Global Aerospace Fasteners Market Share, Size, Trends, Industry Analysis Report, By Material (Aluminum, Steel, Titanium, Superalloys); By Product; By Aircraft; By Application; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 114
- Format: PDF
- Report ID: PM2001
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global Aerospace Fasteners Market was valued at USD 5,466.47 million in 2023 and is expected to grow at a CAGR of 6.3% during the forecast period. Aerospace fasteners play a crucial role in the aviation industry, providing the essential connection points that ensure structural integrity and safety in aircraft. These specialized components are designed to withstand high-stress levels, vibrations, and extreme conditions encountered during flight. With rapid technological advancements and increasing demand for aircraft, the aerospace fasteners market has witnessed substantial growth in recent years.
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The key driver of this growth is the continuous development of advanced materials used in aerospace fasteners market. Traditional materials like titanium and stainless steel are replaced by lightweight, high-strength alloys, such as aluminum-lithium and nickel-based superalloys. These materials offer improved performance, reducing the overall weight of the aircraft and enhancing fuel efficiency. Moreover, they possess excellent resistance to corrosion and fatigue, increasing the lifespan of fasteners and reducing maintenance costs.
The aerospace industry has been experiencing remarkable technological advancements, leading to the development of advanced aircraft models. These modern aircraft require higher precision and reliability fasteners to meet stringent safety regulations and performance requirements. As a result, aerospace fastener manufacturers invest heavily in research and development to produce innovative fastening solutions that can withstand the increased stresses and forces encountered in next-generation aircraft.
The increasing demand for air travel, especially in emerging economies, is also driving the growth of the aerospace fasteners market. As more people choose air travel as their preferred mode of transportation, airlines are expanding their fleets and placing orders for new aircraft. This surge in demand has created opportunities for aerospace fastener manufacturers to expand their production capacities and cater to the growing market needs.
Regional advancements in the aerospace industry are vital in shaping the aerospace fasteners market. Countries like the United States, China, and Europe have been at the forefront of aerospace innovation, investing heavily in research and development and fostering collaborations between industry players and academic institutions. These regional advancements have resulted in the emergence of aerospace clusters, which serve as hubs for technological innovation and attract global aerospace fastener manufacturers.
Industry Dynamics
Growth Drivers
The aerospace fasteners industry is experiencing significant growth driven by several key factors. Firstly, there is a substantial increase in the demand for aerospace fasteners due to the booming aerospace industry. As air travel continues to rise, aircraft manufacturers are witnessing a surge in orders, leading to a higher demand for aerospace fasteners to support the production of new aircraft.
Moreover, the industrial outlook for aerospace fasteners remains positive. Technological advancements and innovation in the aerospace sector drive the need for more advanced and specialized fasteners. Next-generation aircraft designs require fasteners that withstand higher stress levels, offer improved performance, and meet stringent safety standards. This creates opportunities for manufacturers to develop and supply innovative aerospace fasteners that cater to the evolving needs of the industry.
Regional upgrades in the aerospace sector also contribute to the growth of aerospace fasteners. Countries worldwide are investing in upgrading their existing fleets and expanding their aerospace capabilities. This includes the development of new airports, introducing new aircraft models, and establishing maintenance, repair, and overhaul (MRO) facilities. These upgrades and expansions drive the demand for aerospace fasteners, robust aircraft construction, and maintenance components.
The growing focus on sustainability and fuel efficiency in the aerospace sector also drives the demand for aerospace fasteners. Lightweight materials and advanced manufacturing techniques reduce aircraft weight and enhance fuel efficiency. Aerospace fasteners made from light alloys and composite materials contribute to these efforts, as they help reduce overall aircraft weight and improve fuel consumption.
Report Segmentation
The market is primarily segmented based on product, material, aircraft, application and region.
