Aerospace Fasteners Market Size, Share & COVID-19 Impact 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, 2022-2029

The global aerospace fasteners market size was valued at USD 4.61 billion in 2021 and is projected to grow from USD 4.86 billion in 2022 to USD 7.73 billion in 2029, exhibiting a CAGR of 6.85% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, experiencing lower-than-anticipated demand across all the regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited an inconsistent growth of 3.36% in 2020 as compared to 2019.

Aerospace fasteners are used in aerostructures for the manufacturing process of aircraft. Aircraft components are not produced at a single factory but assembled in diverse manufacturing locations. However, in the final aircraft assembly, aerospace fasteners are required to transform these parts into a complete aircraft. The aerospace industry is very stringent about safety and weight. Thus, the fasteners utilized for aircraft manufacturing are made of high-quality materials. The aerostructures, such as fuselage, wings, empennage, nose, pylon and nacelle, and flight control surfaces, also require fasteners in their assembling procedure to offer appeal and robustness to the aerostructure designs of commercial and military aircraft.

Aerospace fasteners provide firmness and rigidity to the aerostructure, making it a vital aircraft component. Several fasteners are available in the market such as nuts & bolts, screws, rivets, and others.

Over the last few years, the aviation industry has witnessed high demand for commercial aircraft due to continuously rising air traffic in the high-growth region. Therefore, aircraft manufacturers such as Bombardier, Boeing, Embraer, and Airbus are expanding their manufacturing capacity to fulfill the need for new airplane orders and previous aircraft backlogs. The different aircraft part providers also focus on accelerating production to fulfill the requirement for various aircraft systems.

COVID-19 IMPACT

Restricted Material Supply During COVID-19 Crisis to Lower Market Growth

The COVID-19 pandemic has created a huge impact on the aerospace fasteners industry. The lockdown condition has temporarily terminated several regions' transportation and manufacturing operations. The raw material supply has stopped owing to COVID-19, which has severely hampered the production of aerospace fasteners. Aircraft orders are increasing, while the manufacturers face numerous challenges to fulfill aircraft demand. The key players focus on adopting multiple strategies to overcome these challenges, such as autonomous manufacturing technologies, smart transportation services, and planning, to start in-house raw material production capabilities to reduce dependency on raw material suppliers. 

LATEST TRENDS

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Rising Adoption of 3D Printing and Robotics Technology to Improve Manufacturing Capabilities

3D printing technology and robotics technology have proven their wide range of advantages in the manufacturing industry. Autonomous robotic manufacturing has increased the manufacturing speed and quality and also helps to reduce human error and dependency on the workforce. The 3D printing technology provides advantages including faster mass production, easily accessible, improved quality, tangible design, and product testing, cost-efficient, innovative design and freedom of customization, possible to generate desired shapes and geometry, efficient use of raw materials for implementation, less waste production and reduced the design and human errors. These factors have led to increased acceptance of 3D printing and robotics technologies for precise aircraft component manufacturing. Therefore, the growing adoption of aerospace robotics and 3D printing technologies in the manufacturing process of aircraft fasteners is driving the market.

DRIVING FACTORS

Surge in Production of Commercial Aircraft to Boost Market Growth

The global civil aviation sector is witnessing growth; this growth is supported by factors such as increase in air traffic, rise in travel & tourism, increase in the number of flights, and opportunities for new routes in the commercial aviation sector. Commercial aviation sectors require new aircraft deliveries to fulfill the current aircraft demand, increasing commercial aircraft production. Therefore, to meet the high demand and offer timely delivery, the aircraft OEM requires adequate components, systems, and raw materials such as fasteners, superalloys, aluminum, valves, actuators, switches, floor panels, cabin lights and others to complete aircraft deliveries. Thus, the rise in commercial and military aircraft demand is driving the market. Furthermore, the growing developments in the aviation sector in developing countries, such as China and India, support the aerospace fasteners market growth during the forecast period.

Rising Defense Expenditure to Strengthen Market Growth

The growing defense expenditure has led to new military aircraft and fighter jets procurement. The growing disputes among economies and rising terrorist activities worldwide will promote the procurement of military solutions to strengthen borderline security. Therefore, the demand for military aircraft will accelerate the production capacity of aircraft manufacturers, for example, Lockheed Martin Corporation, Airbus SE, and Boeing, among others. The Indian government allocated USD 42.7 billion in 2019 for the defense sector to enhance the operation of defense forces with technically advanced weapons, including fighter planes and helicopters. The growth in defense aircraft manufacturing has resulted in a large demand for aerospace fasteners.

RESTRAINING FACTORS

Increased Adoption of Composite Material for Aircraft Parts Manufacturing to Impede Growth

Increased use of composite frames in aircraft manufacturing is the major restraining factor to the market. Composite structures do not require combining two components, as composite materials are used as frames. Further, composite properties such as high strength, corrosion-resistant, light material, design flexibility, and low thermal conductivity have increased their demand worldwide. 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.

