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, 2023-2030

The global aerospace fasteners market size was valued at USD 5.37 billion in 2022 and is projected to grow from USD 6.09 billion in 2023 to USD 9.88 billion by 2030, exhibiting a CAGR of 7.16% during the forecast period.

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.

COVID-19 IMPACT

COVID-19 Pandemic Led to a Historic Downfall in Demand for Aerospace Fasteners 

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. In addition, disruption in the supply of raw materials due to the global stoppage of general operations severely hampered the production of aerospace fasteners. As conditions are now improving, aircraft manufacturers start their production at a good pace, despite facing numerous challenges in fulfilling aircraft demand. Moreover, the key players such as B&B Specialists and Boeing Distribution Services are now focusing on adopting multiple strategies to overcome new challenges, such as smart transportation services and autonomous manufacturing technologies, starting an in-house raw material production, and subsiding dependency on raw material suppliers.

LATEST 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.

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DRIVING 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.

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

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.

SEGMENTATION

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 2022.

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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 ANALYSIS

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

North America was valued at USD 1.86 billion in 2021 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 2022. 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.

KEY INDUSTRY PLAYERS

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.


• August 2021 – National Aerospace Fasteners Corp. announced that it had obtained the certification as a qualified Aerospace forging supplier from 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


• October 2021- Würth Industry North America announced the  Expansion of its Online CAD Database. The company had added over 50,000 c-parts to the Wurth CADalog, its online CAD database, bringing the total number of parts to more than 57,000.

REPORT COVERAGE

An Infographic Representation of Aerospace Fasteners Market

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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.

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