Aerospace Fasteners Market Size, Share & Industry Analysis, By Product (Rivets, Screws, Nuts & Bolts, and Others), By Material (Aluminum, Steel, Superalloys, and Titanium), By Platform Fixed-wing Aircraft (Commercial Aircraft, Business Aircraft, General Aviation Aircraft, and Military Aircraft) and Rotary-wing Aircraft (Military helicopters and Civil helicopters), and Regional Forecast, 2024-2032

The global aerospace fasteners market size was valued at USD 6.78 billion in 2023 and is projected to grow from USD 7.20 billion in 2024 to USD 12.76 billion by 2032, exhibiting a CAGR of 7.42% during the forecast period. North America dominated the aerospace fasteners market with a market share of 40.27% in 2023. Moreover, the aerospace fasteners market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 3,732.6 million by 2032, driven by an emergence of super alloys & titanium for high-quality fasteners to boost market size & growth.

Aerospace fasteners are primarily used in aero structures for the manufacturing of aircraft. The aircraft components are assembled in diverse manufacturing locations instead of being produced in a single plant. However, fasteners transform these individual components of an aircraft into a complete aircraft in the final step of aircraft assembly. In the rapid development of advanced lightweight materials, safety and weight are the two key parameters of the aerospace industry to ensure a smoother operation. Hence, fasteners designed for aircraft are preferably designed with high-quality materials with an aim to provide durability and withstand loads. The fasteners used in aero structures, such as empennage, wings, nose, pylon, nacelle, fuselage and flight control surfaces, are designed robustly to survive high gravity pressures.

Fasteners provide a certain firmness and rigidity to the aero structure apart from bringing the whole aircraft together, making it a vital component. Numerous aerospace fasteners, such as rivets, nuts & bolts, screws, and others, are available in the market. Over the years, the aviation industry has undergone significant growth for commercial aircraft due to rising passenger traffic in developing regions. Therefore, aircraft manufacturers such as Airbus, Boeing, Embraer, and Bombardier are expanding their manufacturing capacity to fulfil the need for new airplane orders and previous aircraft backlogs. Various OEM (Original Equipment Manufacturer) manufacturers are focusing on accelerating production to meet the demand for aircraft systems.

The COVID-19 pandemic led to a huge impact on the aerospace industry and subsequently crippled the aerospace fasteners market growth. The lockdown followed by a disrupted supply chain led to the termination of manufacturing and transportation operations across several regions.

Aerospace Fasteners Market Trends

Rising Adoption of Robotics and 3D Printing Technology to Bolster Aerospace Fasteners Market Share

Robotics technology and 3D printing have proven their advantages in the manufacturing industry. Autonomous robotic manufacturing has increased manufacturing speed with a high degree of accuracy and reduced dependency on humans. The 3D printing technology provides numerous advantages such as easily accessible, improved quality, faster mass production, tangible design and product testing, cost-efficient, innovative design and freedom of customization, possibility to generate desired shapes and geometry, efficient use of raw materials for implementation, less waste production and reduced the design and human errors. 3D printing primarily manufactures components such as wings, panels, and ducts. 3D technology reduces the number of components by printing two adjacent parts into one component and producing lightweight components. The demand for 3D printed parts and 3D printers has witnessed a substantial growth. For instance,

• In September 2023, 3D Systems, a leading U.S.-based additive manufacturing company, announced that it had been awarded a USD 10.8 million contract by the U.S. Air Force for a Large-format Metal 3D Printer Advanced Technology Demonstrator. The contract supported the development of extensive additive printing capabilities related to hypersonic manufacturing.

Aerospace Fasteners Market Growth Factors

Growth in Production and Increase in Orders for Commercial Aircraft to Accentuate Market Growth

The global civil aviation sector is witnessing growth supported by factors such as the increase in air traffic, rise in travel & tourism, and a rise in the number of flights for additional routes in commercial aviation. The commercial aviation sector needs new aircraft deliveries to fulfil the current demand, thereby increasing commercial aircraft production. Hence, to meet the high demand and offer timely delivery, the aircraft OEM requires adequate components, systems, and raw materials such as fasteners, super alloys, switches, floor panels, cabin lights, aluminum, valves, actuators, and others to finish aircraft deliveries. Therefore, rising commercial and military aircraft demand drives the market. For instance,

• In March 2023, The Boeing Company entered an agreement with Greater Bay Airlines, a major airline in Hong Kong, to provide it with 15 Boeing planes. Boeing won the contract, fighting its immediate rival company Airbus, to provide the 737 MAX aircraft.

