Aerospace Fasteners Market

Market Overview

The global aerospace fasteners market size was valued at USD 6.4 Billion in 2022 and is projected to reach USD 11.9 Billion by 2031, registering a CAGR of 6.3% during the forecast period (2023-2031).

Aerospace fasteners are essential in the aerospace industry because they ensure aircraft and spacecraft components' safe and dependable assembly. These fasteners are built to survive harsh environments such as high temperatures, vibrations, and pressure variations. They connect various sections of an aircraft or spaceship, such as wings, fuselage, engine components, and interior fittings.

Rapid expansion in worldwide air travel due to rising living standards and tourism are important drivers of industry growth. Furthermore, reductions in import levies for manufacturers in some nations support the growth of the aircraft fasteners market. Furthermore, several countries are working to bolster their defense systems by including fighter planes, military helicopters, and other special aircraft in their military air force. These factors contribute to an increase in the aerospace fasteners' market share. However, the aircraft fasteners business was restricted by the COVID-19 epidemic due to logistical and air travel regulations. New aircraft manufacturing has dramatically decreased. Furthermore, the MRO of the aerospace industry was impeded. However, there is a huge increase in demand for military aircraft.

Highlights

• Alloy Steel holds the major share in the market based on material.
• Rivets topped the market based on products.
• Based on application, military aviation owns the highest share of the market.
• Asia-Pacific dominates the market.

Market Dynamics

Market Drivers

Increasing Aircraft Production

The constant increase in global air travel has increased aircraft production to fulfill the increasing demand for passenger and cargo transportation. As a result, there is a steady need for aerospace fasteners used to assemble numerous aircraft components. The Airbus A320neo program is a prominent example of increased airplane manufacturing. The Airbus A320neo (New Engine Option) is a fuel-efficient and technologically improved version of the successful A320 family. The program was initiated in December 2010 to fulfill the aviation industry's growing demand for fuel-efficient aircraft. Airbus had received over 7,500 orders for A320neo family aircraft from airlines worldwide as of September 2021.

The large number of orders demonstrates the considerable demand for this modern and economical aircraft, causing manufacturing volumes to expand. Aerospace manufacturers such as Airbus require many aerospace fasteners to assemble various components of the A320neo and other aircraft models to keep up with the high production rate. These fasteners are used to secure vital parts such as wings, fuselage, landing gear, and engines, maintaining the safety and integrity of the aircraft.

Market Restraints

Stringent Regulatory Requirement

The aircraft sector meets stringent regulatory standards and certifications to ensure safety and reliability. Aerospace fasteners used in essential applications must meet various international standards and certifications, such as those imposed by the United States Federal Aviation Administration (FAA) or the European Union's Aviation Safety Agency (EASA). For fastener makers, meeting these demanding regulations can be time-consuming and costly.

The Federal Aviation Administration (FAA) in the United States establishes stringent rules and criteria for aerospace fasteners used in commercial and military aircraft. To verify that their goods meet the FAA's safety and performance standards, fastener manufacturers must undergo a rigorous certification process. Failure to comply with these requirements can cause delays in product approvals and market entry, stifling the growth of the aircraft fasteners industry.

Market Opportunities

Technological Advancement

As aerospace technologies evolve, there is a growing demand for innovative and lightweight fasteners that improve performance and efficiency. Manufacturers can capitalize on this opportunity by investing in R&D to create improved aerospace fasteners that meet the changing needs of the aerospace industry. Manufacturing process improvements, such as additive manufacturing (3D printing), have enabled the production of complicated titanium fasteners with shorter lead times. Additive manufacturing also enables the production of lightweight, custom-designed fasteners that match the special needs of aeronautical applications. Major aerospace fastener makers are investing in R&D to create enhanced titanium alloys and fastener designs with increased strength, improved corrosion resistance, and compatibility with composite materials.

Regional Analysis

Asia-Pacific Dominates the Global Market

The global aerospace fasteners market research is analyzed in North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America.

Asia-Pacific is predicted to rise at a substantial CAGR of 6.5% throughout the forecast period. The increase is attributed to increased freight traffic, the number of airports, and increased investment in the aviation sector by emerging economies such as China and India. The fast expansion of the aviation sector and rising urbanization will likely increase demand for new aircraft, propelling market growth. For example, the Indian government declared in February 2020 that 100 new airports would be built by 2024.

According to the IATA research, China will overtake the United States as the world's largest aviation market. In comparison, India will overtake the United Kingdom as the third-largest aviation market in 2024. Furthermore, rising military aircraft acquisition expenditures in India and China will likely drive market expansion. The Indian Air Force intends to purchase 114 fighter jets, 96 of which will be manufactured in India under the Atmanirbhar project. Raghu Vamsi, an Indian aircraft component manufacturing company, obtained a contract with Boeing in August 2021 to provide crucial aviation components. The company manufactures aerospace fasteners, gears, sheet metal fabrication, and other products. As a result, rising demand for aerospace fasteners due to increased demand for new aircraft will likely boost market expansion throughout the Asia Pacific.

