Aerospace Bolts or Aerospace Fasteners Market - Forecast(2024 - 2030)

The Aerospace Bolts or Aerospace Fasteners Market size is forecast to reach USD 6.01 Billion by 2030, after growing at a CAGR of 6.52% during the forecast period 2024-2030. The market for aerospace bolts and fasteners is driven by the increasing demand for lightweight materials, the growth of the aerospace industry, and stringent regulations regarding safety and quality standards. Factors such as technological advancements, increasing investments in research and development, and the rising focus on enhancing fuel efficiency in aircraft are also driving the growth of the aerospace bolts and fasteners market. Due to rising living standards and more tourism, there has been a rapid increase in air travel worldwide, which has driven industry expansion. The market for aircraft fasteners is expanding due to additional factors, such as the reduction of import levies for producers in some countries. Furthermore, a lot of nations are concentrating on bolstering their defense systems by equipping their armed forces with fighter jets, combat helicopters, and other specialized aircraft. These factors drive the market expansion for aerospace fasteners.

The report “Aerospace Bolts or Aerospace Fasteners Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Aerospace Bolts or Aerospace Fasteners market.

By Materials: Aluminum, Steel, Titanium, and Super Alloys

By Product Type: Airspace Bolts, Airspace Nuts, Airspace Screws, Airspace Rivets and Others

By Application: Fuselage, wings, Flight Control Surfaces, Interiors, and Others

By End Use Industry: Commercial Aircraft, Military Aircraft, and Others

By Geography:  North America, South America, Europe, and APAC 

• The North American region is anticipated to dominate the market with a value share of approximately 39% in 2023, followed by Europe with a 32% value share in the aerospace bolts or aerospace fasteners market.

• The desire to enhance the speed of aircraft manufacturing and an increasing number of bookings for new aircraft are two factors that are anticipated to fuel demand for aviation fasteners. The market is expanding due to factors such as increased aircraft modernization projects, rising air traffic globally, and rising costs associated with purchasing new aircraft.

The Titanium segment dominated the aerospace bolts or aerospace fasteners market market in 2023. The titanium market in the aerospace industry is experiencing steady growth, driven primarily by the increasing demand for lightweight yet strong materials for aerospace bolts and fasteners. The opening day of the 2023 Paris Air Show witnessed the announcement of a $235.78 million (£218 million) financing package for several innovative projects in the UK aerospace sector. The rising government investments, funds, and initiatives are anticipated to drive market growth. Titanium is widely used in aerospace applications due to its excellent strength-to-weight ratio, corrosion resistance, and high heat resistance. The aerospace industry's focus on reducing fuel consumption, improving fuel efficiency, and increasing aircraft performance has driven the demand for titanium fasteners in aircraft manufacturing. The market for titanium aerospace bolts and fasteners is projected to continue growing as the aerospace industry seeks to develop more fuel-efficient and environmentally friendly aircraft. However, fluctuations in titanium prices, supply chain disruptions, and technological advancements in alternative materials could impact the market in the future.

The Airspace Rivets segment dominated the aerospace bolts or aerospace fasteners market 2023. One of the key factors driving the market for airspace rivets is the rise in air travel globally. With more people opting for air travel, there is a growing need for new aircraft to be manufactured. This, in turn, leads to a higher demand for aerospace fasteners, including airspace rivets. Additionally, advancements in aerospace technology have led to the development of new materials and designs for aircraft. This has resulted in the need for specialized airspace rivets that are capable of withstanding extreme conditions and providing superior performance. There is a growing emphasis on the use of lightweight materials in aircraft manufacturing. As a result, aerospace companies are seeking lightweight rivets that can reduce the overall weight of the aircraft without compromising on strength and durability.

The Fuselage segment dominated the aerospace bolts or aerospace fasteners market market in 2023. with the increasing focus on sustainability and environmental impact in the aerospace industry, there is a growing demand for more eco-friendly and recyclable materials in both fuselage and bolt manufacturing. This trend is driving innovation in bolt design and materials, with an emphasis on recyclability and reduced environmental footprint. For instance, in 2024, Following a string of manufacturing issues on a 737 MAX 9, Spirit AeroSystems (SPR.N) opened an additional window and will make investments in autonomous technology to reduce any flaws in its production of Boeing 737 fuselages. The rising government initiatives are anticipated to drive the market growth.  The fuselage market is witnessing steady growth, driven by factors such as the increasing demand for commercial aircraft, technological advancements in materials and design, and the rise of budget airlines.

The Commercial aircraft end-use industry dominated the aerospace bolts or aerospace fasteners market market in 2023. The increase in air travel is fueling the yearly purchase of new aircraft by several airlines worldwide, which is responsible for the expansion in the aerospace fasteners market. As a result, there is a rise in the market demand for aircraft fasteners. For example, the International Air Transport Association (IATA) stated in January 2024 that global revenue passenger kilometers increased 36.9% in 2023 over 2022 and that air traffic worldwide was 94.1% of pre-pandemic levels. Furthermore, in 2023, Boeing and Airbus supplied 528 and 735 aircraft, respectively, as opposed to 480 and 663 in 2022. Therefore, throughout the projected period, the aerospace fasteners market is expected to develop due to increasing air traveler traffic and new orders for aircraft OEMs. Additionally, a growing desire to lighten and improve the efficiency of airplanes is fueling the market's expansion over the projected timeframe.

