Global Aerospace Fasteners Market Size, Share, Forecast, Analysis and Information by Application (Commercial Aerospace and Military), Aircraft Class (Commercial Aircraft & Military Aircraft), and Region (Americas (North and Latin), Europe, Asia Pacific, Middle East & Africa)- Forecast To 2023.
Market Research Future predicts the market to grow at a CAGR of around 7% during the forecast period, to reach $9 billion.
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The aerospace industry use wide range of fasteners such as nuts, bolts, screws, rivets, pins and high locks during the making of aircraft and its parts. The factors driving the market growth are growing demand for aircraft, use of titanium fasteners, fleet utilization, and aircraft replacement has strengthen the line fit and retrofit aerospace fasteners market.
Fasteners are widely used in commercial and military aircraft, ballistic missiles and rockets, aftermarket service and their parts and components. The aerospace industry makes use of a different range of fasteners such as screws, bolts, rivets, nuts, hi-locks, and pins.
Next generation aircraft like A320 family, B787, B777X, and A380 constitute approx. 2.4 million to 3 million fasteners in an aircraft. The combined backlog of Boeing and Airbus as of today has an order book of close to 12,000 aircraft, representing between eight and 10 years’ production. Majority of backlogs are for A320 family aircraft and B737Max. Thus, the demand for fasteners will significantly grow in the forecast period.
Geographically, North America would be the largest market for aerospace fasteners market in the forecast period. Whereas, APAC is likely to be the fastest growing market due to the significant increase in the number of aircraft and MRO opportunities in the region.
Aircraft parts manufacturers are ramping up their production to meet the demand for titanium fasteners. In 2014, B/E Aerospace signed an agreement worth USD 950 million with United Technologies to provide aerospace fasteners, consumables, hardware, and logistical services. In October 2015, Alcoa got a contract worth USD1 billion from Airbus for the supply of titanium fasteners. In 2011, Carpenter Technology invested USD 5 million to expand its capacity for producing aerospace fasteners. These fasteners will be used in the airframes of the Boeing Dreamliner 787.
- In 2015, the Americas had the largest share of 45% in the market and is expected to lead with 40.5% market share by 2021
- APAC is likely to be the fastest growing market, due to the significant increase in the number of aircraft in the region
- Growing air traffic and aircraft utilization are the driving factors for aerospace fasteners market
- Alcoa, 3V Fasteners, LISI Aerospace, B&B Specialties are the major vendors of aerospace fasteners market
- By 2021, commercial aerospace is likely to have the market share of around 62%
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- 3V Fasteners
- Alcoa, B&B Specialties
- KLX, LISI Aerospace
- STANLEY Engineered Fastening
- Stanley Aerospace Fastening
- Acument Global Technologies
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