PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1494924
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1494924
According to Stratistics MRC, the Global Aerospace Fasteners Market is accounted for $7.5 billion in 2024 and is expected to reach $12.1 billion by 2030 growing at a CAGR of 8.3% during the forecast period. Aerospace fasteners are specialized components used to assemble and secure various parts of an aircraft, ensuring structural integrity and safety. Made from high-strength materials like titanium, aluminum, and stainless steel, these fasteners include bolts, screws, rivets, and nuts. They are designed to withstand extreme conditions, such as high stress, temperature variations, and vibration, which are crucial for maintaining aircraft performance and reliability.
According to the International Air Transport Association (IATA), it states that the overall number of air passengers will reach 4 billion by 2024. And, the Federal Aviation Administration forecasted that the number of United States airline passengers will reach 1.28 billion by 2038.
Increasing aircraft fleet size
The increasing aircraft fleet size is a significant driver for the aerospace fasteners market. As global air travel continues to rise, airlines are expanding their fleets to meet the growing demand. This expansion necessitates a higher volume of aerospace fasteners for the assembly and maintenance of new aircraft. Additionally, the replacement of aging aircraft with newer models further boosts the demand for fasteners, driving market growth and ensuring the safety and reliability of the expanding fleet.
Volatility in raw material prices
Volatility in raw material prices poses a significant restraint to the aerospace fasteners market. The prices of key materials such as aluminum, titanium, and steel can fluctuate due to market dynamics, geopolitical factors, and supply chain disruptions. These fluctuations can impact the cost of production for aerospace fasteners, leading to increased prices for end-users. Manufacturers may face challenges in maintaining profitability and competitiveness, which can hinder market growth and investment in new technologies.
Adoption of lightweight materials
The adoption of lightweight materials presents a substantial opportunity for the aerospace fasteners market. As the aerospace industry focuses on improving fuel efficiency and reducing emissions, there is a growing demand for fasteners made from advanced materials like titanium and composites. These materials offer high strength-to-weight ratios, enhancing aircraft performance and reducing overall weight. Manufacturers investing in the development of lightweight, high-performance fasteners can capitalize on this trend, driving innovation and market expansion.
Stringent regulatory standards
The aerospace industry is highly regulated, with strict safety and performance requirements for all components, including fasteners. Compliance with these standards involves rigorous testing, certification processes, and adherence to quality control measures. Failure to meet these standards can result in product recalls, legal liabilities, and loss of market reputation. The high cost and complexity of compliance can also deter new entrants and limit market growth.
The Covid-19 pandemic had a profound impact on the aerospace fasteners market. The global lockdowns and travel restrictions led to a significant decline in air travel, resulting in reduced demand for new aircraft and maintenance services. This downturn affected the production and sales of aerospace fasteners. However, as the industry recovers and air travel resumes, the market is expected to rebound, driven by the need for fleet modernization and increased safety measures.
The rivets segment is expected to be the largest during the forecast period
The rivets segment is expected to dominate the aerospace fasteners market due to their extensive use in aircraft assembly. Rivets provide strong, reliable joints that are essential for the structural integrity of aircraft. They are widely used in critical areas such as fuselage, wings, and control surfaces. The demand for rivets is driven by the continuous production of new aircraft and the need for regular maintenance and repairs, ensuring their prominence in the market.
The defense segment is expected to have the highest CAGR during the forecast period
The defense segment is projected to have the highest CAGR in the aerospace fasteners market. This growth is driven by increasing defense budgets and the modernization of military fleets worldwide. The demand for advanced military aircraft, including fighter jets and transport planes, necessitates high-performance fasteners that can withstand extreme conditions. Investments in new defense technologies and the replacement of aging military aircraft further boost the demand for aerospace fasteners in this segment.
North America is positioned to dominate the aerospace fasteners market due to its advanced aerospace industry and the presence of major aircraft manufacturers like Boeing and Lockheed Martin. The region's strong focus on innovation, extensive defense spending, and high demand for commercial aircraft contribute to its leading market share. Additionally, the well-established supply chain and robust infrastructure support the production and distribution of aerospace fasteners, ensuring North America's dominance in the market.
The Asia Pacific region anticipates rapid growth in the aerospace fasteners market, driven by increasing air travel, rising defense expenditures, and expanding aircraft manufacturing capabilities. Countries like China, India, and Japan are investing heavily in their aerospace industries, leading to higher demand for fasteners. The region's growing middle class and urbanization also contribute to the increased demand for commercial aircraft, further boosting the market's growth prospects in Asia Pacific.
Key players in the market
Some of the key players in Aerospace Fasteners Market include Arconic Inc., Precision Castparts Corp., LISI Aerospace, Bollhoff Group, Stanley Black & Decker, Inc., 3V Fasteners Company, Inc., KLX Inc., TriMas Corporation, SPS Technologies LLC, Berkshire Hathaway Inc., Ho-Ho-Kus Inc., The Boeing Company, Airbus SE, Lockheed Martin, Wesco Aircraft Holdings, Inc., National Aerospace Fasteners Corporation, Precision Aerospace Components and Anixter International Inc.
In May 2024, Boeing announced plans to invest in several Quebec-based enterprises, including a $110 million anchor investment for an Aerospace Development Centre in the new Espace Aero Innovation Zone. The investments are part of Boeing's Industrial and Technological Benefits commitment to Canada for its selection of Boeing's P-8A Poseidon to fulfill its long-term multi-mission aircraft role.
In May 2024, Airbus has announced plans to establish a Tech Hub in Japan. The new initiative is designed to develop partnerships in the country to advance research, technology and innovation in aerospace and push boundaries to prepare for the next generation of aircraft. The new Airbus Tech Hub, coordinated from Tokyo, will focus on three key research areas, including the development of new materials, decarbonisation technologies, robotics and automation.
In May 2023, Arconic Corp (ARNC.N), opens new tab has agreed to be bought by Apollo Global Management Inc (APO.N), opens new tab in a take-private deal valued at about $5.2 billion, the U.S. aerospace supplier said. Apollo will pay $30 for each Arconic share held, representing a premium of 35.6% as of close on Feb. 27, a day before reports of deal talks emerged. The deal, which is expected to close in the second half of the year, has an equity value of about $3 billion.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.