SEGMENTATION

By Product Analysis

Rising Adoption of Rivets for Aircraft Assembly to Drive Market Growth

Based on product, the market is segmented into rivets, screws, nuts & bolts, and others.

The rivets segment witnesses high demand during the forecast period. This growth is attributed to the increase in utilization of rivets in aircraft manufacturing, owing to its advantages over other fasteners. Rivets offer advantages such as rigid connectivity to aerostructure, high reliability when subjected to vibration, and time-consuming installation. These advantages of rivets are expected to surge its demand for assembly and manufacturing of aerostructure to provide high safety to the passenger.

By Material Analysis

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Rising Demand for High-Quality Material Fasteners by Aircraft OEM to Propel Market Growth

In terms of material, the market is segmented into aluminum, steel, superalloys, and titanium. The rising demand for highly reliable and rigid fasteners for aerostructure manufacturing boosts the demand for superalloys or titanium material fasteners. The titanium fasteners offer several advantages, such as high heat resistance capacity, low weight, and high rigidity in harsh conditions.

The aircraft OEMs largely utilize aluminum fasteners to connect aircraft parts due to their high rigidity, lightweight, and corrosion resistance capacity. The Aluminum fasteners are comparatively less expensive than others. Therefore, the Aluminum material segment dominates the market with a high share in 2021.

By Platform Analysis

Rising Production of Commercial Aircraft to Aid Market Growth

Based on platform, the market is divided into fixed-wing aircraft and rotary-wing aircraft. The fixed-wing aircraft segment is further sub-divided based on aircraft types such as commercial, business, general, and military aircraft. The rotary-wing aircraft segment is further subdivided into military helicopters and civil helicopters.

The fixed-wing aircraft segment registered high market shares in 2021. This growth is due to the large demand for commercial aircraft. The commercial Aircraft segment witnessed rapid growth due to increased air traffic, creating demand for aircraft deliveries globally. The air traffic increases owing to strong economic growth, increasing middle classes, up-gradation of airline business with more comfort to passengers. The commercial aircraft segment is further studied for subtypes, including narrow-body aircraft, wide-body aircraft, and very large aircraft.

REGIONAL INSIGHTS

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The global market is segmented into North America, Europe, Asia Pacific, and the rest of the world based on region.

North America stood at USD 1.86 billion in 2021 and is expected to dominate the market due to the presence of top aircraft manufacturers such as Textron, Boeing, and Bombardier, among others in this region. Moreover, the adoption of advanced manufacturing technologies within the region and increased investments in research and development activities boost the market growth in North America.

The Asia Pacific aerospace fasteners market is projected to grow at the highest growth rate during the forecast period. This growth is attributed to the growing development and number of OEMs present in the aviation industry in the region. Asia Pacific is witnessing large fasteners export to the aircraft manufacturers based in Europe and North America. Furthermore, the expansion in the aviation industry in the region is one of the conspicuous components behind the market development in Asia Pacific. Asian countries, such as China, India, Japan, and South Korea, are anticipated to boost the growth of the market in the region.

The Europe aerospace fasteners market has registered the second-highest share in the base year. This large share is attributed to increased aerospace fasteners requests from developed European countries, including Germany, France, the U.K., Russia, and Italy. Also, the presence of leading aircraft manufacturers, such as Dassault Aviation, Airbus SE, and Leonardo SPA, among others, is supporting to fuel the market growth in Europe.

KEY INDUSTRY PLAYERS

Market Players to Focus on Constant Product Development and Brand Strengthening Strategies

Howmet Aerospace Inc., Boeing Distribution Services, TriMas Corporation, and 3V Fasteners Company have dominated the market with their wide range product portfolio, high R&D investment, and strategic decisions. The key market players have a strong geographical presence across the world.

Market players plan to expand the business operations by accepting strategies, including ability augmentation, entering into a long-term contract, joint ventures, increasing investment in R&D, and mergers & acquisitions. For example, in June 2019, the U.S.-based TriMas Aerospace announced that the company signed a long-term contract with Safran Nacelles and Sonaca Group. Under this contract, the company agreed to provide blind fasteners for the aircraft systems of partnered companies.

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:

• August 2021 – National Aerospace Fasteners Corp. announced that it obtained the certification as a qualified aerospace forging supplier by Safran Aircraft Engines. NAFCO is qualified to engage in forging aviation products, with materials ranging from iron-based to nickel-based and cobalt-based high-temperature superalloys.


• February 2020 – HC Merchandisers Inc. announced that its division HC Pacific acquired the California Associated Products (CAP) Cleco temporary fastener product business from Sandvik Machining Solutions’s subsidiary Wetmore Tool and Engineering.

REPORT COVERAGE

An Infographic Representation of Aerospace Fasteners Market

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The research report provides a detailed analysis of the market and focuses on key aspects such as 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 factors above, the report encompasses several factors that have contributed to the growth of the market in recent years.

Report Scope & Segmentation