Market Overview:
Aerospace Fasteners Market was valued at USD 4.8 billion in 2022. The Aerospace Fasteners market industry is projected to grow from USD 5.13 Billion in 2023 to USD 7.74 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.07% during the forecast period (2023 - 2030).
The Aerospace Fasteners Market use wide range of fasteners such as nuts, bolts, screws, rivets, pins and high locks during the making of aircraft and its parts. The factors driving the market growth are growing demand for aircraft, use of titanium fasteners, fleet utilization, and aircraft replacement has strengthened the line fit and retrofit aerospace fasteners market forecast .
The COVID-19 outbreak has been brutal on the aviation industry, with the lockdown temporarily halting transportation as well as manufacturing across the world. The pandemic has also raised the prices of raw materials, affecting their supply altogether, negatively affecting the manufacturing of aerospace fasteners.
Despite the spread of the SARS-CoV-2 infection and the travel bans worldwide, order for aircraft are increasing, but manufacturers are facing issues in catering to this demand due to shortage of workforce and more. However, the novel coronavirus has encouraged players to focus more on the automation technology, boost in-house production capacity and smart transportation services, to bring down the dependency on the raw material suppliers. These strategies being employed by the leading firms is bound to work in the market’s favor in the forthcoming timeline.
Several aircraft part suppliers are also focused on accelerating their manufacturing capabilities to fulfil the need for different aircraft systems. Besides, the increasing spending on the defense sector has boosted the procurement of advanced military aircraft as well as fighter jets. The rise in disputes between nations and the alarming growth in terrorist activities worldwide has led to higher procurement of various solutions for fortifying borderline security, which has meant higher sales of aerospace fasteners.
Segmentation Analysis:
Type, material, application, end-user and aircraft type are the top segments considered in the MRFR report.
Screws, rivets, nuts & bolts, and others are the key types of aerospace fasteners considered in the report. In 2018, the report confirmed that the rivets segment had achieved the leading position and is all set to acquire the highest growth rate between 2019 and 2025. Since rivets offer a host of benefits including excellent tensile strength and helps fix essential structural components, their demand is quite significant in the global Aerospace Fasteners Market.
With respect to material, the market caters to titanium, alloy steel, aluminium, and more. The aluminium segment has remained at the top since 2018, while the titanium segment can advance at the fastest rate in the years to come. Benefits that titanium offers are corrosion resistance and lightweight.
Application-based market categories are control surfaces, interior and fuselage. In 2018, the top spot was taken by the fuselage segment and is mostly to attain the highest advancement rate over the forecast timeline. The rising need for passenger and airline safety is encouraging aircraft manufacturers to invest substantially in better-quality aerospace fasteners, which has bolstered the demand for fuselage.
Military aerospace and commercial are the primary end-users in the market. The military aerospace category has been leading the market since the year 2018, while it is projected that the commercial sector could potentially gain at a higher rate over the coming period.
The chief aircraft types discussed in the Aerospace Fasteners Market report are commercial aircraft as well as military aircraft. Military aircraft, in 2018, took the leading spot in the global, whereas commercial aircraft can be the faster advancing segment from 2020 to 2030.
Key Players:
The aerospace fasteners market major player are 3V Fasteners Company (US), TriMas (US), Alcoa Corporation (US), Arconic Inc (US), B&B SpecialtiesInc (US), Ho-Ho-Kus Inc (US), TFI Aerospace (Canada), The Boeing Company (US), National Aerospace Fasteners Corporation (Taiwan)
Regional Analysis:
The market can be regionally categorized with respect to Europe, Asia Pacific/APAC along with MEA/Middle East & Africa, North America, as well as Latin America.
Since 2018, the market growth in North America has remained unparalleled and the region can gain even higher traction in the coming years. The market’s stupendous performance is the result of the strong base of eminent aircraft manufacturers like Boeing, Bombardier, Textron, to name a few. The region is known for being an early adopter of modern manufacturing technologies and spending considerably on research and development activities, which can foster market expansion over the next couple of years.
There is a high possibility that APAC can obtain the fastest CAGR between 2020 and 2030, thanks to the soaring demand for new aircraft to meet with the mounting air passenger traffic. The surge in investments by airline companies across emerging countries like India and China has been favourable for the Aerospace Fasteners Market in recent years and rising production of commercial aircraft could further boost the product demand. Increasing number of aircraft modernization programs in the region also benefits the market to a large extent.
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