The global demand for aerospace fasteners 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%.
As airlines seek to reduce their carbon footprint, they are expected to increase their use of lightweight materials like titanium and aluminum aircraft fasteners. In addition, the emergence of new competitors is expected to usher in fresh aerospace fasteners market growth prospects. Standard aircraft fasteners like screws, nuts, rivets, and bolts are widely used in the aircraft sector. There are likely to be a lot of new opportunities for aircraft fastener manufacturers in the next decade as commercial and military aircraft demand rises.
Demand for lightweight fasteners that can minimize fuel consumption and the time it takes to assemble and disassemble aircraft components are the main factors driving the aerospace fasteners market. Commercial aviation, military aviation, and space applications are the three largest end-use aerospace fasteners markets.
The industrial industry has reaped many benefits from advances in 3D printing and robotics technology. Using autonomous robotic manufacturing has enhanced production rates and quality while decreasing the need for human workers. Faster mass production, greater accessibility, higher quality, tangible design and product testing, lower costs, greater creative freedom in customization, less waste production, and fewer design and human errors are just some of the benefits of 3D printing technology. For these reasons, 3D printing and robotics technologies have become more widely used in the manufacture of precision airplane components. Therefore, the aerospace fasteners market is being driven by the increasing use of aerospace robots and 3D printing technologies in the production of aircraft fasteners.
The aerospace fasteners market is being held back primarily by the increasing use of composite frames in the aerospace hardware industry. Because composite materials are utilized as frames in composite structures, joining two separate parts is unnecessary. Composites are in high demand because of their many desirable characteristics, which include superior strength and durability, resistance to corrosion, low weight, adaptability in design, and low thermal conductivity. Composite materials are being more and more widely used in the aerospace tools industry due to their lighter weight and modern design advantages, which are projected to slow the aerospace fasteners market.
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.
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.
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Recent Developments in the Aerospace Fasteners Market
The United States-based aerospace tools manufacturer TriMas Aerospace announced in June 2019 that it had entered into a multiyear agreement with the French aerospace firms Safran Nacelles and Sonaca Group. The parties to the contract agreed that the company would supply blind aircraft fasteners for use in the aviation systems of the other 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.
The company National Aerospace Fasteners Corp. announced in August 2021 that it had been approved as a qualified aerospace forging supplier by Safran Aircraft Engines. Forging aircraft items out of materials like high-temperature superalloys made from iron and cobalt is something NAFCO is equipped to do.
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