According to the report by Expert Market Research (EMR), the global aerospace fasteners market size is projected to grow at a CAGR of 5.8% between 2024 and 2032. Aided by the increasing number of aircraft passengers and the utilisation of advanced materials, the growth of the market is expected to surge during the forecast period.
Aerospace fasteners are specialised hardware devices used to join together two or more components in aerospace applications, including commercial, military, and private aircraft, as well as spacecraft and satellites. These fasteners are critical for the structural integrity, safety, and reliability of aerospace vehicles and must meet rigorous standards for performance under extreme conditions.
Aerospace fasteners are manufactured under strict quality control processes to meet various standards and specifications. These standards ensure that every fastener performs reliably in the demanding conditions of aerospace environments, which can include extreme temperatures, high vibrations, and varying atmospheric pressures.
The boom in the commercial aviation market, fuelled largely by the expanding middle class in emerging markets, has led to increased air travel. This economic shift is coupled with greater urbanisation and the liberalisation of air transport across many regions. In response, airlines are expanding their fleets with new, more efficient aircraft to meet the growing demand. This fleet expansion requires a surge in aerospace fasteners, which are critical components in aircraft assembly. The fasteners need to meet very high standards of quality and reliability, given the safety-critical nature of their application.
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In the realm of the aerospace fasteners market, technological advancements are pivotal. The shift towards using advanced materials like titanium and superalloys is driven by their superior properties, such as high strength, lightweight, and resistance to environmental factors like corrosion and extreme temperatures. These materials help in enhancing the overall performance of the aircraft by reducing weight, which, in turn, improves fuel efficiency and load capacity.
Moreover, advancements in the manufacturing processes, including the precision machining and treatment of these materials, are critical to ensure they meet the stringent standards required for aerospace applications. This is one of the key aerospace fasteners market trends.
Additive manufacturing, or 3D printing, represents a transformative shift in the production processes of the aerospace fasteners market. This technology allows for the layer-by-layer construction of parts, which enables the design and production of shapes and structures that would be difficult or impossible to achieve with traditional manufacturing methods. This flexibility is a significant advantage in aerospace design, where complex geometries can provide functional benefits such as weight reduction without compromising strength. Additionally, additive manufacturing can lead to greater material efficiency and lower lead times, which are crucial in reducing the overall environmental footprint and enhancing the supply chain responsiveness, propelling the aerospace fasteners market expansion.
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Sustainability is becoming a cornerstone of aerospace market strategy, driven by both regulatory pressures and changing societal expectations. In the context of aerospace fasteners, this trend manifests in the push for materials and production methods that minimise environmental impact. Lightweight fasteners contribute directly to reduced aircraft weight, which significantly cuts fuel consumption and, consequently, carbon emissions during flight. The aerospace fasteners market is also exploring the recyclability of fastener materials at the end of their lifecycle and the use of renewable energy sources in the manufacturing processes as steps toward a more sustainable aerospace sector.
Older aircraft are more susceptible to wear and tear and thus require more frequent checks and maintenance to prevent failures. This includes scheduled checks where components are inspected, serviced, or replaced to maintain airworthiness. The Maintenance, Repair, and Overhaul (MRO) market is experiencing significant growth, a trend propelled by the ageing of global aircraft fleets. As aircraft age, they require more frequent and extensive maintenance to ensure they meet safety standards and operational efficiencies. This increased need for maintenance directly influences the demand for aerospace fasteners, which play crucial roles in various repair and maintenance tasks.
Moreover, over time, mechanical parts such as fasteners can suffer from metal fatigue and corrosion. In such cases, replacing these components is critical during routine MRO activities to avoid potential failures.
Market Segmentation
The global aerospace fasteners market can be divided based on product, material type, application, aircraft type, end use, and region.
Market Breakup by Product
- Nuts and Bolts
- Rivets
- Screws
- Others
Market Breakup by Material Type
- Aluminium
- Alloy Steel
- Titanium
- Others
Market Breakup by Application
- Fuselage
- Control Surfaces
- Interior
- Others
Market Breakup by Aircraft Type
- Narrow Body Aircraft
- Wide Body Aircraft
- Very Large Aircraft
- Regional Transport Aircraft
- Business Jet
- Fighter Jet
- Others
Market Breakup by End-Use
- Commercial
- Defence
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global aerospace fasteners market. Some of the major players explored in the report by Expert Market Research are as follows:
- Stanley Black & Decker Inc.
- Precision Castparts Corp.
- LISI Aerospace (SAS)
- Trimas Corporation
- The Boeing Company
- National Aerospace Fasteners Corporation
- Others
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