The global aerospace fasteners market is expected to grow from U.S. $6.17 billion in 2021 to $11.31 billion by 2030 at a CAGR of 6.96% during the forecast period 2022-2030. This is according to a newly published report by market research company, The Brainy Insights.
The absence of raw materials is a challenging factor in market growth, however, the aerospace fastener industry is still expected to grow substantially to 2030.
The use of superalloys in manufacturing these products is anticipated to expand demand for the aerospace fasteners market during the projection period.
Drivers
Aerospace fasteners refer to the critical components used to combine two or more objects in aircraft designing and manufacturing. Fasteners play an important role in the aerospace industry because of how important they are in providing reliable connections of parts in the secondary and primary structural areas of aircraft — as well as non-pressurized, pressurized, and load-transferring applications.
The surge in air travel worldwide due to the rise in tourism and high standard of living is the driving factor of the market growth. Further, the expansion in demand for aerospace fasteners for defense systems in fighter jets and military helicopters, among other particular aircraft across the military air force, propels the market growth.
Moreover, a rise in demand to reduce an aircraft’s weight and increase its efficiency is also driving the fastener market growth during the forecast period. The proliferation of the automotive sector, surge in investments, and raised disposable income also positively affect the aerospace fasteners market.
Constraints
The high production price is one of the restraining factors of market growth. The absence of raw materials is a challenging factor, including the expense of materials and supply-chain issues. This is also expected to influence the defense sector. Technological progress can also make it difficult for factories of aerospace fasteners to develop suitable fasteners and other related products, hampering market growth.
To enhance their market position in the global aerospace fasteners market, the key players are now focusing on adopting the strategies — such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
For example, in August 2021, National Aerospace Fasteners Corporation (NAFCO) announced that it acquired the certification as a skilled aerospace forging supplier through Safran Aircraft Engines. National Aerospace Fasteners Corporation is qualified in generating aviation products with fabrics ranging from iron-based to cobalt and nickel-based high-temperature superalloys.
Players
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North American region emerged as the largest market for the global aerospace fasteners market, with a 45.18% share of the market revenue in 2021.
Companies heavily invested in this market include: 3V Fasteners Company Inc., Advanced Logistics for Aerospace, Allfast Fastening Systems, Bufab Group, LISI Aerospace, Precision Castparts Corporation, National Aerospace Fasteners Corporation, TPS Aviation Inc., TFI Aerospace Corporation, and others.
U-Bolt-It is another company that understands fastener material is vital in determining the right fastener for each aerospace application. U-Bolt-It supplies and manufactures a broad range of aerospace pins, nuts, studs, bolts, anchors, and screws for consumers in this demanding enterprise. The aerospace enterprise utilizes a mixture of standard fasteners like rivets, pins, screws, bolts, and nuts.
For aerospace applications, common materials used for fasteners contain titanium, aluminum, steel, and superalloys, like Inconel, Hastalloy, and Monel.
Key Findings
- In 2021, the cabin interior segment dominated the market with the largest market share of 47.21% and market revenue of 2.91 billion. The application segment is divided into control surface, fuselage, and cabin interior. In 2021, the cabin interior segment dominated the market with the largest market share of 47.21% and market revenue of 2.91 billion. This growth is attributed to the increasing innovation in the aviation industry.
- In 2021, the rivets segment dominated the market with the largest market share of 30.16% and market revenue of 1.86 billion. The product type segment is divided into screws, nuts & bolts, rivets, and others. In 2021, the rivets segment dominated the market with the largest market share of 30.16% and market revenue of 1.86 billion. This growth is attributed to benefits like rigid connectivity to aero structure and high reliability.
- In 2021, the aluminium segment dominated the market with the largest market share of 32.17% and market revenue of 1.98 billion. The material type segment is divided into alloy steel, aluminium, titanium, and others. In 2021, the aluminium segment dominated the market with the largest market share of 32.17% and market revenue of 1.98 billion. This growth is attributed to the increase in the use of aluminium in different industries like building & construction. Further, by 2030, the titanium segment will likely dominate the market due to the growing share of wide-body aircraft in commercial aircraft deliveries.
- In 2021, the commercial aircraft segment dominated the market with the largest market share of 56.11% and market revenue of 3.46 billion. The aircraft type segment is divided into military aircraft and commercial aircraft. In 2021, the commercial aircraft segment dominated the market with the largest market share of 56.11% and market revenue of 3.46 billion. This growth is attributed to the risen demand for fuel-efficient aircraft.
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Filed Under: Screws • nuts • bolts • rivets