Aerospace and Defense

Aerospace Fasteners Market Report Cover

Aerospace Fasteners Market

Aerospace Fasteners Market Report Cover

Aerospace Fasteners Market Size, Share, Growth & Industry Analysis, By Product (Nuts & Bolts, Screws, Rivets, and Others), By Material (Aluminum, Steel, Titanium, and Superalloys), By Application (Commercial Aircraft, Military Aircraft, and General Aviation), and Regional Analysis, 2024-2031

Author : Saket A.


Pages : 148

Base Year : 2023

Release : June 2024

Report ID: KR153


Aerospace Fasteners Market Size

Global Aerospace Fasteners Market size was valued at USD 6,324.3 million in 2023 and is projected to grow from USD 1,606.0 million in 2024 to USD 10,278.0 million by 2031, exhibiting a CAGR of 6.36% from 2024 to 2031. In the scope of work, the report includes products offered by companies such as Würth Aerospace Solutions GmbH, Alcoa Corporation, Boeing, B&B Specialties, Inc., Howmet Aerospace, Bufab International AB, Precision Castparts Corp., TFI Aerospace, LISI AEROSPACE, Birmingham Fastener & Supply Company, Inc. and others.

The use of composite materials in aircraft manufacturing, which necessitates specialized fasteners designed to work with these advanced materials is a growing trend of the aerospace fasteners market. Ongoing aircraft modernization programs play a pivotal role in the aerospace industry by focusing on the retrofitting and upgrading of existing fleets. These initiatives are further bolstered by several factors, notably the need to enhance aircraft performance, comply with updated regulatory requirements, and improve operational efficiency.

Modernization often involves replacing older components with advanced technologies, including aerospace fasteners that meet higher standards for strength, weight reduction, and durability. For instance, the retrofitting of older aircraft models with new engines or avionics systems requires compatible fasteners that handle increased stress and ensure reliability over extended operational lifetimes. Such programs extend the operational lifespan of aircraft and enhance their capabilities, thereby making them more competitive in the evolving global aviation market.

As airlines and military forces seek to optimize their fleets without making significant investments in new aircraft purchases, there is an increasing demand for specialized aerospace fasteners tailored to meet modernization. This trend is fostering innovation and stimulating the expansion of the aerospace fasteners sector.

Aerospace fasteners are specialized hardware components used in the construction and maintenance of aircraft and spacecraft. These fasteners are crucial for securely joining structural components such as panels, frames, and engines, thereby ensuring structural integrity and operational safety under extreme conditions. They come in various types, including bolts, nuts, rivets, screws, and pins, each designed to withstand specific loads and environmental factors encountered during flight.

Aerospace fasteners are manufactured using high-strength materials such as titanium, stainless steel, and composites, selected for their ability to withstand high stress, corrosion resistance, and lightweight properties essential for aerospace applications. Their applications span across manufacturing, assembly, repair, and maintenance processes within the aerospace industry, where reliability and performance are critical.

Analyst’s Review

In the global aerospace fasteners market, key players are leveraging strategic initiatives to sustain growth and meet evolving industry imperatives. Companies are increasingly focusing on expanding their product portfolios to include advanced fastening solutions that cater to the increasing demand for lightweight and high-performance materials in aircraft manufacturing and maintenance.

  • For instance, Boeing projects that the global commercial aircraft market will reach USD 3.9 trillion by 2032. Both Airbus and Boeing anticipate a demand for over 40,000 new commercial jets over the next two decades.

Strategic partnerships and collaborations with aircraft manufacturers and MRO service providers are critical for enhancing market presence and ensuring a steady supply chain. Key players are further investing significantly in research and development to innovate new materials and manufacturing processes that enhance the strength-to-weight ratio and operational lifespan of aerospace fasteners. Moreover, there is a growing emphasis on sustainability, with initiatives aimed at developing eco-friendly fasteners that reduce environmental impact without compromising performance.

Aerospace Fasteners Market Growth Factors

Increased investments in the defense sector are contributing significantly to the growth of the aerospace fasteners market. Governments worldwide are increasing their defense spending to modernize military fleets, enhance national security, and maintain technological superiority. This surge in investment results in higher demand for advanced aerospace fasteners capable of withstanding rigorous operational requirements and ensuring the reliability and safety of military aircraft and aerospace vehicles. Defense applications often require fasteners that withstand extreme conditions such as high temperatures, vibrations, and stress, while also meeting stringent military specifications for performance and durability.