Emergence of Super Alloys & Titanium for High-Quality Fasteners to Boost Market Growth

The growing adoption of high-quality materials, such as super alloys and titanium is expected to act as a major driver for the aerospace fasteners market growth. Super alloys have recently become quite significant owing to their extensive use in nuclear reactors, aerospace, chemical, and marine industries. Numerous properties, such as toughness, exceptional resistance to corrosion & thermal shocks, and superior chemical & mechanical properties are responsible for the widespread adoption of super alloys. Titanium and super alloy fasteners are highly used in aircraft engines, considering their high strength and resistance to heat and corrosion. Numerous airlines worldwide have placed bulk orders for advanced aircraft engines, thus boosting the demand for titanium-made parts and hardware. For instance,

• In February 2023, Air India, an Indian airline, expanded their fleet by ordering over 800 leap engines for over 200 Airbus A320/A321neo and Boeing 737 Max aircraft fleet. The growing adoption of high-quality materials such as super alloy and titanium is expected to constitute a great market share in the forecast period and act as a major driver for the market.

RESTRAINING FACTORS

Increased Adoption of Composite Material for Aircraft Components Manufacturing to Limit Market Growth

The Growing usage of composite frames in aircraft components manufacturing is the major factor that could dent the market’s growth. Composite structures do not need to combine two components since composite materials are used as frames. Furthermore, composite materials properties such as corrosion-resistant, high strength, light material, low thermal conductivity, and design flexibility have increased worldwide demand.

The increasing popularity of composite material in aircraft production due to reduced material weight and modern design advantages is expected to restrain the growth of the market.

Aerospace Fasteners Market Segmentation Analysis

By Product Analysis

Growing Adoption of Rivets for Assembly of Aircraft to Drive Market Growth

Based on product, the market is categorized into rivets, screws, nuts & bolts, and others. Rivet product market segment witnessed high demand during the forecast period. This growth is attributed to the growth in the utilization of rivets in aircraft manufacturing, owing to its advantages over other fasteners. The rivets offer various benefits, such as high reliability and rigid connectivity to aero structure, when subjected to time-consuming installation and vibration. These advantages offered by rivets are anticipated to drive the market demand for manufacturing and assembly of aero structures to provide high safety to the passenger.

By Material Analysis

Growing Demand for High-Quality Material Fasteners to Propel the Segment Growth

Regarding material, the market is segmented into aluminum, steel, superalloys, and titanium.

The increasing demand for highly rigid and reliable fasteners for aero structure manufacturing boosts the overall demand for titanium or superalloys material fasteners.

The titanium fasteners provide numerous advantages, such as high rigidity in harsh conditions, high heat resistance capacity, and low weight. Meanwhile, the aircraft OEMs largely utilize aluminum fasteners to connect aircraft parts due to their corrosion resistance capacity, high rigidity, and lightweight application. The Aluminum fasteners are less expensive compared to others. Hence, the Aluminum material segment will dominate the market with a high share in 2023.

By Platform Analysis

Growing Production of Commercial Aircraft to Aid Market Growth

Based on the platform, the market is divided into fixed-wing and rotary-wing aircraft.

The rotary-wing aircraft segment is subdivided into civil helicopters and military helicopters. The fixed-wing aircraft platform segment is subdivided based on aircraft types, such as commercial, business, general, and military aircraft. The Growing demand for modern-generation fixed-wing aircraft for carrying passenger loads and cargo boosted the market growth. The fixed-wing aircraft segment accounted for a high market share in 2022. This growth is due to the great demand for commercial aircraft.

REGIONAL INSIGHTS

The market is segmented into regions, namely, North America, Europe, Asia Pacific, and the Rest of the World.

