The global aerospace fasteners market share 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%.
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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.
Airlines anticipate employing lighter aviation fasteners made of titanium and aluminium more frequently in an effort to lower their carbon impact. New firms being introduced is also anticipated to open up new growth opportunities for the aircraft fasteners sector. In the aircraft industry, common fasteners including screws, nuts, rivets, and bolts are frequently utilised. As demand for both military and commercial aircraft rises, there will undoubtedly be a wealth of new opportunities over the next ten years.
The primary factors driving the aerospace fasteners market are the desire for lightweight fasteners that may reduce fuel consumption and the time it takes to assemble and dismantle aircraft components. The three main end-use markets for aviation fasteners are the commercial, military, and space industries.
The advancement of robotics and 3D printing has greatly benefited the industrial sector. When autonomous robots are used in manufacturing, fewer workers are needed, and the products produced are of higher quality and productivity. A few advantages of 3D printing technology include faster mass production, improved accessibility, higher quality, tangible design and product testing, lower prices, more creative customizability, lower waste output, and fewer design and human errors. These factors have increased the production of precise aeronautical parts using robots and 3D printing.
The market for aerospace fasteners is therefore being driven by the growing usage of 3D printing and aerospace robotics in the production of aircraft fasteners.
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Therefore, the increasing use of 3D printing and aerospace robotics in the manufacture of aircraft fasteners is driving the market for aerospace fasteners.
The industry’s increasing reliance on composite frames is the main impediment to the growth of the aerospace fasteners market. Because it is made of composite materials, the structure of composite buildings does not require the joining of two independent components. Due to their numerous appealing qualities, such as their improved strength and durability, resistance to corrosion, low weight, adjustability in design, and low heat conductivity, composites are highly popular. Because of their reduced weight and contemporary design advantages, composite materials are being employed more frequently in the aerospace tools sector, which is expected to slow the aviation fasteners market.
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.
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.
Recent Developments in the Aerospace Fasteners Market
The multiyear agreement between the American manufacturer of aerospace tools TriMas Aerospace and the French aerospace firms Safran Nacelles and Sonaca Group was announced in June 2019. The parties to the contract agreed that the company would supply blind aircraft fasteners for use in the aviation systems of the opposing party.
Wetmore Tool and Engineering, a branch of Sandvick Machining Solutions, sold the California Associated Products (CAP) Cleco temporary fastener product line to HC Marchandisers Inc. in 2020.
Safran Aircraft Engines certified National Aerospace Fasteners Corp. as a qualified aerospace forging supplier in August 2021, according to the company’s announcement. NAFCO is capable of forging aeroplane parts out of materials including high-temperature superalloys made of iron and cobalt.
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
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