The Global Aerospace Fastener Market is expected to exhibit strong growth, reaching USD 9.9 billion by 2030. As per the report titled “Aerospace fastener Market Size, Share & COVID-19 Impact Analysis, By Material (Aluminum, Alloy Steel, Titanium and Others), By Product (Nuts & Bolts, Rivets, Screws and Others), By Application (Military Aviation, Commercial Aviation and Civil Aviation), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 7.2 billion and USD 9.9 billion in 2030. The market is expected to exhibit a CAGR of 5.50% during the forecast period.
The National Aerospace Fasteners Corporation (NAFCO) received recognition as a knowledgeable provider of aerospace forgings
In August 2021, Safran Aircraft Engines granted National Aerospace Fasteners Corporation (NAFCO) the designation of skilled aerospace forging supplier. NAFCO has experience creating high-temperature superalloys made of iron, cobalt, and nickel for use in aviation equipment.
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Increase in Commercial Aircraft Production Will Accelerate Market Growth
The worldwide civil aviation industry is expanding, and causes including rising air traffic, more travel and tourism, more flights, and possibilities for new routes in the commercial aviation industry, are fueling this expansion. To meet the present demand for aircraft, the commercial aviation industries need to receive new aircraft deliveries, which raises the level of commercial aircraft production. The aeroplane OEM therefore needs sufficient parts, systems, and raw materials, including fasteners, superalloys, aluminum, valves, actuators, switches, floor panels, cabin lighting, and others, to finish shipping out the aircraft to satisfy the high demand and provide on-time delivery. As a result, the market is being driven by the growth in demand for commercial and military aircraft. Additionally, these advances aided the expansion of the aviation industry in developing nations like China and India throughout the anticipated period.
Growth Of The Market Is Hampered By Scarce Supply And Expensive Raw Resources
The high production costs of aerospace fasteners are caused by the scarce supply and unstable price of the raw materials used in their manufacture. In addition, the increasing use of composite and lightweight materials—more expensive than conventional ones—to produce lightweight aircraft raises overall production costs and may somewhat restrain market revenue growth. Automation is also being adopted for more efficient quality testing of raw materials.
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the aerospace fastener market plan acquisitions to improve their brand recognition globally. For instance, in February 2021, the subsidiary of Sandvik Machining Solutions called Wetmore Tool, and Engineering sold the California Associated Products (CAP) Cleco temporary fastener product business to HC Merchandisers Inc.'s division HC Pacific.
Recent development:
January 2021: To expand its current statement of work, LISI Aerospace engaged into a contract with the Boeing Company. It is pleased about contract extensions as the aerospace business prepares to recover from the market slump that began in 2020.
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List of Key Players Profiled in the Report
- B&B Specialities Inc.
- Bufab Group
- Howmet Aerospace
- LISI Aerospace
- Precision Castparts Corp.
- Stanley Black & Decker Inc.
- TFI Aerospace
- The Boeing Company
- TriMas Corporation
- Wurth Group
Further Report Findings
- The market in North America is expected to gain a huge portion of the global aerospace fastener market share in the coming years. Due to the presence of renowned aircraft manufacturers like Boeing, Textron, and Bombardier, the area has experienced expansion.
- The growing acceptance of modern production technology is anticipated to support the region's rising demand for aerospace fasteners.
- In the Asia Pacific, the growth in this region is primarily driven by increasing development and quantity of aircraft OEMs in the region's aviation sector.
