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 6.4%
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. Commercial, military, and space aircraft are the three most popular types, and they all make use of aerospace fasteners.
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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.
As a result, the market for aerospace fasteners is being driven by the growing usage of 3D printing and aerospace robotics in the manufacture of aircraft fasteners.
The primary barrier to the expansion of the aerospace fasteners market is the industry’s growing reliance on composite frames. In composite constructions, two independent pieces do not need to be joined because composite materials are employed to create the framework. Due to its many appealing qualities, such as higher strength and durability, corrosion resistance, low weight, design flexibility, and low thermal conductivity, composites are highly sought after. Because of their lighter weight and contemporary design, composite materials are being used more and more frequently in the aerospace tools industry.
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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