Market Size – USD 6.21 billion in 2018, Market Growth – CAGR of 6.5%, Market Trends – Increasing demand for new aircraft
The global aerospace fastener market is expected to reach USD 10.34 Billion by 2026, according to a new report by Reports and Data. The increasing demand for flight journey across the world is estimated to stimulate the market demand in the upcoming years. Airlines across the globe are increasing their activities to cater to more passengers by updating their fleets and adding modern aircraft that are more fuel-efficient to compete with low-cost competitors while sustaining healthy profitability.
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As aerospace fasteners are used in the manufacturing of aircraft, the demand for these components is anticipated to increase as more people opt for air travel both domestically and internationally. The aviation industry has seen substantial growth over the past 20 years, with the number of passengers rising from 1.47 Billion in 1998 to 3.98 Billion in 2017.
Additionally, to serve the increasing domestic traffic especially in the Asia Pacific region from developing economies like China and India, the service providers are focusing on low-cost carriers (LCCs) for the vast majority of available seats. For instance, owing to the rapid growth in air traffic, over 80% of all new airplane deliveries in India is expected to be single-aisles. The Indian economy is likely to experience significant growth in the upcoming years, and this will continue to propel the growth of India’s middle class and its inclination to travel both domestically and internationally by air, resulting in the need for new aircraft. Aerospace fasteners are critical to the manufacturing of these aircraft, which, in turn, would positively impact market growth.
Scarce availability of materials used in the production of aerospace fasteners may hamper the growth of the market in the forecast period. Further, composite components can be made into complex shapes that, for metallic parts, would require machining and create joints. Pre-formed composite components are not just lightweight and strong, but also reduce the number of heavy fasteners and joints, thus restricting the growth of the market.
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Further key findings from the report suggest
- By product type, rivets held a substantial market share, in terms of volume, in 2018.
- Aluminum fasteners dominated the market in 2018 and is expected to maintain its dominance in the forecast period growing at a rate of 6.4%.
- By end user, the defense & space sector is forecasted to grow at a rate of 6.5% in the forecast period owing to the growing demand for fighter jets in the defense sector as well as increasing space exploration activities.
- The market in North America is contributed to the largest market share in 2018 and is projected to grow at a rate of 6.0% in the forecast period attributed to high demand for new aircraft as well as modernization of existing fleet in the region.
- Key participants include Alcoa Fastening Systems & Rings, Stanley Black & Decker Inc., LISI Aerospace, Precision Castparts Corp., TriMas Corporation, National Aerospace Fasteners Corp., B&B Specialities Inc., 3V Fasteners Company Inc., TFI Aerospace Corp., and TPS Aviation, among others.
For the purpose of this report, Reports and Data have segmented the global aerospace fastener market on the basis of product type, material type, usage, aircraft type, end user, and region:
Product Type Outlook (Volume, Thousand Units; 2016-2026 and Revenue, USD Million; 2016-2026)
- Screws & Bolts
- Special Products
Material Type Outlook (Volume, Thousand Units; 2016-2026 and Revenue, USD Million; 2016-2026)
- Super Alloys
Usage Outlook (Volume, Thousand Units; 2016-2026 and Revenue, USD Million; 2016-2026)
Aircraft Type Outlook (Volume, Thousand Units; 2016-2026 and Revenue, USD Million; 2016-2026)
- Wide Body
- Regional Jets
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End User Outlook (Volume, Thousand Units; 2016-2026 and Revenue, USD Million; 2016-2026)
- General Aviation
- Commercial Aviation
- Defense & Space
Regional Outlook (Volume, Thousand Units; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
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