Aerospace fasteners market size to surge from USD 7.31 billion in 2024 to USD 15.00 billion by 2034, registering a 7.45% CAGR
Aerospace Fasteners Market Key Takeaways
- North America dominated the global market with the largest market share of 42% in 2024.
- Asia Pacific is expected to grow rapidly during the forecast period.
- By product, the rivets segment led the market in 2024.
- By product, the screws segment is anticipated to expand rapidly in the coming years.
- By material, the aluminum segment held the major market share of 58% in 2024.
- By material, the titanium segment is expected to grow the fastest throughout the forecast period.
- By platform, the fixed-wing aircraft segment led the market in 2024.
- By platform, the rotary-wing aircraft segment is anticipated to expand rapidly over the forecast period.
Aerospace Fasteners Market Overview
The Aerospace Fasteners Market is witnessing steady growth due to the increasing demand for commercial and military aircraft worldwide. Fasteners play a crucial role in the structural integrity of aircraft, ensuring safety and durability. With the rise in air passenger traffic, aircraft manufacturers are focusing on producing more fuel-efficient and lightweight aircraft, further boosting the demand for advanced fastening solutions.
Additionally, technological advancements, such as 3D-printed fasteners and composite material fasteners, are shaping the future of the market.
Aerospace Fasteners Market Drivers
The primary drivers of the aerospace fasteners market include rising defense budgets, fleet modernization programs, and increasing production rates of commercial aircraft. As countries invest in expanding their air forces and modernizing existing fleets, the need for high-performance fasteners rises.
Moreover, the increasing adoption of titanium and composite fasteners due to their lightweight properties is further driving market expansion.
Opportunities
The market offers several opportunities, including the growing space exploration sector and the development of next-generation supersonic and hypersonic aircraft. With increasing investments in space missions, satellites, and space tourism, the demand for specialized aerospace fasteners is set to rise.
Additionally, the surge in demand for electric aircraft presents lucrative opportunities for manufacturers to develop innovative fastening solutions.
Challenges
Despite its growth potential, the challenges in the aerospace fasteners market include stringent regulatory standards and high manufacturing costs. Aerospace fasteners must adhere to strict quality and safety guidelines, leading to high research and development costs. Supply chain disruptions and raw material price volatility also pose challenges for manufacturers, potentially impacting production timelines.
Regional Insights
From a regional perspective, North America dominates the aerospace fasteners market due to the presence of major aircraft manufacturers such as Boeing and Lockheed Martin. Europe follows closely, with Airbus driving demand in the region. The Asia-Pacific region is witnessing rapid growth, fueled by increasing aircraft production in China and India, as well as the expansion of low-cost carriers.
Recent developments
Recent developments in the aerospace fasteners market include mergers and acquisitions among key players to enhance their product portfolios. Companies are also investing in research and development to introduce advanced fastening solutions that enhance aircraft performance and safety. Additionally, sustainability initiatives, such as the use of recyclable materials in fastener production, are gaining traction within the industry.
Aerospace Fasteners Market Companies
- LISI Aerospace
- National Aerospace Fasteners Corporation
- B&B Specialties Inc.
- M.S. Aerospace
- TPS Aviation Inc.
- TriMas Corporation
- Howmet Aerospace Inc.
- TFI Aerospace Corporation
- Wurth Group
Segments Covered In the Report
By Product
- Rivets
- Screws
- Nuts & Bolts
- Others
By Material
- Aluminum
- Titanium
- Steel
- Superalloys
By Platform
- Fixed-wing Aircraft
- Commercial Aircraft
- Business Aircraft
- General Aviation Aircraft
- Military Aircraft
- Rotary-wing Aircraft
- Military Helicopters
- Civil Helicopters
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa