Europe Aerospace Fasteners Market Size, Share & Trends Analysis Report By Material (Aluminum, Titanium, Alloy Steel, Others), By Product (Nuts and Bolts, Rivets, Screws), By Application (Military Aviation, Commercial Aviation, Civil Aviation) and By Country(U.K., Germany, France, Italy, Russia, Nordic, Benelux, Rest of Europe) Forecasts, 2024-2032

Market Overview

The Europe aerospace fasteners market size was valued at USD 23,887.9 million in 2023 and is projected to reach a value of USD 36,742.1 million by 2032, registering a CAGR of 4.4% during the forecast period (2024-2032).

The European aerospace fasteners market is an important area of the aerospace industry, aided by major aircraft manufacturers such as Airbus, substantial MRO networks, and considerable investments in both commercial and military aviation. Furthermore, the region's industry is fueled by a high demand for modern aircraft and continual advances in aerospace technology. Airbus SE will accelerate manufacturing of its advanced A350 widebody airplane as demand rises and arch-rival Boeing Co. remains mired in a crisis of confidence, necessitating millions of high-quality fasteners.

Market Dynamics

Europe aerospace fasteners market drivers

Presence of leading aircraft manufacturers

The presence of major aircraft manufacturers in Europe, particularly Airbus, is an important driver of the aerospace fasteners business. Airbus' large-scale manufacturing processes and ongoing innovation in aircraft design necessitate a significant and steady demand for high-quality aerospace fasteners. Airbus delivered 735 commercial aircraft to 87 customers worldwide in 2023, excelling in a challenging operating environment. The commercial aircraft business received 2,319 gross new orders (2,094 net). As a result, its 2023 year-end backlog was 8,598 aircraft. Popular models like the A320neo and A350 XWB account for most of his backlog. Each delivery includes a substantial number of fasteners utilized during assembly.

Furthermore, Airbus invests extensively in R&D to improve aircraft efficiency, safety, and performance. The use of titanium fasteners in high-stress locations and composite fasteners in lightweight buildings demonstrates how the fasteners market is meeting growing technical needs.

Europe aerospace fasteners market restraints

Stringent regulatory standards

Stringent regulatory standards in the aerospace sector maintain the most significant safety, dependability, and performance levels for aircraft components, including fasteners. These rules are necessary due to the delicate nature of aircraft applications, where component failure can have disastrous implications. However, producers need more support and expenditures when complying with these rules.

EASA establishes strict requirements for the certification and quality control of aeronautical components throughout Europe. These standards offer thorough descriptions of materials, production procedures, and performance characteristics. EN 9133 for aerospace series and EN 3660 for airframe fasteners specify strict testing and certification standards for fasteners used in aerospace applications. For example, a fastener manufacturer may need to invest in advanced X-ray or ultrasonic testing equipment to meet EASA's non-destructive testing requirements, which might cost hundreds of thousands of euros.

Europe aerospace fasteners market opportunity

Growing aerospace industry

The European aerospace industry benefits from strong demand for commercial aircraft, driven by increased air travel, airline fleet expansion, and the need to replace aged aircraft with more fuel-efficient ones. The International Air Transport Association (IATA)'s presentation of passenger traffic data in April 2022 strengthens the case for a sustained revival in the commercial aviation sector. According to statistics, passenger traffic in the European region increased by nearly 50% in April 2022 compared to April 2021. 

Furthermore, according to the European Organisation for the Safety of Air Navigation (Eurocontrol), European aviation began to recover from the COVID-19 epidemic in 2023. There were 10.2 million flights in Europe in 2023, a 10% increase over 2022. The top ten states reported 9.5% more flights than the previous year. The United Kingdom had the most significant average number of daily flights (5,290), followed by Spain (4,616) and Germany (4,532). This prediction focuses on the long-term growth potential of Europe's commercial aviation business and the associated demand for aerospace fasteners.

Regional Analysis

France dominates the regional market

Europe's aerospace fasteners market analysis was conducted in Germany, France, the UK, Italy, Spain, and the rest of Europe.

France is the most significant European aerospace fasteners market shareholder and is estimated to grow at a CAGR of 4.1% over the forecast period. France is the dominant region in Europe's aerospace fasteners market, owing to its robust aerospace sector, significant production capabilities, and strategic alliances with crucial aircraft manufacturers. Furthermore, the French civil aerospace industry is predicted to recover to 2019 activity levels between 2023 and 2025. The sector's outlook for 2022 and 2023 remains uncertain; nevertheless, production should return to pre-Covid levels by mid-2023 and surpass them shortly after that. Over the next 20 years, demand for new aircraft will increase by approximately 3% yearly.

Germany is anticipated to exhibit a CAGR of 5.5% over the forecast period. Germany has emerged as the fastest-expanding region in Europe's aircraft fasteners market because of its sophisticated manufacturing capabilities, technological competence, and significant investments in aerospace research and development. Since the mid-1990s, Germany's aircraft industry revenues have more than doubled, reaching EUR 39 billion in 2022. The sector is one of the country's most inventive and successful businesses, signaling significant momentum and future potential for aerospace fastener makers.

Segmental Analysis

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

The material is further segmented into aluminum, titanium, and alloy steel. Aluminum is the largest segment in the aerospace fasteners market and is expected to increase at a 3.7% CAGR over the forecast period. Aluminum's supremacy can be ascribed to its extraordinary qualities, which include lightweight, a high strength-to-weight ratio, and corrosion resistance, making it an ideal material for aircraft applications. These attributes contribute to the aircraft's weight reduction, improved fuel efficiency, and lower operating expenses. 

Based on products, the market is fragmented into Nuts and Bolts, Rivets, and Screws. Rivets are the market leader in aircraft fasteners, expected to grow at a CAGR of 4.1% during the forecast period. Rivets are essential in the aircraft industry because of their dependability, strength, and ability to form long-lasting and solid connections. They play a crucial role in aircraft construction, notably in guaranteeing safety and performance by preserving structural strength. 

The market can be bifurcated by application into Military Aviation, Commercial Aviation, and Civil Aviation. Commercial aviation leads the aerospace fastener market, with a projected CAGR of 4.1% over the forecast period. This supremacy is primarily due to a high demand for new aircraft as global air traffic increases, fleets expand, and older aircraft require replacement. The steady growth in passenger and freight traffic necessitates the construction of new commercial aircraft, which increases demand for aerospace fasteners. Furthermore, the increased emphasis on fuel efficiency and the push for newer, more efficient aircraft models drive demand for lightweight, high-strength fasteners, particularly those made of aluminum and titanium.

Recent Developments

• May 2024- LISI Group decided to support Watch-Out in the implementation of this turn-key autonomous precision machining solution, which is ready for scale-up, and to strengthen its cooperation with Watch-Out by acquiring a minority position in its holding company through a capital increase.