Aerospace Fasteners Market Size
| Study Period | 2024 - 2029 |
| Market Size (2024) | USD 7.05 Billion |
| Market Size (2029) | USD 9.94 Billion |
| CAGR (2024 - 2029) | 7.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Aerospace Fasteners Market Analysis
The Aerospace Fasteners Market size is estimated at USD 7.05 billion in 2024, and is expected to reach USD 9.94 billion by 2029, growing at a CAGR of 7.10% during the forecast period (2024-2029).
The utilization of aerospace fasteners in the assembly of aerostructures is of paramount importance in ensuring the safety and reliability of aircraft. These fasteners are purposefully designed to satisfy specific performance requirements, including high strength, durability, and resistance to corrosion and fatigue. Their primary function is to securely fasten various parts and components, thereby facilitating the structural integrity of the aircraft.
Factors like the increasing number of orders for new aircraft and the need to increase the aircraft production rate are likely to create a demand for aircraft fasteners. Growing air traffic worldwide, rising aircraft modernization programs, and increasing spending on procuring new aircraft are driving market growth. Rising investments by the airlines in aircraft cabin interior products to enhance passengers' experience are also expected to boost market growth in the coming years.
The aerospace fastener market is a highly competitive industry with a limited number of suppliers and manufacturers. This factor can hamper the growth of the market, albeit partially. Nonetheless, innovative companies have new opportunities for growth due to the increasing demand for advanced and lightweight fasteners. In addition, the adoption of advanced technologies in the aerospace industry generates the need for fasteners that are compatible with these new technologies. Such factors are expected to drive the demand for the market during the forecast period.
Aerospace Fasteners Market Trends
The Commercial Aircraft Segment is Projected to Showcase the Largest Growth During the Forecast Period
Commercial aircraft are projected to show significant growth during the forecast period. There are approximately more than one million fasteners used in commercial aircraft. Standard fasteners, such as pins, rivets, screws, bolts, and nuts are some of the fasteners that are used in the aircraft. To reduce the overall weight of an aircraft lightweight fasteners used as they are very important for aircraft performance and efficiency.
The growth in the aerospace fasteners market is attributed to the surge in air passenger traffic, which is driving the annual procurement of new aircraft by various airlines globally. This, in turn, is leading to an increase in the demand for aerospace fasteners in the market. For instance, in January 2024 IATA announced that in 2023 the global revenue passenger kilometres rose 36.9% compared to 2022, and the global air traffic was at 94.1% of pre-pandemic levels.
Global aircraft original equipment manufacturers (OEMs) such as Airbus, Boeing, Embraer, Bombardier, and others have received increasing aircraft orders. For instance, in 2023 Airbus and Boeing announced that they had received 807, and 371 new aircraft orders respectively. In addition, in 2023, Boeing and Airbus delivered 528 and 735 aircraft compared to 480 and 663, respectively, in 2022. Thus, the growing air passenger traffic and new orders for aircraft OEMs are expected to create the demand for aerospace fasteners market during the forecast period.
Asia-Pacific to Exhibit the Highest Growth During the Forecast Period
Asia-Pacific is estimated to show remarkable growth during the forecast period. The growth is due to rising air and cargo traffic, a growing number of airports, and increasing expenditure on the aviation sector from emerging economies, such as China and India. The rapid expansion of the aviation sector and growing urbanization are expected to create further demand for new aircraft, driving market growth.
For instance, in January 2024 IATA announced that the airlines in the Asia-Pacific recorded a 126.1% rise in full-year international traffic in 2023 compared to 2022, and maintained the strongest Y-o-Y growth rate among the regions. In addition, in February 2024 India announced that it plans to double the number of airports to 149, and the country plans to launch 517 new air routes to cater to the increasing demand in the aviation sector.
Apart from this development, the procurement of new aircraft by various airlines in the region is expected to drive the demand for the aircraft fasteners market. For instance, in July 2023 Indigo awarded a huge contract to Airbus to deliver 500 A320neo aircraft between 2030 and 2035. Similarly in June 2023, Air India awarded a contract to Airbus to deliver 250 aircraft and Boeing for 220 aircraft, respectively.
In addition, in September 2023 China Eastern Airlines awarded a contract to Comac to deliver additional 100 C 919 aircraft for USD 10 billion. The planes will be delivered in batches from 2024 to 2031. Additionally, growing expenditure on the procurement of military aircraft from India and China is expected to boost the market growth. For instance, in December 2023 the Indian MoD approved an indigenous aircraft procurement for USD 13 billion. The procurement includes 97 LCA Tejas Mark 1A fighter jets for the Indian Air Force and 156 Prachand attack helicopters for both the IAF and the Indian Army. Such developments are expected to drive the demand for the market in the Asia-Pacific during the forecast period.