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By Product |
By Material |
By Aircraft |
By Application |
By Region |
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The SuperAlloy segment is expected to witness the fastest growth during forecast period
The aerospace fasteners industry is poised for rapid growth, with the superalloy segment expected to witness the fastest expansion. The increasing demand for aerospace fasteners and the favorable industrial outlook have contributed to this upward trajectory.
Super Alloy fasteners are critical in the aerospace industry due to their lightweight and high-strength properties. As aircraft manufacturers strive to reduce weight and enhance fuel efficiency, the demand for aluminum fasteners has surged. These fasteners offer a significant weight advantage over traditional steel counterparts while maintaining excellent structural integrity, making them a preferred choice for aerospace applications.
The Narrow-body Aircraft segment accounted for the largest market share in 2022
The narrow-body aircraft segment accounted for the largest aerospace fasteners market. Aerospace fasteners play a crucial role in the assembly, maintenance, and repair of aircraft, and the increasing demand for narrow-body aircraft has contributed significantly to the growth of the aerospace fasteners industry.
Narrow-body aircraft, or single-aisle aircraft, are widely used for short to medium-haul flights and are the workhorses of the commercial aviation industry. These aircraft are favored by airlines due to their versatility, cost-effectiveness, and ability to operate on a wide range of routes. As a result, the production and delivery of narrow-body aircraft have witnessed a significant surge in recent years, driving the demand for aerospace fasteners.
The assembly of narrow-body aircraft requires many fasteners, including bolts, screws, rivets, and other specialized fastening components. These fasteners are used in critical areas, such as wing structures, fuselage assembly, landing gear, and engine attachments. The aerospace industry's stringent safety requirements and regulations necessitate using high-quality fasteners that can withstand extreme conditions and maintain structural integrity throughout the aircraft's lifespan.
Moreover, airlines' ongoing fleet modernization initiatives, coupled with the rising air travel demand, have further fueled the growth of the narrow-body aircraft segment. Airlines are replacing older aircraft with newer, fuel-efficient models to reduce operating costs and enhance passenger comfort. This replacement trend creates a substantial market for aerospace fasteners as these new narrow-body aircraft enter service and undergo regular maintenance and repair activities.
Nuts & Bolts segment is expected to hold the significant share during forecast period
The nuts & bolts segment is projected to hold a substantial share in the aerospace fasteners market, driven by regional demand and these components' essential role in aircraft assembly and maintenance. Nuts and bolts are fundamental fasteners used in various critical applications within the aerospace industry, making them an integral part of aircraft construction.
Regional demand plays a crucial role in driving the growth of the nuts-and-bolts segment. Different regions have unique aircraft manufacturing and maintenance requirements, resulting in varying fastener markets. For instance, regions with a high concentration of aircraft manufacturers or MRO facilities witness significant demand for nuts and bolts. These components are used in large quantities during aircraft assembly and maintenance activities, driving market growth.
The increasing air travel demand and the subsequent expansion of airline fleets contribute to the regional demand for nuts and bolts. As airlines expand their operations and add new aircraft to their fleets, the need for fasteners, including nuts and bolts, increases proportionally. Additionally, with the rising number of aircraft in service, regular maintenance, repair, and overhaul activities require a steady supply of nuts and bolts to ensure the safety and integrity of the plane.
Furthermore, aircraft technology and materials advancements influence the demand for nuts and bolts. As new aircraft models are introduced with innovative designs and lightweight materials, the demand for specialized nuts and bolts that can withstand higher stress levels and maintain structural integrity grows. These advancements drive the need for nuts and bolts with improved performance characteristics, further contributing to the segment's market share.
The demand in North America is expected to witness significant growth during forecast period
The aerospace fasteners market in North America is poised for substantial growth, driven by various factors contributing to the region's strong demand. North America has a prominent aerospace industry, with major aircraft manufacturers, suppliers, and MRO facilities operating in the region. This robust industry presence creates a favorable environment for the growth of the aerospace fasteners market.
