Aerospace Fastener Market Outlook for 2024 to 2034

The global aerospace fastener market is estimated to be worth USD 8,869.4 million in 2024. Displaying a CAGR of 6.4% through 2034, the market is slated to be worth USD 16,493.4 million by the end of the forecast period.

With air travel becoming more common by the day, the number of aircraft in the sky is multiplying rapidly. As both commercial flights and military aircraft increase in numbers, the importance of aerospace equipment is climbing. Fasteners are a key ingredient of aerospace equipment and are also taking flight with the rest of the aerospace sector.

The environmental impact of air travel has been the subject of scrutiny. Aircraft manufacturers are working to address this issue by manufacturing lighter aircraft. The importance of fasteners is elevated in the working of lighter aircraft. These newly designed aircraft need to ensure safety, as they aim to do the work of bulkier aircraft but with much less material. Fasteners are integral to this safety, and thus, their demand is set to climb in the coming years.

Improvement in the fasteners themselves is set to add wings to the aerospace fastener market. Manufacturers are designing fasteners that are extremely resistant to corrosion and that can operate at high temperatures without a fuss. Thus, the confidence of aircraft enterprises in fasteners is increasing.

3D printing technology has played a key part in improving the capabilities of producers. With the help of 3D printing, production batches are getting bigger while saving is also being done on cost and time. 3D printing also takes out the element of human error. Since aircraft equipment requires precision, this benefit of 3D printing is seeing the technology become more accepted in manufacturing.

Robotics is another way through which production processes are getting shorter. Like 3D technology, the use of robotics has a myriad of benefits for manufacturers, not the least of which is the saving on time and labor costs. Thus, technological advancement is seeing the aerospace fastener market advance at a rapid rate.

Attributes Description
Established Aerospace Fastener Market Size (2024E) USD 8,869.4 million
Projected Aerospace Fastener Market Value (2034F) USD 16,493.4 million
Value-based CAGR (2024 to 2034) 6.4%

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Key Industry Highlights

Rise of Electric Aircraft Set to Add New Dimension to the Sector

Electric aircraft are a promising avenue of growth for the overall aerospace sector. The potential reduction in emissions of harmful gases through electric aircraft makes them compelling in the eyes of stakeholders.

Though some electric aircraft are already operational, most of them are still in the testing phase. Aerospace fasteners play an integral role in this testing. Fasteners suited for electric aircraft are thus expected to be in higher demand in the coming decade

Self-clinching Fasteners Set to Capture Attention of Manufacturers

Self-clinching fasteners are proving to be the preferred option for manufacturers. These fasteners eradicate the necessity for multiple hardware components. This not only helps manufacturers save money on raw materials but also plays an important part in making aircraft lighter.

As aircraft move toward becoming more lightweight, self-clinching fasteners are receiving the vote of confidence from aerospace companies. Industry players are also promoting the widespread use of clinch nuts, which is leading to more aerospace companies adopting them.

High Material Cost and Competition Set to Cut into Industry Growth

While the aerospace fastener market is set for consistent growth over the decade, some factors impede this progress. Composite materials provide competition to fasteners in aerospace applications. The high price of raw materials is also a major concern for producers.

2019 to 2023 Global Aerospace Fastener Sales Outlook Compared to Demand Forecasts for 2024 to 2034

The aerospace fastener market advanced at a rate of 3.9% between 2019 and 2023. This allowed the value to climb from USD 6,869.3 million in 2019 to USD 8,335.9 million in 2023.

The downturn in the air travel sector because of pandemic was reflected in the aerospace fasteners industry as well. With restrictions in place, fewer flights took off, resulting in reduced demand for fasteners. Both airplane and fastener manufacturing, while not coming to a complete halt, slowed down, negatively impacting the sector. However, as restrictions were lifted, the industry was ready to take off again.

The industry is expected to fly higher during the forecast period compared to the historical period. With a rise in disposable income all over the globe, the tourism realm is flourishing. As a consequence, more consumers are hopping onto flights. Thus, commercial aircraft enterprises are thriving and in need of fasteners to a greater degree.