Moreover, defense contracts typically involve long-term partnerships and supply agreements, providing stability and predictable revenue streams for aerospace fastener manufacturers. As geopolitical tensions and global security threats persist, the defense sector's focus on upgrading existing fleets and developing next-generation defense systems is expected to sustain demand for specialized aerospace fasteners. This positions industry players to capitalize on defense-related opportunities, fostering growth and innovation.

Compliance with stringent regulatory requirements and industry standards poses a significant challenge for manufacturers operating in the aerospace fasteners market. The aerospace industry is subject to stringent regulations set by authorities such as the Federal Aviation Administration (FAA) in the United States and the European Union Aviation Safety Agency (EASA) in Europe. These regulations govern every aspect of aerospace manufacturing, including materials used, manufacturing processes, testing procedures, and documentation requirements.

For aerospace fastener manufacturers, ensuring compliance entails adhering to strict quality control measures, conducting extensive testing and validation, and maintaining comprehensive records throughout the production lifecycle. Non-compliance result in delays in product certification, rejection of products by customers, and potentially costly legal consequences.

Moreover, with advancements in aerospace technology and the evolution of safety standards, manufacturers are continuously investing in research and development to innovate new materials and technologies that meet or exceed regulatory expectations. Successfully navigating these regulatory challenges requires a robust quality management system, continuous improvement initiatives, and a proactive approach to anticipate changing regulatory landscapes, all of which are essential for maintaining competitiveness and fostering customer trust in the aerospace fasteners market.

Aerospace Fasteners Market Trends

The increasing use of composite materials is a notable trend shaping the aerospace fasteners market landscape. Composite materials, such as carbon fiber reinforced polymers (CFRP) and fiberglass reinforced plastics (FRP), offer significant advantages over traditional metal alloys, including lighter weight, higher strength-to-weight ratio, and better resistance to corrosion and fatigue. As aircraft manufacturers strive to reduce fuel consumption and emissions, composite materials have become increasingly integral to modern aircraft designs.

Aerospace fasteners used in composite structures are designed to accommodate the unique characteristics of these materials, such as their anisotropic properties and sensitivity to delamination. Specialized fasteners, including blind fasteners and adhesive bonded fasteners, are developed to ensure reliable joining and assembly of composite components while maintaining structural integrity and performance. The trend toward composite materials stimulate innovation in fastener design and manufacturing processes, with a major emphasis on developing lightweight and durable fastening solutions that optimize the overall efficiency and operational lifespan of aircraft.

Segmentation Analysis

The global market is segmented based on product, material, application, and geography.

By Product

Based on product, the market is categorized into nuts & bolts, screws, rivets, and others. The nuts & bolts segment dominated the aerospace fasteners market, capturing a substantial share of 41.25% in 2023. Nuts and bolts are fundamental components used extensively throughout aircraft manufacturing and maintenance processes. They are essential for securely fastening critical structural elements and subsystems, thereby ensuring the overall integrity and safety of aircraft.

The high demand for nuts and bolts is fueled by the continuous production and maintenance activities in both commercial and military aviation sectors. As global air travel continues to grow, airlines are increasingly investing in fleet expansion and modernization programs, which require a steady supply of nuts and bolts. Advancements in material sciences and manufacturing technologies have led to the development of specialized nuts and bolts that offer enhanced performance characteristics such as lightweight, high strength, and resistance to corrosion and fatigue.

By Material

Based on material, the market is classified into aluminum, steel, titanium, and superalloys. The titanium segment within the aerospace fasteners market is projected to achieve a remarkable CAGR of 7.16% over the forecast period. Titanium is highly favored in aerospace applications due to its exceptional properties, including high strength-to-weight ratio, excellent corrosion resistance, and compatibility with high temperatures encountered in aircraft engines and structures.

As aircraft manufacturers increasingly adopt lightweight materials to improve fuel efficiency and reduce emissions, there is a growing demand for titanium fasteners due to their ability to contribute to overall weight reduction without compromising on strength and durability. Advancements in titanium manufacturing processes, such as additive manufacturing (3D printing), have expanded the possibilities for producing complex geometries and customized fasteners tailored to specific aerospace requirements. The increasing utilization of titanium applications beyond structural components to include engine components and critical systems, thereby augmenting demand in the aerospace sector.

By Application

Based on Application, the market is divided into commercial aircraft, military aircraft, and general aviation. The commercial aircraft segment led the aerospace fasteners market, generating a valuation of USD 2,928.8 million in 2023. The rapid growth of global air travel, particularly in emerging markets, has spurred airlines to expand their fleets and enhance passenger capacity, necessitating substantial investments in new aircraft production and fleet modernization.

