Market Trends of Aerospace Fasteners Industry
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.
