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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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.
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.
Principal Consultant
Aluminum reigns supreme as the most sought-after material in the production of aerospace fasteners. Commercial aerospace is the predominant application for these components.
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 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% |
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% |
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.
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.
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.
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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
Based on the product type, the industry can be segmented into the following segments: pins, bolts, studs, screws, and rivets.
Based on application, the industry can be bifurcated into the following segments: commercial aerospace and military aerospace.
Based on material, the market can be segmented into the following segments: aluminum, steel, superalloys, and titanium.
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.
The market size is estimated to be USD 8,869.4 million in 2024.
The industry is expected to increase at a CAGR of 6.4% through 2034.
Sales are expected to register a CAGR of 9.5% in India through 2034.
The industry is forecasted to reach a size of USD 16,493.4 million by 2034.
3V Fasteners Company Inc., Acumen Global Technologies, Advanced Logistics for Aerospace, and Alcoa Fastening Systems & Rings are some of the prominent companies.
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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