Aerospace Fasteners Industry Overview
The aerospace fasteners market is semi-consolidated in nature. It is characterized by a handful of suppliers offering a wide range of aerospace fasteners. Some of the notable players in the aerospace fasteners market include 3V Fasteners (Stanley Black & Decker, Inc.), LISI AEROSPACE (SAS), Arconic Corporation, Precision Castparts Corp. (Berkshire Hathaway Inc.), and Boeing Distribution Services Inc. (The Boeing Company), among others.
To stay ahead of the growing competition in the industry, manufacturers of aerospace fasteners are focusing on developing lightweight aircraft components and introducing advanced technologies such as 3D printing. These advancements have allowed for the creation of more efficient and durable aircraft components, which are essential for improving fuel efficiency and reducing costs.
Aerospace Fasteners Market Leaders
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3V Fasteners (Stanley Black & Decker, Inc.)
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LISI AEROSPACE (SAS)
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Precision Castparts Corp. (Berkshire Hathaway Inc.)
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Boeing Distribution Services Inc. (The Boeing Company)
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Arconic Corporation
*Disclaimer: Major Players sorted in no particular order
Aerospace Fasteners Market News
December 2023: The US Defense Logistics Agency Aviation (DLA) awarded Peerless Aerospace Fastener Corp. a firm-fixed-price purchase order for USD 11,537 thousand to supply PIN-RIVET fasteners.
October 2023: Century Fasteners Corp. and Cherry Aerospace showcased their fastener and non-fastener components for the military and aerospace markets at the International Fastener Expo.
Aerospace Fasteners Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Application
5.1.1 Commercial Aircraft
5.1.2 Military Aircraft
5.1.3 General Aviation
5.2 Material
5.2.1 Aluminum
5.2.2 Steel
5.2.3 Superalloys
5.2.4 Titanium
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Russia
5.3.2.5 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 India
5.3.3.2 China
5.3.3.3 Japan
5.3.3.4 South Korea
5.3.3.5 Rest of Asia-Pacific
5.3.4 Latin America
5.3.4.1 Brazil
5.3.4.2 Mexico
5.3.4.3 Rest of Latin America
5.3.5 Middle East and Africa
5.3.5.1 Saudi Arabia
5.3.5.2 Egypt
5.3.5.3 Israel
5.3.5.4 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 3V Fasteners (Stanley Black & Decker, Inc.)
6.2.2 Arconic Corporation
6.2.3 B&B Specialties, Inc.
6.2.4 LISI AEROSPACE (SAS)
6.2.5 Boeing Distribution Services Inc. (The Boeing Company)
6.2.6 Bufab International AB
6.2.7 TriMas Corporation
6.2.8 Precision Castparts Corp. (Berkshire Hathaway Inc.)
6.2.9 National Aerospace Fasteners Corporation
6.2.10 TFI Aerospace Corporation
6.2.11 FSL Aerospace Ltd.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Aerospace Fasteners Industry Segmentation
The aerospace fasteners include rivets, screws, nuts, bolts, clamps, and aircraft fittings in the various parts of an aircraft. The report study excludes the use of fasteners in space applications.
The aerospace fasteners market is segmented by application, material, and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa). By application, the market is segmented into commercial aircraft, military aircraft, and general aviation aircraft. By material, the market is segmented into aluminum, steel, superalloys, and titanium. The report also covers the market sizes and forecasts for the aerospace fasteners market in major countries across different regions.
For each segment, the market size is provided in terms of value (USD).
| Application | |
| Commercial Aircraft | |
| Military Aircraft | |
| General Aviation |
| Material | |
| Aluminum | |
| Steel | |
| Superalloys | |
| Titanium |
| Geography | |||||||
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Aerospace Fasteners Market Research FAQs
How big is the Aerospace Fasteners Market?
The Aerospace Fasteners Market size is expected to reach USD 7.05 billion in 2024 and grow at a CAGR of 7.10% to reach USD 9.94 billion by 2029.
What is the current Aerospace Fasteners Market size?
In 2024, the Aerospace Fasteners Market size is expected to reach USD 7.05 billion.
Who are the key players in Aerospace Fasteners Market?
3V Fasteners (Stanley Black & Decker, Inc.), LISI AEROSPACE (SAS), Precision Castparts Corp. (Berkshire Hathaway Inc.), Boeing Distribution Services Inc. (The Boeing Company) and Arconic Corporation are the major companies operating in the Aerospace Fasteners Market.
Which is the fastest growing region in Aerospace Fasteners Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Aerospace Fasteners Market?
In 2024, the North America accounts for the largest market share in Aerospace Fasteners Market.
What years does this Aerospace Fasteners Market cover, and what was the market size in 2023?
In 2023, the Aerospace Fasteners Market size was estimated at USD 6.55 billion. The report covers the Aerospace Fasteners Market historical market size for years: . The report also forecasts the Aerospace Fasteners Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Aerospace Fasteners Industry Report
Statistics for the 2024 Aerospace Fasteners market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Aerospace Fasteners analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Aerospace Fasteners Market Report Snapshots