The North America market was valued at USD 2.73 billion in 2023 and dominated the aerospace fasteners market share due to the presence of top aircraft manufacturers, such as Boeing, Bombardier, Tetron, and others across the region. Additionally, adopting new-generation manufacturing technologies within the region and increased investments in R&D activities contribute significantly to market growth.

Europe's market accounted for the second-highest market share in 2023. The region’s large share is due to increased demand for fasteners from developed European countries, such as France, the U.K., Russia, Italy, and Germany. Furthermore, the presence of leading aircraft manufacturers such as Leonardo SPA, Airbus SE, and Dassault Aviation, among others, is supporting the market growth in Europe. The Middle East and Africa region is expected to grow at a high CAGR in the forecast period on account of the growing air travel across the region.

Asia Pacific's aerospace fastener market is anticipated to grow at the highest CAGR during the forecast period due to the growing number of OEMs in the aviation industry across the region. The Asia Pacific region is witnessing large numbers of fasteners exported to aircraft manufacturers based in North America and Europe. Moreover, an expansion in the aviation industry in the Asia Pacific is one of the major reasons behind the Asian-Pacific market development. The Asia countries, such as China, India, Japan, and South Korea, are expected to boost the market growth in the region.

List of Key Companies in Aerospace Fasteners Market

Key Market Players are Focusing on providing a Variety of Services to Survive in the Market

The market is consolidated with several global and a few regional players operating in this industry. Several prominent players are focusing on developing multi-specialty tools and superalloys to get an edge in the marketplace. The top players in the industry are The Boeing Company, Stanley Black & Decker, Inc., The Wurth Group, and others listed fasteners companies in the ranking analysis. The Boeing Company and The Wurth Group are expected to lead the market initially owing to their global presence.

Other prominent players involved in the market include National Aerospace Fasteners Corporation, LISI Aerospace, TriMas Corporation, HC Merchandisers, Inc., and other market players highly involved in new product launches and frequent partnerships and acquisitions to sustain their position in the market.

List of Key Companies Profiled:

• B&B Specialties Inc. (U.S.)


• Boeing Distribution Services Ins. (U.S.)


• HC Merchandisers, Inc. (HC Pacific) (U.S.)


• Howmet Aerospace Inc. (U.S.)


• LISI Aerospace (France)


• M.S Aerospace (U.S.)


• National Aerospace Fasteners Corporation (Taiwan)


• Stanley Black & Decker, Inc. (U.S.)


• TFI Aerospace Corporation (Canada)


• TPS Aviation Inc. (U.S.)


• TriMas Corporation (U.S.)


• Wurth Group (Germany)

KEY INDUSTRY DEVELOPMENTS:

• February 2023- Air India, an Indian airline, expanded its fleet by ordering over 800 leap engines for over 200 Airbus A320/A321neo and Boeing 737 Max aircraft. The airlines has signed a contract for the same building trust since Air India has been an eminent partner of CFM since 2002.


• September 2022- The Boeing Company unveiled a new manufacturing facility, the Boeing Additive Manufacturing Plant (BAM), in the small suburb of Algona (WA). The company has been in additive manufacturing for about three decades. The new additive manufacturing unit will facilitate the manufacturing of tooling parts, civil and commercial aviation, and various parts used on spacecraft, airplanes, and drones.


• May 2022- Howmet Aerospace Inc. announced its presence at UBS global industrial and transportation conference. Key company members, including the chairman, CEO and CFO, spoke at the conference involving global transportation and industrial players.


• September 2022- The Boeing Company unveiled a new manufacturing facility, the Boeing Additive Manufacturing Plant (BAM), in the small suburb of Algona, U.S. The new additive manufacturing unit will facilitate the production of tooling parts, civil & commercial aviation, and various parts used in spacecraft, airplanes, and drones.


• March 2023- Stanley Black & Decker, Inc. unveiled control-lock tapes for user control that provide maximum durability on site. The tapes range from 12 ft to 30 ft, are lightweight, equipped with integrated finger brake, and come in a rugged design for maximum control.

REPORT COVERAGE

The report provides detailed information on the market and focuses on leading companies, product types, and leading product applications. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the above factors, it contains several factors that have contributed to the sizing of the global market in recent years.

Report Scope & Segmentation