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.
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.
