Global Aircraft Fasteners Market Size To Worth USD13.5 Billion by 2033
According to a Research Report published by Spherical Insights & Consulting, the Global Aircraft Fasteners Market Size to Grow From USD 8.3 Billion in 2023 to USD 13.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.98% during the Forecast period.
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Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on The "Global Aircraft Fasteners Market Size By Product Type (Screws, Rivets, Nuts & Bolts), By Material Based (Aluminum, Steel, Titanium, Superalloys), By Region, And Segment Forecasts, By Geographic Scope And Forecast to 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/aircraft-fasteners-market
The demand for aircraft fasteners is strongly linked to the production of new aircraft. As airlines and military institutions around the world update and increase their fleets, the demand for fasteners rises. Material and manufacturing technique innovations contribute to the development of more efficient and lightweight fasteners, which are crucial for increasing aircraft performance. Titanium and other lightweight metals have increased in favour as fastener materials due to their high strength-to-weight ratio and corrosion resistance. The aerospace industry's rising emphasis on sustainability has led to the development of ecologically friendly materials and fastener manufacturing techniques.
Aircraft Fasteners Market Value Chain Analysis
The process starts with the acquisition of raw materials such as high-strength metals and alloys like titanium, aluminium, stainless steel, and nickel-based alloys. To create the basic shapes required for fasteners, raw materials are processed using a number of methods such as forging, extrusion, and machining. Many fasteners are heat treated to increase mechanical properties like strength and hardness. The treated materials are then moulded into the precise shapes required for fasteners using procedures like cold heading for bolts and threading for screws. To produce complete fastening systems, fastener manufacturers may rely on specialised suppliers for supplementary components such as washers and nuts. Finished fasteners are distributed through a network of suppliers, distributors, and, in some cases, direct to aircraft manufacturers.
Aircraft Fasteners Market Opportunity Analysis
With expanding demand for air travel and the need for fleet modernization, fastener manufacturers may benefit on increased aircraft manufacturing by supplying a greater variety of high-quality, technologically complex fasteners. The aircraft industry is continually evolving, and fastener manufacturers can invest in R&D to provide innovative fastening solutions. This might include lightweight materials, smart fasteners with sensors, and cutting-edge coating techniques. As demand for air travel in emerging economies develops, fastener manufacturers have an opportunity to strengthen their market position in these areas. Integrating digital technologies into supply chain management, quality control, and predictive maintenance can boost efficiency and provide a competitive advantage.
As the global economy expands and middle-class populations grow, so does demand for air travel. This leads to increased orders for new commercial aircraft to meet rising passenger demand. Airlines are continually replacing their fleets with newer, more fuel-efficient, and technologically advanced planes. This is usually driven by a desire to reduce operating costs while increasing overall efficiency. The growth of low-cost carriers (LCCs) and regional airlines has been a significant development in the aviation industry. These airlines often focus on high-frequency, short-haul services. Demand for air travel has skyrocketed in emerging markets, particularly Asia, the Middle East, and Latin America.
The aerospace industry has seen consolidation, with larger businesses acquiring smaller ones. This may present challenges for smaller fastener manufacturers in terms of competition and market access. The aviation industry is cyclical and can be influenced by economic downturns, geopolitical crises, and external shocks (such as the COVID-19 pandemic). Fluctuations in new aircraft demand during economic downturns can directly affect demand for aircraft fasteners. Companies must be resilient and adaptable in order to navigate industry cycles. The aircraft supply chain is complex and global, making it vulnerable to disruptions caused by geopolitical crises, natural catastrophes, and other unexpected events.
Insights by Product Type
The rivets segment accounted for the largest market share over the forecast period 2023 to 2033. Material breakthroughs in the aerospace sector include lightweight metals and composites. Rivets are essential components in modern aircraft construction due to their adaptability to a wide range of materials, including aluminium, titanium, and composites. The increase in global air travel has produced a demand for new commercial aeroplanes. The development of new aircraft involves the use of several fasteners, including rivets, which adds to the growth of the rivets market. The aftermarket segment, which includes MRO activities, requires a consistent supply of replacement fasteners.
Insights by Material Based
The superalloys segment accounted for the largest market share over the forecast period 2023 to 2033. Superalloys exhibit exceptional mechanical properties at high temperatures, making them ideal for critical applications in aviation engines and other high-temperature components. The aerospace industry has a high demand for high-temperature-resistant materials, which is accelerating the growth of superalloys in the fastener market. As the aviation industry continues to innovate and develop more contemporary and fuel-efficient engines, there is a growing demand for superalloy fasteners that can withstand the harsh conditions encountered inside engines. Global demand for air travel has led to increased aircraft production to meet the aviation industry's growing needs.
Insights by Region
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North America is anticipated to dominate the Aircraft Fasteners Market from 2023 to 2033. North America, particularly the United States, has a robust defence sector. Military aircraft manufacturing and maintenance, fueled by Department of Defence contracts, drive up demand for specialised fasteners used in military aircraft. North America has well-established, integrated aircraft supply chains. Fastener manufacturers in the region typically work with aircraft OEMs, Tier 1 suppliers, and other supply chain stakeholders. North America has a sizable aftermarket for aircraft maintenance and repair. The need for replacement fasteners in MRO activities has an impact on the overall market dynamics.
Asia Pacific is witnessing the fastest market growth between 2023 to 2033. Countries in the Asia-Pacific region, particularly China and India, have experienced tremendous economic growth, leading to a surge in air travel demand. The growing demand for commercial aircraft in the region has assisted the expansion of the aircraft fasteners sector. Several Asian-Pacific countries, particularly China, have made significant expenditures to expand their aircraft manufacturing capabilities. China, in particular, has undertaken efforts to create a competitive aircraft industry. Cities like Chengdu and Shanghai have emerged as aerospace centres, containing a wide range of industrial facilities and research centres.
Recent Market Developments
- In June 2019, Trimas Aerospace, based in the United States, announced a long-term agreement with Safran nacelles and the Sonaca business.
Major players in the market
- Stanley Black & Decker Inc.
- LISI Aerospace
- 3M Fasteners
- Precision Castparts Corp
- Alcoa Fastening Systems & Rings
- B&B Specialities Inc
- Bufab Group
- Dassault System
- Boeing Distribution Services Inc.
- Stanely Black & Decker Inc.
This study forecasts revenue at global, regional, and country levels from 2023 to 2033.
Aircraft Fasteners Market, Product Analysis
- Nuts & Bolts
Aircraft Fasteners Market, Material Based Analysis
Aircraft Fasteners Market, Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- South America
- Middle East & Africa
- Saudi Arabia
- South Africa
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