In 2022, the market for aerospace fasteners will likely be worth US$ 7,834.5 million and is anticipated to grow at a moderate rate of 6.4% CAGR. By 2032, the market is projected to increase in size and reach US$ 14,568.9 million. According to Future Market Insights’ data, the historical CAGR was 4.8%.
Fasteners are the hardware components which are used to mechanically join two or more objects together. In the same context, aerospace fasteners are special grade hardware devices, used to connect parts of aircraft during original equipment manufacturing and aftermarket servicing. Aerospace fasteners are broadly used in commercial aircraft, military aircraft, ballistic missiles, rockets and satellites. Aerospace fasteners are made under strict regulations and standards so as to withstand high fatigue loading and drastic temperature changes. Manufacturers are focused to introduce aerospace fasteners with light weight and high strength metallurgical structure in order to provide increased life and reliability rate along with enhanced fuel efficiency of the aircraft.
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The number of fasteners required in a typical aircraft could reach to millions in the form of nuts, bolts, pins, rivets, washers, etc. Growing defense and space exploration activities are contributing significantly to the growth of aerospace fasteners market. Commercial civil aviation industry, owing to increase in number of passengers travelling by air route, is growing at an unprecedented annual rate, creating significant demand for commercial aircrafts. This, in turn, is expected to push market growth of global aerospace fasteners market over the forecast period of 2022-2032.
Aerospace Fasteners Market: Dynamics
The civil aviation industry is on the rise and competition among major airline companies has intensified. Unlike during the past, air traveling has no longer remained a luxury and more people are preferring air mode of transportation. Governments across the world are solidifying their air defense and strong demand for aircrafts exists both in commercial and military aircraft segments.
With growing overall aircraft demand, market for aerospace fasteners is expected to witness significant growth over the forecast period. Upgraded technology and invention of more sophisticated and reliable materials are further anticipated to boost up the aerospace fasteners market from supply side. Moreover, replacement of aging aircrafts with Next-Gen aircrafts is another factor fueling up aerospace fasteners market globally. Whereas, high production cost, less availability of high grade materials and unexpected failure of fasteners are some of the major challenges existing in global aerospace fasteners market.
Major aerospace fastener companies are involved in business development strategies like merger & acquisition in order to spread their reach in targeted nations. Providing high quality and cost effective aerospace fasteners in stipulated time is another key strategy followed by key manufacturers to gain market position.
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Aerospace Fasteners Market: Segmentation
The global aerospace fasteners market is segmented on the basis of aerospace application, type of fixing, product type, materials and head type. On the basis of application, aerospace fasteners market can be segmented as commercial aerospace and military aerospace. On the basis of product type, aerospace fasteners market can be segmented as pins, bolts, studs, screw and rivets. On the basis of material, aerospace fasteners market can be segmented as aluminum, steel, super alloys and titanium. On the basis of head type aerospace fasteners can be segmented as 12 points (Double Hex), 6 lobe recess, Dee, Rectangular, Screw, and others. Based on type of fixing, the market can be segmented as permanent fixing and temporary fixing.
Aerospace Fasteners Market: Region-wise Outlook
The global aerospace fasteners market is segmented into five key regions, namely North America, Latin America, Middle East & Africa, Asia-Pacific and Europe. Europe and United States with developed aerospace industry represent leading regional markets, capturing a substantial share in the global aerospace fasteners market. Developing infrastructure and generous strategies of governments in Asia-Pacific is expected to gain high market growth over the coming years.
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Aerospace Fasteners Market: Key Players
Major players in the global aerospace fasteners market include 3V Fasteners Company Inc., Alcoa Fastening Systems, TriMas Corporation (Allfast), B&B Specialties Inc., B/E Aerospace, Stanley Engineered Fasteners (Emhart Teknologies LLC), LISI Aerospace, National Aerospace Fasteners Corporation, Precision Castparts Corp., TFI Aerospace Corporation, TPS Aviation Inc., etc.
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