One of the key drivers of the increasing demand for aerospace fasteners in North America is the region's high aircraft production rate. North American aircraft manufacturers, such as Boeing and Airbus (with production facilities in the United States), consistently produce many commercial and military aircraft. The assembly of these aircraft requires a substantial quantity of aerospace fasteners, ranging from bolts and screws to specialized components, thereby driving market growth.
Furthermore, the region's strong focus on aircraft maintenance and repair activities contributes to the demand for aerospace fasteners. North America has a vast MRO facility network that provides maintenance, repair, and overhaul services for domestic and international aircraft operators. As aircraft undergo regular inspections and restorations, there is a continuous need for aerospace fasteners to ensure the integrity and safety of the aircraft.
Additionally, North America's emphasis on technological advancements and innovation in the aerospace industry stimulates the demand for advanced aerospace fasteners. The region is at the forefront of aerospace research and development, with ongoing efforts to enhance aircraft performance, fuel efficiency, and safety. This drives the need for specialized fasteners to withstand higher stress levels, accommodate new materials, and meet stringent industry standards.
Moreover, North America's strong defense sector contributes to the demand for aerospace fasteners. The region has a robust military aircraft manufacturing industry, which requires a substantial supply of fasteners for defense-related projects. The need for aerospace fasteners from military aircraft manufacturers and government agencies further fuels the market growth in North America.
Competitive Insight
Some of the major players operating in the global market include 3V Fasteners Company, Inc., Acument Global Technologies, Arconic Fastening Systems & Rings, B&B Specialties, Inc., Boeing Distribution Services Inc., HC Merchandisers, Inc., Howmet Aerospace Inc., LISI Aerospace, MS Aerospace, National Aerospace Fasteners Corporation, PCC Fasteners, Stanley Black & Decker, Inc., Stanley Engineered Fastening, TFI Aerospace Corporation, TPS Aviation, Inc., TriMas Corporation, Wurth Group.
Recent Developments
In August 2021, Safran Aircraft Engines granted National Aerospace Fasteners Corporation (NAFCO) the certification as a proficient supplier of aerospace forgings. NAFCO possesses expertise in producing aviation components made from various high-temperature superalloys, including iron-based, cobalt-based, and nickel-based materials.
In March 2021, LISI AEROSPACE entered into an extended agreement with the Boeing Company to supply a comprehensive range of approximately 6,000 different part numbers to support all of Boeing's commercial programs, including the Boeing 737, 747, 767, 777, and 787 aircraft models.
Global Aerospace Fasteners Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 5,722.30 million |
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Revenue forecast in 2032 |
USD 10,088.43 million |
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CAGR |
6.3% from 2024 - 2032 |
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Base year |
2023 |
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Historical data |
2019 - 2022 |
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Forecast period |
2024 - 2032 |
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Quantitative units |
Revenue in USD billion /billion and CAGR from 2024 to 2032 |
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Segments covered |
By Product, By Material, By Aircraft, By Application, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
3V Fasteners Company, Inc., Acument Global Technologies, Arconic Fastening Systems & Rings, B&B Specialties, Inc., Boeing Distribution Services Inc., HC Merchandisers, Inc., Howmet Aerospace Inc., LISI Aerospace, MS Aerospace, National Aerospace Fasteners Corporation, PCC Fasteners, Stanley Black & Decker, Inc., Stanley Engineered Fastening, TFI Aerospace Corporation, TPS Aviation, Inc., TriMas Corporation, Wurth Group |
FAQ's
The Global Aerospace Fasteners Market size is expected to reach USD 10,088.43 million by 2032.
Top market players in the Aerospace Fasteners Market are 3V Fasteners Company, Inc., Acument Global Technologies, Arconic Fastening Systems & Rings, B&B Specialties.
North America contribute notably towards the global Aerospace Fasteners Market.
The global Aerospace Fasteners Market expected to grow at a CAGR of 6.3% during the forecast period.
The Aerospace Fasteners Market report covering key are product, material, aircraft, application and region.