Along with commercial flights, military aircraft too are in need of fasteners. With military budgets increasing all over the world, as geopolitical tensions flare up, military aircraft spending is on the rise. Thus, aerospace fasteners find greater application in the military.

As sustainability becomes a greater concern, the aerospace sector is not immune to the effects as well. With an eye on being eco-friendly, the manufacture of lightweight aircraft is becoming more prominent, and fasteners are being relied upon to facilitate this process.

Nikhil Kaitwade
Nikhil Kaitwade

Principal Consultant

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Comparative Market Overview

Apart from the aerospace fastener industry, an in-depth analysis has been done on two other related industries. The industries by name are the automotive fastener industry and the right angle fastener industry.

Automotive Fastener Industry Assessment:

As technology in cars gets more complex, the need is felt to ensure the components are bound together to ensure safety. This is where automotive fasteners are stepping in. The increase in electric vehicle demand around the world is also helping the automotive fastener industry’s prospects.

Attributes Description
Related Market Automotive Fastener Market
Value-based CAGR (2024 to 2034) 6%
Trend Smart cars becoming more popular
Restraint End user concern with poor quality of fasteners
Growth Opportunity Automakers’ need to comply with safety standards

Right Angle Fastener Industry Assessment:

The propelling of the construction industry is set to play a prominent role in the development of the right angle fastener sector. Production automation is also set to help industry players.

Attributes Description
Related Market Right Angle Fastener Market
Value-based CAGR (2024 to 2034) 5.2%
Trend More electrical vehicles populating roads
Restraint Competition from alternatives like adhesive bonding
Growth Opportunity Increase in automobile need for right angle fasteners

Category-wise Insights

Aluminum reigns supreme as the most sought-after material in the production of aerospace fasteners. Commercial aerospace is the predominant application for these components.

Non-corrosive Nature of Aluminum Fasteners Helps them Triumph in Material Segment

Aluminum is estimated to account for 37.5% of the market share in 2024. Aluminum fasteners are resistant to corrosion. Given the significant cost of manufacturing and maintaining airplanes, durable equipment is preferred. Thus, fasteners made from aluminum receive confidence from end users. The non-magnetic nature of the material too helps it ride high in planes.

Segment Aluminum (Material)
Value Share (2024) 37.5%

Commercial Aerospace Application of Fasteners Taking Off

Commercial aerospace application of fasteners is expected to hold 67.5% of the market share in 2024. Commercial airlines are seeing an uptick in revenue as a result of rising disposable income and consumers' increased willingness to take long-distance trips. This blossoming of the commercial airline industry also benefits fasteners.

Segment Commercial Aerospace (Application)
Value Share (2024) 67.5%

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Country-wise Insights

A notable amount of spending on military aircraft in North America bolsters the aerospace fastener market in the region. With more people in the Asia Pacific inclined to travel abroad due to the region's huge working-class population, the product is set to thrive in the region.

Countries CAGR 2024 to 2034
Japan 2.7%
China 7.2%
United States 3.6%
South Korea 2.9%
United Kingdom 2.5%
Canada 3.9%
Germany 3%
Italy 4.2%
Spain 4.8%
France 4.5%
India 9.5%
Australia 2.4%

Military Airborne Prowess of the United States Being Enhanced by Fasteners

The aerospace fastener market is penned in to progress at a CAGR of 3.6% in the United States through 2034.

Possessing a renowned fleet, the United States military aircraft are in constant need of equipment. With a budget that is conducive to expanding the fleet even more, military aerospace represents a significant consumer base for fasteners in the country. The United States industry is also seeing a jump in foreign investment. For example, in November 2023, Italian company Poggipolini acquired Houston Precision Fasteners.

Rise in Domestic Manufacture of Airplanes Sees the Market Cross New Horizons in India

India is set to be a lucrative country when it comes to growth potential in Asia. The aerospace fastener market is predicted to book a CAGR of 9.5% in India through 2034.

The government in India has allocated significant resources to promote domestic production of airplanes. These aircraft are being produced for both military and commercial use. For example, in June 2023, GE Aerospace signed an MOU with Hindustan Aeronautics Limited (HAL) to make the fighter jet engine GE414 in the country. Thus, increased domestic production is set to see fastener requirements shoot up in India.

