North America 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.S., Canada) Forecasts, 2024-2032

Market Overview

The North America Aerospace Fasteners Market size was valued at USD 5,086.07 million in 2023 and is projected to reach a value of USD 7,244.02 million by 2032, registering a CAGR of 3.6% during the forecast period (2024-2032).

The North American aerospace fasteners market is substantial and active, fueled by the region's thriving aerospace industry. North America accounted for a significant proportion of the worldwide aerospace fasteners market in 2023. The industry is supported by ongoing developments in aircraft technology and significant defense budgets, particularly from the United States, the world's top spender on military aviation.

Market Dynamics

North America Aerospace Fasteners Market Drivers

Strong Defense Spending

The North American aerospace fasteners industry is primarily driven by the region's enormous defense spending, mainly by the US government. This significant investment in defense fuels demand for military aircraft, resulting in a proportional requirement for aerospace fasteners. In March 2024, President Joe Biden published his fiscal year (FY) 2025 budget plan, which included a request for USD 850 billion in discretionary budget authority for the Department of Defense. The current budget reflects a 4.1 percent increase over the FY 2023 authorized level—a USD 34 billion increase. A sizable percentage of this budget is allocated to aviation initiatives, such as purchasing new aircraft, renovations, and modernization programs.

Additionally, the US government's continued investment in defense fuels demand for aircraft fasteners from vendors across North America. Aerospace fastener manufacturers benefit from long-term contracts and consistent orders from defense contractors on military aircraft programs. This steady demand promotes the growth and stability of the region's aerospace fasteners industry, opening up chances for innovation and technological advancement in fastener design and manufacturing.

North America Aerospace Fasteners Market Restraints

Supply Chain Disruptions 

Supply chain interruptions are a vital concern for the North American aerospace fasteners market, affecting the timely delivery of raw materials and components required for production. Natural catastrophes, pandemics, geopolitical tensions, and transportation challenges are all potential sources of disruption. Supply chain interruptions cause production delays and higher expenses for aerospace fastener producers. Expedited shipment, sourcing from alternate suppliers, and establishing contingency plans to mitigate disruptions result in higher costs. Furthermore, these interruptions can influence customer satisfaction because delays in supplying airplane components might interfere with production plans and aircraft delivery timeframes.

Furthermore, commercial disputes and geopolitical tensions between countries can lead to trade restrictions, taxes, and export controls, disrupting the cross-border movement of resources and components. For example, 2024 may bring new volatility. Biden and Xi face many challenges in the coming year, from presidential elections in Taiwan and the United States to ongoing trade tensions between the United States and China. Furthermore, trade disputes between the United States, China, and other trading partners can create uncertainty in the aerospace supply chain.

North America Aerospace Fasteners Market Opportunity

Advanced Aircraft Technology

The future of flight appears incredibly exciting, and the public is helping NASA see it more clearly. For more than a century, NASA and its precursor, the National Advisory Committee for Aeronautics, have been at the forefront of aeronautics research. NASA's unique contributions to aviation assist the US economy, air transportation system, aviation sector, and the people and businesses who rely on flight daily.

In addition, the National Airspace System (NAS) is being modernized to make flying safer, more efficient, and predictable—and NASA is helping to make this happen. The National Airspace System covers more than 29 million square miles and includes airspace, aviation navigation facilities, airports and landing sites, and other features. NASA is developing a cloud-based Digital Information Platform (DIP) for sophisticated data-driven digital services to facilitate collaborative decision-making in current and future NAS operations. 

Regional Analysis

The United States Dominates the Regional Market

North America aerospace fasteners market analysis is conducted across the United States, Canada, and Mexico.

The United States is the most significant North America aerospace fasteners market shareholder and is estimated to grow at a CAGR of 3.6% over the forecast period. The United States leads the North American aerospace fasteners market with a CAGR of 3.6%, owing to its powerful aerospace and defense industries. The Department of Defense intends to purchase 2,470 F-35 fighter jets to replace other aircraft employed by the Air Force, Navy, and Marines. As of December 2023, the program had delivered more than 900 aircraft to US services. Hence, this factor is expected to drive the market in the U.S.

Canada is anticipated to exhibit a CAGR of 3.9% over the forecast period. The State of Canada's Aerospace Industry Report also detailed the economic impact of the Canadian aerospace manufacturing industry, which accounts for nearly USD 18.7 billion in exports, with 58 percent going to the aerospace supply chain. Canada's dedication to expanding its aircraft manufacturing capabilities and incorporating cutting-edge technologies aided its high growth trajectory.

Segmental Analysis

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

The market is further segmented based on materials such as aluminum, titanium, and alloy steel. Aluminum is the largest sector in the aerospace fasteners market, and it is predicted to grow at a 3.0% CAGR during the forecast period. Aluminum's dominance can be attributed to its exceptional properties, such as its lightweight, high strength-to-weight ratio, and corrosion resistance, which make it an excellent material for aerospace applications.

Based on products, the market is fragmented into Nuts and Bolts, Rivets, and Screws. Rivets dominate the aircraft fasteners market, with a projected CAGR of 3.3% for the specified period. Rivets play a crucial role in the aerospace industry due to their reliability, robustness, and capacity to establish enduring and firm connections. They play a vital role in aircraft construction, ensuring safety and performance by maintaining structural integrity. 

The market can be bifurcated by application into Military Aviation, Commercial Aviation, and Civil Aviation. The aerospace fastener market is primarily controlled by commercial aviation, and it is expected to grow at a CAGR of 3.3% during the projected period. The main factor behind this supremacy is the strong demand for new aircraft, driven by global air traffic growth, the expansion of fleets, and the necessity to replace aging aircraft.

Recent Developments

• May 2024- Boeing [NYSE] announced plans to engage in several Quebec-based enterprises, including a USD 110 million anchor investment for an Aerospace Development Center in the new Espace Aéro Innovation Zone. The investments are part of Boeing's Industrial and Technological Benefits commitment to Canada, which chose Boeing's P-8A Poseidon for its long-term multi-mission aircraft need.