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, 2020-2027

The global aerospace fasteners market size was valued at USD 6.95 billion in 2019 and is projected to reach USD 9.70 billion by 2027, exhibiting a CAGR of 8.28% during the forecast period.

Aerospace fasteners are used in aerostructures for the manufacturing process of aircraft. The 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, for example, fuselage, wings, empennage, nose, pylon and nacelle, and flight control surfaces among others, additionally require fasteners in their assembling procedure, to offer appeal and robustness to the aerostructure designs of commercial and military aircraft.

Aircraft fasteners provide firmness and rigidity to the aerostructure, which makes it a vital component of the aircraft. There are several types of fasteners available in the market such as nuts & bolts, screws, rivets and among others

Over the last few years, the aviation industry witnessed high demand for commercial aircraft owing 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 are also focusing on accelerating the production to fulfill the requirement for various aircraft systems.

Restricted Material Supply During COVID-19 Crisis

The COVID-19 epidemic has created a huge impact on the aviation industry. The lockdown condition has temporarily terminated the transportation and manufacturing operations in several regions. The raw material supply has stopped owing to COVID-19, which has severely hampered the production of aerospace fasteners. The aircraft orders are increasing, while the manufacturers face numerous challenges to fulfill the demand for aircraft. The key players are focusing on adopting several 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. The 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 an increase in the 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 the aircraft fasteners is driving the market.

DRIVING FACTORS

surge in Production of Commercial Aircraft to Boost Market Growth

The increased consumer spending on air travel has created a lucrative business for the aviation industry. The rising demand for comfortable, cost-effective, and fast traveling solutions, along with increased international air travel, are some of the primary factors that aid the growth of aerospace industry and the aircraft fasteners market.  The rising air traffic in the region, such as the Asia Pacific, has paved the way for enhanced production of commercial aircraft. Moreover, the rising aircraft modernization programs in North America and Europe are driving the market during the forecast period.

Rising defense expenditure to strengthen market

The growing defense expenditure has led to the procurement of new military aircraft and fighter jets. The growing disputes among economies and rising terrorist activities across the world 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. These OEMs are necessitating aircraft components to cater to the demand for military aircraft. Therefore, the manufacturers of aircraft fasteners are fast-tracking their production to fulfill the demand.

RESTRAINING FACTORS

Limited Availability and Increased Supply Cost of Raw Materials to Hamper the Market Growth

The limited availability of raw material that is required to produce aerospace fasteners is the major challenge for the manufacturer. Moreover, the rising cost of raw material supply facilities is another challenger for small scale manufacturers. These challenges are expected to hamper the fastener's production facilities.

SEGMENTATION

By Product Analysis

Rising Adoption of Rivets for Aircraft Assembly to Drive the Market Growth

Based on product, the market is segmented into rivets screws, nuts & bolts, and others. Rivet product segment witnesses high demand during the forecast period. This growth is attributed to the increase in the utilization of rivets in aircraft manufacturing, owing to its advantages over other fasteners. The rivets offer advantages such as rigid connectivity to aerostructure, high reliability when subjected to vibration, and time-consuming installation, among others. These advantages of rivets are driving its demand for assembly and manufacturing of aerostructure to provide high safety to the passenger.

By Material Analysis

Rising demand for high-quality material fasteners by aircraft OEM to propel the 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 is driving the demand for superalloys or titanium material fasteners. The titanium fasteners have heat resistance capacity, low weight, and can work under harsh conditions.

Aluminum fasteners are largely utilized by the Aircraft OEM’s for connecting aircraft parts together owing to its high rigidity, lightweight, and the 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 2019.

By Platform Analysis

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Rising production of commercial aircraft to aid the market growth

Based on the platform, the market is divided into fixed-wing aircraft and rotary-wing aircraft. The fixed-wing aircraft platform segment further sub-divided into commercial aircraft, business aircraft, general aviation aircraft, and military aircraft. The commercial aircraft segment is further studied for subtypes, including narrow-body aircraft, wide-body aircraft, and very large aircraft. Moreover, the rotary-wing aircraft is further subdivided into military helicopters and civil helicopters. The fixed-wing aircraft segment registered high market shares in 2019. The rising aircraft orders owing to increase air traffic is fueling the market growth.

REGIONAL INSIGHTS

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North America is expected to dominate the market, exhibiting a rapid growth rate. The dominance of North America will remain the same throughout the forecast period owing 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 increase investments in research and development activities are boosting the growth of the market in North America.

Asia Pacific 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 in the aviation industry in the region. Asia Pacific witness large export of fasteners 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 the Asia-Pacific. Asian countries, such as China, India, Japan, and South Korea, among others China, India, South Korea, are anticipated to boost the growth of the market in the region.

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

KEY INDUSTRY PLAYERS

Focus on strengthening brand and product portfolio through constant product development and strategic acquisition and collaboration 

Howmet Aerospace Inc., Boeing Distribution Services, TriMas Corporation, and 3V Fasteners Company have dominated the aerospace fastener market with its 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 are planning 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 and acquisitions. For example, In June 2019, the U.S. based TriMas Aerospace announced that the company has signed a long term contract with Safran Nacelles and Sonaca Group. Under this contract, the company has agreed to provide blind fasteners for the aircraft systems of partnered companies.

LIST OF KEY COMPANIES PROFILED:

• 3V Fasteners Company, Inc. (The U.S.)


• Howmet Aerospace Inc. (The U.S.)


• B&B Specialties Inc. (The U.S.)


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


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


• LISI Aerospace (France)


• M.S Aerospace (The U.S.)


• National Aerospace Fasteners Corporation (Taiwan)


• Stanley Black & Decker, Inc. (The U.S.)


• TFI Aerospace Corporation (Canada)


• TPS Aviation Inc. (The U.S.)


• Wurth Group (Germany)


• TriMas Corporation (The U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2020 – Michigan based TriMas Corporation has announced that the company’s fastening systems and monogram aerospace fasteners are selected by France based Airbus SE. This multiyear contract with Airbus SE will expect to support expanding TriMas Corporation’s fastener sales activity in Europe.


• August 2019 – Stanley Black & Decker, Inc., headquartered in the U.S., has announced to launch a new brand structure that includes seven brands under STANLEY® Engineered Fastening segment. These strategic changes are made by the company to deliver premium fastening and assembly solutions.

REPORT COVERAGE

The aircraft fasteners market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product types, and leading applications of the product.

An Infographic Representation of Aerospace Fasteners Market

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Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the advanced market over recent years.

Report Scope & Segmentation