Aerospace Fasteners Market Forecasts to 2028 - Global Analysis By Product Type, Material, Platform, Application, End User and By Geography

According to Stratistics MRC, the Global Aerospace Fasteners Market is accounted for $4.86 billion in 2022 and is expected to reach $8.48 billion by 2028 growing at a CAGR of 9.72% during the forecast period. Raw materials that mechanically attach or fix two or more aircraft components together are referred to as aerospace fasteners, such as screws and pins. They help to increase the aircraft's efficiency while lowering its overall weight. They are reliable and safe. Because of their great tensile, shear, and corrosion resistance, these materials are frequently produced utilising steel, titanium, and aluminium. Sales of collars, hex bolts, locking bolts, and anchors make up the aerospace fastener market.

According to the International Air Transport Association (IATA), it states that the overall number of air passengers will reach 4 billion by 2024. And, the Federal Aviation Administration forecasted that the number of United States airline passengers will reach 1.28 billion by 2038.

Market Dynamics:

Driver:

Surge in production of commercial aircraft

Commercial aviation sectors require new aircraft deliveries to meet existing aircraft demand. The aeroplane Manufacturer therefore needs sufficient components, systems, and raw materials in order to satisfy the high demand and provide timely delivery. Increases in air traffic, travel and tourism, and the number of flights all contribute to the expansion. Thus, the rise in commercial and military aircraft demand is driving the market.

Restraint:

Adoption of composite material

The increased usage of composite frames in aeroplane manufacturing is the primary market restraint. As composite materials are employed as frames, composite structures do not require the combination of two components. Because of their lighter weight and advantages in current design, composite materials are becoming more and more preferred for use in aircraft manufacture, which is predicted to limit market expansion.

Opportunity:

Rising adoption of 3D printing

Robotics technology and 3D printing technology have demonstrated their numerous benefits in the manufacturing sector. Manufacturing using autonomous robots has improved productivity and quality while lowering the risk of human mistake and workforce dependence. Hence, the market is being driven by the increasing use of aerospace robots and 3D printing technologies in the manufacturing process.

Threat:

High production cost

There are many significant obstacles on the market today, including the high production costs related to raw materials, the limited supply of high-quality materials, and unexpected fastener failure. Manufacturers of aerospace fasteners find it challenging to create suitable fasteners and other associated items as a result of technological improvement, which is predicted to impact the market.

Covid-19 Impact

The COVID-19 epidemic has had a significant effect on the aircraft fasteners market. Transportation and manufacturing operations in numerous places have been temporarily halted due to the lockdown situation. The pandemic has halted the supply of raw materials, which has seriously impacted the production of aerospace fasteners. The primary company concentrate on using a variety of techniques to overcome these obstacles, including autonomous manufacturing technologies, smart transportation services, and plans to establish internal raw material production capabilities to decrease dependence on raw material suppliers.

The nuts & bolts segment is expected to be the largest during the forecast period

The nuts & bolts segment is estimated to have a lucrative growth, due to cost effectiveness. Along with improving a vehicle's dependability and viability, aerospace nuts and bolts also affect a component's cost effectiveness over the course of its life. Aerospace grade nuts are made from the same materials that are used to make bolts. Except for self-locking nuts, the majority of aerospace grade nut types need a locking mechanism to hold them in place.

The titanium segment is expected to have the highest CAGR during the forecast period

The titanium segment is anticipated to witness the fastest CAGR growth during the forecast period, due to their high rigidity, lightweight, and corrosion resistance capacity. Fasteners made of titanium or super alloy materials are more in demand as a result of the growing need for extremely dependable and stiff fastening for the construction of aerostructures. The advantages of titanium fasteners are excellent heat resistance, low weight, and good stiffness under adverse situations.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to growing development and number of aircraft OEMs in aviation industry in the region. Increased disposable income and expanding efforts by governments of several nations to promote tourism in the area are anticipated to fuel the aviation industry's expansion. As a result of the increase in demand for new aircraft, these factors will accelerate the expansion of the aerospace fasteners market.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period, owing to the adoption of advanced manufacturing technologies. The growing acceptance of modern production technology is anticipated to support the region's rising demand for aerospace fasteners. Furthermore, increasing R&D spending is anticipated to support regional economic expansion.

Key Players in the market

Some of the key players profiled in the Aerospace Fasteners Market include Bufab Group, Advanced Logistics for Aerospace, Accumen Global Technologies, Alcoa Fastening Systems & Rings, Avdel private limited, 3V Fasteners Company Inc., B&B Specialties, Inc., Allfast Fastening Systems, Arconic, Bombardier, Howmet Aerospace Inc., Precision Castparts Corp, Boeing Distribution Services Ins., LISI Aerospace, TFI Aerospace Corporation, HC Merchandisers, Inc. and National Aerospace Fasteners Corporation.

Key Developments:

In August 2021, National Aerospace Fasteners Corp. announced that it obtained the certification as a qualified aerospace forging supplier by Safran Aircraft Engines. NAFCO is qualified to engage in forging aviation products, with materials ranging from iron-based to nickel-based and cobalt-based high-temperature superalloys.

In February 2020, HC Merchandisers Inc. announced that its division HC Pacific acquired the California Associated Products (CAP) Cleco temporary fastener product business from Sandvik Machining Solutions's subsidiary Wetmore Tool and Engineering.

Product Types Covered:

• Rivets
• Screws
• Nuts & Bolts
• Other Product Types

Materials Covered:

• Titanium
• Alloy Steel
• Aluminum
• Super Alloys
• Other Materials

Platforms Covered:

• Rotary-wing Aircraft
• Fixed-wing Aircraft
• Other Platforms

Applications Covered:

• Control Surfaces
• Fuselage
• Interior
• Other Applications

End Users Covered:

• Civil Aviation
• Commercial Aviation
• Military Aviation
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances