Aerospace Fasteners Market Expected to Reach $12.8 Billion by 2030-Allied Market Research

According to a recent report published by Allied Market Research, titled, “Aerospace Fasteners Market by Material, Product, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the aerospace fasteners market size was valued at $7.4 billion in 2020, and is expected to reach $12.8 billion by 2030, registering a CAGR of 5.5% from 2021 to 2030. Aerospace fasteners are screws, bolts and other fastening tools made specifically for use in aircraft construction. These fasteners are manufactured through processes such as warm heading, cold heading and forging. These aerospace fasteners are also used to hold landing gear, fuselage access panels, and all other types of aircraft equipment. All equipment, fixtures, pieces of furniture and other components on an aircraft must be secured to ensure safe flight. For instance, on civil aircraft, passenger seats must be bolted together and to the aircraft. Similar such applications in aircrafts need fasteners to assemble an entire aircraft.

Rise in air travel around the world is a major factor boosting the growth of the market. For instance, the number of air travelers have doubled in the last five years owing to rise in per capita income, increase in spending capacity, and surge in tourism. In addition, increase in spending on military aircrafts by the governments of developed nations drives the aerospace fasteners market growth. However, 3D printing technology has led to reduction in joints of aircrafts as well as reduced parts in assemblies. This is in turn decreases the demand for aerospace fasteners in the market. Furthermore, the outbreak of COVID-19 has led to halt in logistic and manufacturing activities across the globe, which, in turn, has led to interruption of supply chain, thereby hindering the growth of the aerospace fasteners. However, this situation is expected to improve as government is relaxing norms around the world for resuming business activities.

On the contrary, the developing nations have a lot of potential for manufacturing of aerospace fasteners as well as offer MROs in the aftermarket. In addition, industrialization and urbanization has led to increase in air travelling and expenditure on military aircrafts by the governments. These factors are anticipated to drive the market growth during the forecast period.

The aerospace fasteners market is segmented into material, product, application, and region. On the basis of material, the market is bifurcated into aluminum, alloy steel, titanium and others. Depending on product, it is segregated into nuts & bolts, rivets, screws and others. The applications covered in the study include military aviation, commercial aviation and civil aviation. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Findings Of The Study

• By material, the alloy steel segment was the highest revenue contributor in 2020.
• By product, the nuts & bolts segment dominated the aerospace fasteners market trend in 2020.
• By application, the civil aviation segment led the aerospace fasteners market analysis in 2020.
• By Region, Asia-Pacific generated the highest revenue in 2020.

The major players profiled in the aerospace fasteners industry include B&B Specialities Inc., Bufab Group, Howmet Aerospace, LISI Aerospace, Precision Castparts Corp., Stanley Black & Decker Inc., TFI Aerospace, The Boeing Company, TriMas Corporation and Wurth Group. Major companies in the market have adopted acquisition, agreement, joint venture, partnership and business expansion as their key developmental strategies to offer better products and services to customers in the aerospace fasteners market.