North America holds a sizeable global market share and is expected to boost at a CAGR of 5.8% during the forecast period. Some world's leading aircraft manufacturers are based in North America, including Boeing in the United States and Bombardier in Canada. These firms manufacture a wide range of commercial and military aircraft, resulting in a high need for aerospace fasteners. North America's aerospace sector is one of the largest and most advanced in the world. The region's aircraft manufacturers have a full order book, driven by rising air travel demand and the need to replace older fleets with more fuel-efficient and technologically sophisticated aircraft. According to the Aerospace Industries Association (AIA), the aerospace and military industry is expected to contribute more than USD 950 billion to the US economy in 2020 and support over 2.5 million jobs. The industry's economic impact is significant, increasing demand for aircraft fasteners. There are various specialized aerospace fastener producers in North America, including TriMas Aerospace, KLX Aerospace Solutions, and LISI Aerospace. These companies supply aircraft manufacturers and maintenance facilities with various fasteners like bolts, nuts, rivets, and screws.

Furthermore, North American aerospace fastener makers constantly develop to fulfill the industry's expectations. They design fasteners that use modern materials like titanium and composites to minimize weight while maintaining great strength and longevity. Precision Castparts Corp. and Arconic Inc. participate in research and development to improve the performance of aircraft fasteners. The utilization of novel materials and manufacturing processes improves fastener efficiency and reliability.

Europe's market had the third-highest share. This substantial percentage can be attributable to rising aerospace fastener demand from established European countries such as Germany, France, the United Kingdom, Russia, and Italy. Furthermore, major aircraft manufacturers like Dassault Aviation, Airbus SE, and Leonardo SPA, among others, are helping fuel market expansion in Europe. European aircraft firms actively work in long-term attempts to lessen their environmental effect. They invest in lightweight, environmentally friendly fasteners to boost fuel efficiency and reduce emissions.

According to the European Commission, the European aerospace industry has committed to lowering CO2 emissions and switching to sustainable aviation fuels. Environmentally-friendly aircraft fasteners are being developed and adopted due to sustainable practices. Airbus works with research organizations and vendors to create novel fastening solutions. They investigate innovative materials and technologies to increase fastener performance and advance aircraft design. The European aerospace sector makes large investments in R&D. Horizon Europe, a program of the European Union, funds research initiatives that promote innovation in aerospace fastener technology.

Latin America, the Middle East and Africa are rapidly growing due to various factors. The burgeoning aviation industry in both regions, typified by countries such as the United Arab Emirates and Qatar, heavily invests in and expands its fleets, creating demand for aerospace fasteners. Furthermore, defense modernization efforts in countries like Brazil and a focus on infrastructure development, such as airport expansions and new aviation hubs, are increasing the demand for aerospace fasteners.

Segmental Analysis

The global aerospace fasteners market is segmented based on material, product, application, and region.

The material is further segmented into Aluminum, Alloy Steel, Titanium, and Others.

Alloy Steel holds the major share of the market.

Alloy steel

Alloy steel fasteners have a high strength-to-weight ratio and are appropriate for essential applications in aircraft structures, engines, and landing gears. They are built to endure severe loads and strains while maintaining structural integrity and dependability.

Titanium

Titanium fasteners are valued for their excellent strength-to-weight ratio, corrosion resistance, and high-temperature resilience. They are widely used in aerospace components like airframes, landing gears, and engine parts.

The market is sub-segmented by-products: Nuts and Bolts, Rivets, Screws, and Others.

Rivets topped the market.

Rivets

Rivets are permanent fasteners that are used to connect two or more components. They provide robust and dependable connections and are frequently employed in aeronautical constructions where welding or other joining procedures are impractical. Rivets are essential for assembling an airplane's fuselage, wings, and other crucial components.

Nuts and bolts

Nuts and bolts are commonly employed in aircraft applications to link components together securely. They are available in various sizes and materials and are essential for assembling various pieces of an aircraft, such as structural components and engines.

The segment can be bifurcated by application into Military, Commercial, and Civil Aviation.

Military aviation owns the highest share of the market.

Military aviation

Military aviation is the aerospace sector associated with defense and military missions. Aerospace fasteners are used in manufacturing, repairing, and maintaining military aircraft, helicopters, and other aerospace vehicles in this market. These fasteners are critical for maintaining military aircraft's structural integrity, dependability, and safety under harsh and demanding operational situations.

Commercial aviation

The passenger and cargo airline industries are referred to as commercial aviation. Aerospace fasteners are widely used in this industry's assembly, repair, and maintenance of commercial airplanes, particularly narrow-body and wide-body aircraft. Given the large number of passengers and cargo carried by commercial aircraft, using high-quality and dependable fasteners is critical to ensuring their safety and airworthiness.

Recent Developments

• June 2023- Schneider Electric grants the Quality Award to Bufab.
• July 2023- Boeing anticipates demand for 2.3 million new commercial pilots, mechanics, and cabin crew over the next 20 years.
• July 2023- Boeing [NYSE: BA] and NASA will advise the Sustainable Flight Demonstrator (SFD) project and the construction of the X-66A research aircraft in collaboration with US airlines.