The global aerospace fasteners market 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%.
The aerospace fasteners market is experiencing significant growth driven by factors such as increasing aircraft production, technological advancements, and growing demand for lightweight materials in aerospace manufacturing. Aerospace fasteners are critical components used to join structural elements, components, and systems in aircraft, spacecraft, and aerospace equipment, ensuring structural integrity, reliability, and safety. As aerospace manufacturers strive to meet stringent performance standards, improve fuel efficiency, and reduce assembly costs, the aerospace fasteners market continues to expand, fueled by several key factors.
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Key Drivers Fueling Growth in the Aerospace Fasteners Market:
- Rising Aircraft Production and Demand: The growth of global air travel, increasing passenger traffic, and fleet expansion programs drive demand for aerospace fasteners used in commercial aircraft, business jets, and regional aircraft. Aircraft manufacturers such as Boeing, Airbus, and Embraer ramp up production rates to meet order backlogs and fulfill demand for new aircraft deliveries. Emerging markets in Asia-Pacific, Middle East, and Latin America witness strong demand for commercial aviation, stimulating market growth for aerospace fasteners in aircraft assembly, retrofitting, and aftermarket services.
- Technological Advancements in Aerospace Materials: Continuous advancements in aerospace materials, such as titanium alloys, high-strength steels, and advanced composites, influence the design and performance requirements of aerospace fasteners. Lightweight materials offer superior strength-to-weight ratios, corrosion resistance, and fatigue properties, enabling aerospace manufacturers to reduce aircraft weight, improve fuel efficiency, and enhance structural integrity. Aerospace fasteners made from advanced materials undergo rigorous testing and certification to meet aerospace industry standards and performance specifications for critical applications in airframe structures, engine components, and interior fittings.
- Demand for Lightweight and High-Strength Fasteners: Aerospace manufacturers prioritize the use of lightweight fasteners with high tensile strength and fatigue resistance properties to reduce aircraft weight and improve fuel efficiency. Lightweight fasteners made from materials such as titanium, aluminum, and composite materials offer weight savings compared to conventional steel fasteners, contributing to overall aircraft performance and operating costs. Engine manufacturers, airframe builders, and tier-one suppliers invest in lightweight fastening solutions, including blind rivets, threaded inserts, and composite fasteners, to optimize aircraft design and meet fuel consumption targets.
- Emphasis on Safety, Reliability, and Compliance: Safety regulations, airworthiness standards, and certification requirements mandate the use of aerospace fasteners that meet stringent quality, performance, and reliability criteria for aerospace applications. Regulatory bodies such as FAA, EASA, and CAAC establish airworthiness directives, service bulletins, and certification guidelines for aerospace fasteners used in aircraft design, manufacturing, and maintenance. Aerospace fasteners undergo extensive testing, inspection, and qualification processes to ensure compliance with industry standards, material specifications, and aerospace OEM requirements for critical safety-critical applications.
- Growing Demand for Aircraft Maintenance and Retrofitting: The increasing global aircraft fleet size, aging aircraft population, and aftermarket demand drive growth in aircraft maintenance, repair, and overhaul (MRO) activities, leading to demand for aerospace fasteners used in maintenance, retrofitting, and component replacement. Airlines, MRO providers, and OEMs invest in fasteners, bolts, screws, and rivets for structural repairs, cabin refurbishments, and avionics upgrades to extend aircraft service life, enhance passenger comfort, and comply with regulatory mandates. Specialized fastening solutions such as quick-release fasteners, self-locking nuts, and hi-lok fasteners facilitate efficient MRO operations and minimize aircraft downtime.
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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.
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.
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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.
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
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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