Aerospace Fasteners Market
Global Industry Analysis and Forecast 2023-2030
Market Value (2022)
USD 6.90 Billion
Forecasted Value (2030)
USD 11.39 Billion
CAGR (2023 - 2030)
Fastest Growing Region (2023 - 2030)
Aluminium, Alloy Steel, Titanium, Super alloys
Nuts & Bolts, Rivets, Screws, Others
Military Aviation, Commercial Aviation and Civil Aviation
The global Aerospace Fasteners Market was valued at USD 6.90 billion in 2022 and is projected to reach USD 11.39 billion by 2030, growing at a CAGR of 6.46% from 2023 to 2030.
The global aerospace fasteners market is expected to continue on this growth trajectory in the coming years. The market is primarily driven by the rising demand for commercial aircraft due to the growth in air passenger traffic across various regions worldwide. Moreover, the increasing adoption of advanced materials such as composites and aluminium in aircraft construction is also expected to drive the demand for aerospace fasteners.
Furthermore, recent developments in the market show an inclination towards technological advancements with a focus on enhancing the durability and strength of fasteners. For instance, In December 2021, Bollhoff Attexor SA announced a new innovative development in aerospace fasteners, where the fasteners can self-lock with advanced mechanism techniques.
North America and Europe are anticipated to expand significantly due to the presence of major aircraft OEMs in the region. In addition, the aerospace fasteners market in emerging economies in Asia-Pacific, such as China and India, are anticipated to witness significant growth due to rising investments in military and civil aviation.
Analyst’s Review on Aerospace Fasteners Market
In summary, the increasing demand for commercial and military aircraft or the aerospace industry is observed to be the prominent factor that is likely to support industry growth during 2023 – 2030. Additionally, strategic collaborations, mergers, and acquisitions, between private and public companies would further augment the capital value and fuel the market expansion.
The aerospace fasteners market encompasses a wide range of hardware tools, such as screws, bolts, nuts, and rivets, that are specifically designed to combine or fix two or more aerospace components. The use of these fasteners plays a crucial role in ensuring the reliability, longevity, structural integrity, and safety of aerospace products. The market is characterized by continuous advancements in technology aimed at reducing the weight of aircraft and improving their performance.
The aerospace industry and commercial aerospace manufacturers rely greatly on the aerospace fasteners market for products. The market adheres to strict standards to ensure safety and quality. Verification reports are provided to confirm product conformance with established standards.
The aerospace fasteners market is a vibrant and dynamic industry that is driven by various factors. One of the major drivers propellingmarket development is the rise in air passenger traffic, which has resulted in the growing demand for commercial aircraft. As air travel continues to grow, the demand for aerospace fasteners is expected to increase as well. Furthermore, the increasing adoption of advanced materials in aircraft construction, such as composites and lightweight metals, is driving the development of new, high-performance fasteners that can withstand the rigors of modern aviation.
The aerospace fasteners market is witnessing a significant growth opportunity, particularly in the military aviation sector. With the increasing focus on national security and defence, governments around the world are investing heavily in modernizing their military fleets and developing new aircraft. As a result, the aerospace fasteners market is expected to grow significantly in the coming years.
However, the market is challenged by certain factors, including the increasing competition among market players and the growing threat of substitutes. Another notable restraining factor is the volatility in the prices of raw materials such as steel and titanium, which can affect the profitability of market participants.
Based on material, the market is categorized into aluminum, steel, titanium and super alloys. Aluminum is anticipated to hold the largest share in terms of revenue, due to several factors such as, availability and cost of aluminum as compared to other materials. It offers compatible strength and fits as per the standards required for products utilized in aerospace industry. Titanium is estimated to observe the fastest growth owing to characteristics of the material such as light weight, heat resistance, and high level of rigidity.
Based on product, the market is further divided into nuts & bolts, rivets, screws and others. Rivets are anticipated to hold the highest revenue due to increasing adoption of the product over fasteners. High reliability in terms of time efficiency and vibrations along with rigid connectivity are few of the factors that have augmented the demand for rivets.
Based on regional analysis, the global aerospace fasteners market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.
The aerospace fasteners market in North America is expected to dominate the global market owing to the presence of major aircraft OEMs and suppliers in the region. The increasing demand for commercial and military aircraft in the region is driving the growth of the aerospace fasteners market. In addition, the growing need for fuel-efficient and advanced aircraft technologies is boosting the market growth. Recent developments include advancements in manufacturing technology and the adoption of advanced materials for producing aerospace fasteners. The ongoing trend towards lightweight and high-strength materials in aircraft construction is offering potential for market growth.
In Europe, the aerospace fasteners market is expected to grow significantly owing to the rising demand for commercial aircraft, particularly from emerging economies in the region. The increasing focus on developing technologically advanced and fuel-efficient aircraft is driving the growth of the market. Further, the adoption of advanced composite materials in aircraft construction is creating opportunities for the market participants. Recent developments include the adoption of government policies and regulations aimed at promoting aerospace manufacturing and strengthening supply chains.
The global Aerospace Fasteners market study report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their respective market shares across different regions. Expansion and investments encompass various strategic endeavors, such as funding research and development projects, establishing new manufacturing facilities, and optimizing the supply chain. The major players in the market are
- Aerospace Fasteners Incorporated
- Würth Aerospace Solutions GmbH
- Alcoa Corporation
- B&B Specialties, Inc.
- Howmet Aerospace
- Bufab International AB
- Precision Castparts Corp.
- TFI Aerospace
- LISI AEROSPACE
- March 2021 - Novaria, a company that produces precision components for the aerospace and defense industry, confirmed its acquisition of The Young Engineers, Inc. (TYE), a supplier that specializes in designing and manufacturing hardware for aircraft and aerospace, with a particular focus on inserts and fasteners. This move marked Novaria's ongoing expansion in the aerospace fasteners market.
The global Aerospace Fasteners Market is segmented as:
By Material Type
- Alloy Steel
- Super alloys
- Nuts & Bolts
- Military Aviation
- Commercial Aviation
- Civil Aviation
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- North Africa
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America