n 2022, the market for aerospace fasteners will likely be worth US$ 7,834.5 million and is anticipated to grow at a moderate rate of 6.4% CAGR. By 2032, the market is projected to increase in size and reach US$ 14,568.9 million. According to Future Market Insights’ data, the historical CAGR was 4.8%.
Fasteners are the hardware components that are used to mechanically join two or more objects together. In the same context, aerospace fasteners are special-grade hardware devices, used to connect parts of aircraft during original equipment manufacturing and aftermarket servicing. Aerospace fasteners are broadly used in commercial aircraft, military aircraft, ballistic missiles, rockets, and satellites. Aerospace fasteners are made under strict regulations and standards to withstand high fatigue loading and drastic temperature changes. Manufacturers are focused to introduce aerospace fasteners with lightweight and high-strength metallurgical structures in order to provide increased life and reliability rate along with enhanced fuel efficiency of the aircraft.
The number of fasteners required in a typical aircraft could reach to millions in the form of nuts, bolts, pins, rivets, washers, etc. Growing defense and space exploration activities are contributing significantly to the growth of the aerospace fasteners market. The commercial civil aviation industry, owing to the increase in the number of passengers traveling by air route, is growing at an unprecedented annual rate, creating significant demand for commercial aircraft. This, in turn, is expected to push market growth of the global aerospace fasteners market over the forecast period of 2022-2032.
Aerospace Fasteners Market: Dynamics
The civil aviation industry is on the rise and competition among major airline companies has intensified. Unlike in the past, air travel has no longer remained a luxury and more people prefer air mode of transportation. Governments across the world are solidifying their air defense and strong demand for aircraft exists both in commercial and military aircraft segments.
With growing overall aircraft demand, the market for aerospace fasteners is expected to witness significant growth over the forecast period. Upgraded technology and the invention of more sophisticated and reliable materials are further anticipated to boost up the aerospace fasteners market from the supply side. Moreover, the replacement of aging aircraft with Next-Gen aircraft is another factor fueling up the aerospace fasteners market globally. Whereas, high production costs, less availability of high-grade materials, and unexpected failure of fasteners are some of the major challenges existing in the global aerospace fasteners market.
Major aerospace fastener companies are involved in business development strategies like mergers & acquisitions in order to spread their reach in targeted nations. Providing high quality and cost-effective aerospace fasteners in a stipulated time is another key strategy followed by key manufacturers to gain market position.
Aerospace Fasteners Market: Segmentation
The global aerospace fasteners market is segmented based on aerospace application, type of fixing, product type, materials, and head type. Because of application, the aerospace fasteners market can be segmented as commercial aerospace and military aerospace. Based on product type, the aerospace fasteners market can be segmented as pins, bolts, studs, screws, and rivets. Based on material, the aerospace fasteners market can be segmented as aluminum, steel, super alloys, and titanium. Based on head type aerospace fasteners can be segmented as 12 points (Double Hex), 6 lobe recess, Dee, Rectangular, Screw, and others. Based on the type of fixing, the market can be segmented as permanent fixing and temporary fixing.
By adopting strategies, getting into long-term contracts, joint ventures, mergers & acquisitions, and increasing investment in research and development, market participants in the aerospace fasteners market are planning and continuously growing the company operations. They are also enhancing their capacity to produce highly useful aircraft fasteners and to accelerate the market expansion for the relevant product.
- Safran Nacelles and Sonaca Group inked a long-term deal with TriMas Aerospace, a U.S.-based corporation, in June 2019. The business committed to providing blind fasteners for the partner firms’ aviation systems under the terms of this contract.
- HC Marchandisers Inc.’s division HC Pacific 2020 bought the California Associated Products (CAP) Cleco temporary fastener product business from Wetmore Tool and Engineering, a Sandvick Machining Solution subsidiary.
- National Aerospace Fasteners Corp. stated in August 2021 that Safran Aircraft Engines has certified it as a competent aerospace forging supplier. NAFCO is certified to forge aircraft goods using materials such as high-temperature superalloys based on iron and cobalt.