market size 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%.
Airlines are anticipated to employ lighter materials like titanium and aluminium aircraft fasteners more as they work to lower their carbon impact. Additionally, the entry of new players is anticipated to open up new growth opportunities for the aerospace fasteners market. The aircraft industry makes extensive use of common fasteners like screws, nuts, rivets, and bolts. As demand for commercial and military aircraft grows over the next 10 years, there are likely to be many new opportunities for manufacturers of aeroplane fasteners.
The primary drivers propelling 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. Space applications, military aviation, and commercial aviation make up the three most common aerospace fasteners uses.
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The industrial sector has benefited greatly from developments in robots and 3D printing technologies. The use of autonomous robotic manufacturing has increased output and quality while requiring fewer humans. A few advantages of 3D printing technology include faster mass production, more accessibility, higher quality, tangible design and product testing, lower prices, greater creative flexibility in customising, reduced waste output, and fewer design and human errors. These factors have led to an increase in the usage of robotics and 3D printing technology in the production of precise aeroplane parts.
Therefore, the aerospace fasteners market is being driven by the increasing use of aerospace robots and 3D printing technologies in the production of aircraft fasteners.
The aerospace hardware industry’s increasing reliance on composite frames is the main factor impeding the growth of the aerospace fasteners market. Joining two independent sections is not necessary in composite constructions since composite materials are used as frameworks. Composites are in high demand due of their numerous desirable features, which include superior strength and durability, resistance to corrosion, low weight, versatility in design, and low thermal conductivity. Composite materials are being more and more commonly employed in the aerospace tools sector because to their reduced weight and modern design advantages, which are anticipated to slow the aircraft fasteners market.
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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.
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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 United States-based aerospace tools manufacturer TriMas Aerospace announced in June 2019 that it had entered into a multiyear agreement with the French aerospace firms Safran Nacelles and Sonaca Group. The parties to the contract agreed that the company would supply blind aircraft fasteners for use in the aviation systems of the other party.
Wetmore Tool and Engineering, a branch of Sandvick Machining Solutions, sold the California Associated Products (CAP) Cleco temporary fastener product line to HC Marchandisers Inc. in 2020.
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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