The aerospace fasteners market size was valued at $7,423.9 million in 2020, and is expected to reach $12,808.9 million by 2030, registering a CAGR 5.5% from 2021 to 2030. Aerospace fasteners are the hardware tools that are used for combining two or more objects in aircraft designing and manufacturing. The materials commonly used in the aerospace fasteners include nuts, bolts, titanium, nickel-based alloys, high strength alloys, and others. The aviation industry is always ready to adopt new technologies to reduce the overall weight of the aircraft. The standards of aerospace fasteners materials such as high operating temperature and resistance to corrosion are kept in mind to improve the fuel economy. Aerospace fasteners are mostly used in military aircraft (fighter jets), ballistic missiles, defense, satellites, and other commercial purposes aircraft.
Rapid growth in global air travel owing to high standard of living, and rise in tourism majorly drive the market growth. In addition, relief in the import duties in some countries for the manufacturers drives the growth of the aerospace fasteners market. Further, many countries are focused on strengthening defense system by including fighter jets, military helicopters, and other special aircrafts in their military airforce. These factors act drive the aerospace fasteners market growth. However, 3D printing technology used in aircraft manufacturing is used for performing structural function in the aircraft. For instance, 3D printing is used for manufacturing components like panels, ducts, wings, and others. 3D technology is used for manufacturing lightweight components and reducing the number of components by printing two different adjacent parts into one single component. This is anticipated to reduce the demand for aerospace fasteners as there would be less assemblies. This acts as restraint to the market growth. Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of aerospace fasteners as well as their demand in the market, thereby restraining the growth of the aerospace fasteners market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to re-initiation of aerospace fasteners companies at their full-scale capacities, which is likely to help the aerospace fasteners market to recover by mid of 2022.
On the contrary, increase in adoption of aerospace application in emerging countries has surged the demand for aircrafts. In addition, the aerospace fastener makers are progressively concentrating on developing countries such as Mexico, Brazil, India, and China for increasing their manufacturing. This offers open doors for outsider organizations to team up with OEMs and MROs for providing services in emerging market. This is anticipated to open new avenues for the aerospace fasteners market during the forecast period.
The aerospace fasteners market is segmented into material, product, application, and region. On the basis of material, the market is bifurcated into aluminum, alloy steel, titanium and others. Depending on product, it is segregated into nuts & bolts, rivets, screws and others. The applications covered in the study include military aviation, commercial aviation and civil aviation. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
Titanium segment is projected to grow at a significant 6.0% CAGR
On the basis of material, in 2020, the alloy steel segment dominated the aerospace fasteners market, in terms of revenue, whereas the titanium segment is expected to witness growth at the highest CAGR during the forecast period. As per product, in 2020, the nuts & bolts segment led the aerospace fasteners market, however, the others segment is expected to exhibit highest CAGR in the near future. By application, the civil aviation segment led the market in 2020, in terms of revenue; however, the military aviation segment is anticipated to register highest CAGR during the forecast period. Region wise, Asia-Pacific garnered the highest revenue in 2020.
Military Aviation segment is expected to grow at a significant rate during the forecast period.
The major players profiled in the aerospace fasteners market include 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. Major companies in the market have adopted acquisition, agreement, joint venture, partnership and business expansion as their key developmental strategies to offer better products and services to customers in the aerospace fasteners market.
Asia-Pacific holds a dominant position in 2020
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current trends, future estimations, and dynamics of the aerospace fasteners market.
- In-depth aerospace fasteners market analysis is conducted by estimations for the key segments between 2021 and 2030.
- Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The market forecast analysis from 2021 to 2030 is included in the report.
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry.
Aerospace Fasteners Market Report Highlights
The aerospace fasteners market is a very fragmented market. The number of fasteners used in an aircraft is very high, however its value is very low compared to other parts. For instance, a modern Boeing 747 aircraft has over 6 million individual parts that are used in its construction. Of those parts, around 3 million are fasteners. Similarly, other aircrafts consist of 1 million to 3 million fasteners depending upon its type of built.
There is rise in air travel around the world which has led to purchase of several new civil aircrafts by the air travel operating companies. In addition, the governments are strengthening their airforce capacity by purchasing new and advanced aircrafts. This has led to rise in demand for aerospace fasteners in the market. In addition, the MROs have a major share in the demand for aerospace fasteners in the market.
Major companies in the market have adopted strategies such as acquisition, agreement, joint venture, partnership, and business expansion to offer better services to customers in the aerospace fasteners market.