Ongoing advancements in aircraft design, characterized by the integration of composite materials and next-generation engine technologies, require specialized aerospace fasteners capable of supporting these innovations. The rising emphasis on passenger safety and comfort mandates continuous upgrades and maintenance of existing aircraft fleets, thereby fueling the demand for aerospace fasteners. These dynamics underscore the significant role of commercial aircraft have emerged as the primary revenue contributor in the market, with continued growth expected as global air travel demand rebounds and expands in the coming years.

Aerospace Fasteners Market Regional Analysis

Based on region, the global market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Aerospace Fasteners Market Size & Share, By Region, 2024-2031

North America aerospace fasteners market share stood around 36.38% in 2023 in the global market, with a valuation of USD 2,300.8 million. The presence of major aerospace and defense manufacturers fuels substantial demand for aerospace fasteners in diverse sectors such as commercial aviation, defense, and space exploration. Major aerospace companies based in the region continually invest in research and development, thereby advancing innovation in aerospace fastener technologies and maintaining a competitive edge in global markets. Stringent regulatory standards and a robust focus on safety and quality control in the aerospace industry further bolster demand for high-quality fasteners that comply with rigorous standards set by organizations such as the FAA and NASA.

North America benefits from a mature aerospace infrastructure and supply chain network, facilitating efficient production, distribution, and aftermarket services for aerospace fasteners. These factors collectively contribute to the leading position of North America in the market, with sustained growth expected as aerospace activities and defense expenditures in the region continue to expand.

Asia-Pacific is poised to experience a robust CAGR of 6.88% in the aerospace fasteners market in the coming years. Rapid economic development in countries such as China, India, and Japan has spurred significant investments in commercial aviation infrastructure, leading to increased aircraft production, fleet expansion, and modernization efforts in the region. Expanding defense budgets in countries such as China and India are leading to an increased demand for aerospace fasteners in military aircraft and defense systems, thereby fueling regional market growth.

  • For instance, in June 2024, according to OAG, India has emerged as the world's 3rd largest domestic aviation market, surpassing Brazil and Indonesia, an aviation analytics firm. Leading Indian airlines, IndiGo and Air India have collectively ordered over 1,000 aircraft, commanding 90% of the country's domestic airline seats.

Advancements in manufacturing capabilities and technological innovations in aerospace materials and components are bolstering Asia-Pacific's position in the global aerospace industry, resulting in increased investments from international aerospace companies seeking to leverage the region’s competitive advantages.

Competitive Landscape

The aerospace fasteners market 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 market shares across different regions. Manufacturers are adopting a range of strategic initiatives, including investments in R&D activities, the establishment of new manufacturing facilities, and supply chain optimization, to strengthen their market standing.

List of Key Companies in Aerospace Fasteners Market

  • Würth Aerospace Solutions GmbH
  • Alcoa Corporation
  • Boeing
  • B&B Specialties, Inc.
  • Howmet Aerospace
  • Bufab International AB
  • Precision Castparts Corp.
  • TFI Aerospace
  • LISI AEROSPACE
  • Birmingham Fastener & Supply Company, Inc.

Key Industry Development

  • March 2024 (Expansion): Birmingham Fastener expanded its operations to Mexico with the inauguration of a facility in Querétaro City. This strategic expansion aims to support businesses in Mexico engaged in commercial, construction, and aerospace projects by enabling them to localize their supply chains and expedite inventory access.

The global aerospace fasteners market is segmented as:

By Product

  • Nuts & Bolts
  • Screws
  • Rivets
  • Others

By Material

  • Aluminum
  • Steel
  • Titanium
  • Superalloys

By Application

  • Commercial Aircraft
  • Military Aircraft
  • General Aviation

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
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  • Check Icon Regional Market Dynamics
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  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 10,278.0 million by 2031, growing at a CAGR of 6.36% from 2024 to 2031.
The global market was valued at USD 6,324.3 million in 2023.
Ongoing aircraft modernization programs and increasing use of composite materials are augmenting the market.
Top key players of the market are Würth Aerospace Solutions GmbH, Alcoa Corporation, Boeing, B&B Specialties, Inc., Howmet Aerospace, Bufab International AB, Precision Castparts Corp., TFI Aerospace, LISI AEROSPACE, Birmingham Fastener & Supply Company, Inc., and others.
Asia-Pacific is the fastest growing region with the CAGR of 6.88% in the forecasted period (2024-2031) with the market value forecasted to reach at USD 2,217.5 million by 2031.
By application, the commercial aircraft segment will hold the maximum share in the aerospace fasteners market with the revenue value of USD 5,143.1 million by 2031.
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