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May 28, 2024

Aerospace Fasteners Market Increasing Demand, Growth Analysis and Outlook 2023

According to IMARC Group latest published report, titled “ Aerospace Fasteners Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028 ,” that the the global aerospace

According to IMARC Group latest published report, titled “Aerospace Fasteners Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” that the the global aerospace fasteners market reached US$ 6.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.8% during 2023-2028.

Aerospace fasteners are fixtures, equipment and other hardware tools, such as screws, pins, bolts, nuts and collars, that are utilized to join two or more components together in an aircraft. These fasteners can endure extreme environmental conditions, including moisture, high stress, temperature and pressure changes, and ultraviolet (UV) radiation, to eliminate any risk of failure. They often made using metals, such as steel, aluminum and titanium, for their high tensile and corrosion-resistant nature. Consequently, they are widely utilized for assembling fighter jets, explosive bolts, rockets, ballistic missiles and commercial aircraft.

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Market Trends and Drivers

The global market is primarily driven by a significant rise in air passenger traffic. This can be attributed to rapid urbanization, inflating per capita income levels and reduced airfares. Consequently, there is a significant increase in the demand for the production of new aircraft, which is boosting the sales of aerospace fasteners. Additionally, the construction of new airports, equipped with advanced automated systems, in confluence with the renovation of existing ones, is anticipated to create a positive outlook for the market growth. Moreover, the increasing need for the development of lightweight aircraft components for fuel efficiency is expected to drive the demand for lightweight aerospace fastener materials, such as aluminum. Several manufacturers are increasingly employing superalloys in the manufacturing of fasteners for their improved versatility and high resistance, which is anticipated to improve the overall aircraft performance. The emergence of three-dimensional (3D) printing in aerospace manufacturing is also projected to facilitate the market growth in the near future.

Competitive Landscape

The report has also analysed the competitive landscape of the market with some of the key players being Arconic Fastening Systems & Rings, B&B Specialties, LISI Aerospace, 3V Fasteners Company, National Fasteners Company, TriMas Corporation, Wesco Aircraft Holdings, CDP Fastener Group, TFI Aerospace Corporation, Stanley Engineered Fastening, Ho-Ho-Kus Inc, etc.

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Key Market Segmentation:

Breakup by Product Type

1. Rivets

2. Screws

3. Nuts and Bolts

4. Washers

5. Others

Breakup by Material Type

1. Aluminium

2. Alloy Steel

3. Titanium

4. Others

Breakup by Application

1. Interior

2. Control Surfaces

3. Fuselage

Breakup by Aircraft Type

1. Narrow Body Aircraft

2. Wide Body Aircraft

3. Very Large Aircraft

4. Fighter Jet

5. Others

Breakup by End-Use Sector

1. Commercial

2. Defense

3. Others

Breakup by Region

1. North America

2. Europe

3. Asia Pacific

4. Middle East and Africa

5. Latin America

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