Aerospace Fasteners Market Overview
Aerospace fasteners are a hardware device that mechanically joins two or more parts together. Aerospace fasteners are widely used by commercial, military aircraft, ballistic missiles, rockets and satellites. These fasteners are made under strict regulations and standards to withstand high fatigue loading. Millions of fasteners are used in an aircraft to join parts.
Market Size and Forecast
The global aerospace fasteners market is expected to grow at a CAGR of 7.6% over the forecast period i.e. 2017-2024. Global market of aerospace fasteners is anticipated to reach at a valuation of USD 9.2 Billion by the end of forecast period. Further, increasing demand for aircraft coupled with expansion of aircraft industry is envisioned to bolster the growth of aerospace fasteners market across the globe.
The global aerospace fasteners market is segmented into material type, application, product type, end-user, aircraft type and region. Further, product type segment is sub-segmented into nuts and bolts, rivets, screws and others. Moreover, rivet segment is projected to dominate the overall market by the end of 2024. Apart from this, commercial segment by application captured the largest market in 2016.
In terms of geography, North America captured the largest market of aerospace fasteners in terms of revenue in 2016. Moreover, North America is predicted to continue its dominance over the forecast period owing to growing technological advancement. Additionally, U.S. is the major contributor to the growth of aerospace fasteners market in the North America region. This growth of aerospace fasteners can be attributed to the rising government initiatives in the development of aviation sector in this region. Further, rapid increase in the manufacturing of aircraft in this region is envisioned to flourish the growth of aerospace fasteners market.
Asia-Pacific region accounted the second largest market of aerospace fasteners aided by Japan, China and others. Moreover Asia-Pacific region is most lucrative market due to emerging economies such as India and China. Furthermore, rising disposable income coupled with increasing tourism have augmented growth of airplanes which is believed to boost the growth of aerospace fasteners market.
Europe region is also predicted to showcase a significant growth during the forecast period. Likely, Western Europe countries such as Germany, U.K. and others are the major countries contributing in the market of aerospace fasteners in this region.
Our in-depth analysis segmented the global aerospace fasteners market in the following segments:
- Alloy Steel
- Control Surfaces
By Product Type
- Nuts & Bolts
By End User
By Aircraft Type
- Narrow Body Aircraft
- Wide Body Aircraft
- Very Large Aircraft (VLA)
- Regional Transport Aircraft
- Business Jets
- Military Aircraft
Global aerospace fasteners market is further classified on the basis of region as follows:
- North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth Drivers and Challenges
Rising aircraft delivery and growing demand for wide body aircraft are expected to be the major factor behind the rapid growth of aerospace fasteners market across the globe. Moreover, rising number of air travelers across the globe and advancement in aircraft industry are envisioned to supplement the growth of aerospace fasteners market by the end of 2024.
Furthermore, increasing manufacturing of aircraft and high demand for newer aircraft and replacement of ageing fleet are anticipated to flourish the growth of aerospace fasteners market. Additionally, rapid urbanization along with increasing research and development activities by major key players to enhance their product portfolio is believed to foster the growth of aerospace fasteners market. Likely, growing penetration of titanium fasteners due to compatibility with composite parts and possess high strength is believed to bolster the demand for aerospace fasteners.
However, high price associated with titanium fasteners is expected to hamper the growth of aerospace fasteners over the forecast period.
Top Featured Companies Dominating the Market
The major key players for aerospace fasteners are as follows
- 3V Fasteners Company Inc.
- Company Overview
- Key Product Offerings
- Business Strategy
- SWOT Analysis
- Alcoa Fastening Systems
- TriMas Corporation (Allfast)
- B&B Specialties Inc.
- B/E Aerospace
- Stanley Engineered Fasteners (Emhart Teknologies LLC)
- LISI Aerospace
- National Aerospace Fasteners Corporation
- Precision Castparts Corp.
- TFI Aerospace Corporation