Global Aerospace Fasteners Market

Global Aerospace Fasteners Market Size, Share, Growth Analysis, By Product(Nuts & Bolts, Rivets), By Material(Aluminum, Alloy Steel) - Industry Forecast 2024-2031

Report ID: SQMIG20A2089 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 63 | Figures: 77

Global Aerospace Fasteners Market Dynamics

Aerospace Fasteners Market Drivers

Increasing Aircraft Production to Bolster Sales

  • The growth of the global aerospace fasteners market is closely tied to the increasing production of commercial and military aircraft worldwide. As aircraft manufacturers strive to meet the rising demand for air travel and modernize their fleets, the need for aerospace fasteners to assemble and secure various components becomes essential. The expansion of the aviation industry, particularly in emerging economies, fuels the demand for aerospace fasteners.
  • With the industry's emphasis on fuel efficiency and reducing aircraft weight, there is a rising demand for lightweight aerospace fasteners. Lightweight fasteners help reduce the overall weight of the aircraft, leading to improved fuel efficiency and enhanced performance. The development of advanced materials and manufacturing techniques enables the production of lightweight fasteners without compromising strength and reliability.

Aerospace Fasteners Market Restraints

Long Certification Processes to Hinder Market Growth

  • Raw Aerospace fasteners need to undergo rigorous testing and certification processes to ensure compliance with industry standards and regulatory requirements. The certification process can be time-consuming and expensive, often involving extensive testing and evaluation. Delays in certification can hinder the introduction of new fastener products to the market, impacting manufacturers' ability to respond to customer demands in a timely manner.
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Global Aerospace Fasteners Market size was valued at USD 4.90 billion in 2022 and is poised to grow from USD 5.28 billion in 2023 to USD 9.55 billion by 2031, growing at a CAGR of 7.70% during the forecast period (2024-2031).

Leading competitors use the creation of lightweight aerospace components with the capacity to withstand highly corrosive environments and bear necessary stress as their primary approach to achieve a competitive edge in the industry. Several mergers and acquisitions have taken place recently, gradually raising the market's level of consolidation. 'Arconic Inc. (United States)', 'B&B Specialties, Inc. (United States)', 'LISI Aerospace (France)', 'Precision Castparts Corp. (United States)', 'Stanley Black & Decker, Inc. (United States)', 'Alcoa Corporation (United States)', 'KLX Inc. (United States)', 'PCC Fasteners (United States)', 'B/E Aerospace (United States)', 'National Aerospace Fasteners Corporation (United States)', 'A Raymond Tinnerman (United States)', '3V Fasteners Company, Inc. (United States)', 'Consolidated Aerospace Manufacturing, LLC (United States)', 'National Rivet & Manufacturing Co. (United States)', 'Nippon Precision Fasteners Co., Ltd. (Japan)', 'SPS Technologies, LLC (United States)', 'TriMas Corporation (United States)', 'TFI Aerospace Corporation (United States)', 'MW Industries, Inc. (United States)', 'Allfast Fastening Systems, Inc. (United States)', 'Anixter International Inc. (United States)', 'Bossard Group (Switzerland)'

The growth of the global aerospace fasteners market is closely tied to the increasing production of commercial and military aircraft worldwide. As aircraft manufacturers strive to meet the rising demand for air travel and modernize their fleets, the need for aerospace fasteners to assemble and secure various components becomes essential. The expansion of the aviation industry, particularly in emerging economies, fuels the demand for aerospace fasteners.

Increasing defence budgets worldwide contribute to the growth of the aerospace fasteners market. Defence forces invest in new aircraft, upgrades, and maintenance to enhance their capabilities. Aerospace fasteners are crucial components in military aircraft, ensuring their structural integrity and performance. The modernization programs of defence forces and the need to maintain a robust fleet drive the demand for aerospace fasteners in the defence sector.

Due to the presence of renowned aircraft manufacturers like Textron, Boeing, and Bombardier in this region, the North American Aerospace Fasteners market sector will dominate this market. Additionally, the Region's adoption of state-of-the-art production methods and increased financial support for R&D projects add to the market expansion in North America.

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