Experimentation with Electric Aircraft Aiding Aerospace Fastener Market in the United Kingdom

The United Kingdom is set to see market growth happen at a CAGR of 2.5% over the coming decade.

Manufacturers in the United Kingdom are facing problems with the irregular supply of raw materials and labor shortages. Still, there are positive aspects that are set to help the industry grow. The experimentation done with electric aircraft is one way through which fasteners' growth avenues are opening up in the country.

Competition Outlook

The aerospace fastener market is fairly competitive. While the safety needs of airlines mean more confidence is shown to reputed names, smaller players also have room to grow. Startup culture is also prominent.

3V Fasteners Company Inc. relies on its already-established relationships with several airlines to advance in the market. Acumen Global Technologies, meanwhile, focuses on designing equipment that best suits consumer needs.

Industry Updates

  • In May 2024, it was announced that United States-based Alabama Aerospace would open a new facility in Santa Fe Springs.
  • In January 2024, Japanese company MEIDOH Co. Ltd. announced its acquisition of Pilgrim Aerospace Fasteners.
  • In March 2024, England-based Diploma PLC announced its intent to acquire Peerless Aerospace Fastener LLC.

Leading Aerospace Fastener Brands

  • 3V Fasteners Company Inc.
  • Acumen Global Technologies
  • Advanced Logistics for Aerospace
  • Alcoa Fastening Systems & Rings
  • Allfast Fastening Systems
  • Avdel Private Limited
  • B&B Specialties, Inc.
  • Bufab Group
  • EADS
  • Arconic
  • Ho-Ho-Kus Inc.

Key Segments of Market Report

By Product Type:

Based on the product type, the industry can be segmented into the following segments: pins, bolts, studs, screws, and rivets.

By Application:

Based on application, the industry can be bifurcated into the following segments: commercial aerospace and military aerospace.

By Material:

Based on material, the market can be segmented into the following segments: aluminum, steel, superalloys, and titanium.

By Region:

The sector has been analyzed with the following regions covered: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.

Frequently Asked Questions

How Big is the Aerospace Fastener Market?

The market size is estimated to be USD 8,869.4 million in 2024.

At What Rate is the Aerospace Fastener Market Expected to Grow?

The industry is expected to increase at a CAGR of 6.4% through 2034.

What is the Scope of Aerospace Fastener in India?

Sales are expected to register a CAGR of 9.5% in India through 2034.

What is the Forecast of the Aerospace Fastener Market?

The industry is forecasted to reach a size of USD 16,493.4 million by 2034.

Which are the Key Companies in the Industry?

3V Fasteners Company Inc., Acumen Global Technologies, Advanced Logistics for Aerospace, and Alcoa Fastening Systems & Rings are some of the prominent companies.

Table of Content

1. Executive Summary

2. Industry Introduction, including Taxonomy and Market Definition

3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments

4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections

5. Pricing Analysis

6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034

    6.1. Product Type

    6.2. Application

    6.3. Material

7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type

    7.1. Pins

    7.2. Bolts

    7.3. Studs

    7.4. Screw

    7.5. Rivets

8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application

    8.1. Commercial Aerospace

    8.2. Military Aerospace

9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Material

    9.1. Aluminum

    9.2. Steel

    9.3. Super alloys

    9.4. Titanium

10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region

    10.1. North America

    10.2. Latin America

    10.3. Western Europe

    10.4. South Asia

    10.5. East Asia

    10.6. Eastern Europe

    10.7. Middle East & Africa

11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

14. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

16. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

17. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries

18. Sales Forecast 2024 to 2034 by Product Type, Application, and Material for 30 Countries

19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard

20. Company Profile

    20.1. Alcoa Fastening Systems

    20.2. TriMas Corporation

    20.3. B&B Specialties Inc.

    20.4. Stanley Engineered Fasteners

    20.5. LISI Aerospace

    20.6. Precision Castparts Corp.

    20.7. TFI Aerospace Corporation

    20.8. TPS Aviation Inc.

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