North America region dominated the aerospace bolts or aerospace fasteners market market in 2023.  North America is home to some of the top aircraft manufacturers in the world, such as Boeing in the US and Bombardier in Canada. Because these companies produce a large variety of both military and commercial aircraft, there is a significant demand for aerospace fasteners. The aerospace industry in North America is among the biggest and most developed in the world. The necessity to replace aging aircraft with more environmentally friendly and modernized aircraft has resulted in a full order book for the region's aircraft manufacturers. The aerospace and military sector is predicted by the Aerospace Industries Association (AIA) to sustain over 2.5 million jobs and add more than $950 billion to the US economy by 2020. The industry has a large economic impact and is driving up demand for airplane fasteners. The growing trend towards lightweight materials in aircraft manufacturing also drives the demand for advanced aerospace fasteners that are lighter yet durable.

To meet the growing demand for passenger and cargo transportation, the production of aircraft has expanded due to the continuous increase in global air travel. Aerospace fasteners are therefore always needed to assemble various aircraft components. One well-known example of expanded airplane manufacture is the Airbus A320neo program. The fuel-efficient and technologically advanced A320neo (New Engine Option) is a member of the popular A320 family of aircraft. To meet the aviation industry's increasing demand for fuel-efficient aircraft, the initiative was started in December 2010. As of September 2021, Airbus had more than 7,500 orders for A320neo family aircraft from airlines across the globe.  The substantial demand for this contemporary and cost-effective aircraft is demonstrated by the enormous number of orders, which has led to an increase in manufacturing quantities. To maintain the high production rate, aerospace manufacturers like Airbus need a large number of aerospace fasteners to assemble the various parts of the A320neo and other aircraft types. To preserve the aircraft's safety and structural integrity, these fasteners are utilized to secure key components such as the wings, fuselage, landing gear, and engines.

Innovation and advances in technology are playing a crucial role in driving the aerospace fasteners market. With the aerospace industry constantly evolving and demanding more efficient and reliable solutions, aerospace fastener manufacturers are under pressure to deliver higher-performance products. Technological advancements have enabled the development of lightweight and high-strength materials for aerospace fasteners, which contribute to reducing the overall weight of aircraft. This, in turn, improves fuel efficiency and reduces operational costs for airlines. In addition, the integration of smart technologies like sensors in aerospace fasteners is enhancing maintenance practices by providing real-time data on the condition of the fasteners and the overall aircraft structure. This proactive approach to maintenance ensures the safety and reliability of aircraft operations.

The increasing number of aircraft in operation has intensified the need for MRO services. Aerospace fasteners are crucial components in the maintenance and repair processes, thereby contributing to market expansion. Aerospace fasteners play a critical role in ensuring the safety and integrity of aircraft structures. As aircraft undergo regular maintenance, repair, and overhaul (MRO) services, there is a constant demand for aerospace fasteners to replace worn-out or damaged fasteners and ensure the structural integrity of the aircraft. The focus on MRO services in the aerospace industry drives the demand for aerospace fasteners as airlines and other operators need to maintain their fleets in compliance with strict safety regulations. The need for quick and efficient MRO services necessitates a readily available stock of aerospace fasteners to minimize downtime and ensure the swift turnaround of aircraft. Moreover, advancements in aerospace technology and the introduction of new aircraft models also contribute to the growth of the aerospace fasteners market.

To guarantee dependability and safety, the aviation industry complies with strict regulations and certification requirements. When used in critical applications, aerospace fasteners have to adhere to several global certifications and norms, such as those set by the European Aviation Safety Agency (EASA) or the Federal Aviation Administration (FAA) of the United States. Meeting these strict rules can be expensive and time-consuming for manufacturers of fasteners. In the United States, the Federal Aviation Administration (FAA) sets strict guidelines and standards for aerospace fasteners used in both military and commercial aircraft. Fastener manufacturers are subject to a stringent certification process to confirm that their products meet the safety and performance standards set out by the FAA. A product's certification or introduction into the market may be delayed if these conditions are not met, which would hinder the expansion of the aircraft fasteners market.

High production costs act as a restraint for the Aerospace Fasteners Market primarily because these costs directly impact the overall profitability and competitiveness of companies within the industry. The aerospace sector demands highly specific and technologically advanced fasteners that must adhere to strict regulations and standards. As a result, manufacturers must invest heavily in research and development, specialized equipment, skilled labor, and materials to meet these requirements. These factors contribute to the high production costs, making it challenging for companies to maintain competitive pricing while ensuring quality and compliance. This, in turn, can limit market growth and pose a barrier to entry for new players in the industry. 

Agreements, product launches, partnerships, contracts, expansions, and production capacities are key strategies adopted by players in the market. In 2023, the Aerospace Bolts or Aerospace Fasteners Market share has been consolidated by the top ten players accounting for 68.9% of the share. Major players in the aerospace bolts or aerospace fasteners market are 3V Fasteners (Stanley Black & Decker, Inc.), LISI AEROSPACE (SAS), Arconic Corporation, Precision Castparts Corp. (Berkshire Hathaway Inc.), Boeing Distribution Services Inc. (The Boeing Company), B&B Specialities Inc., TPS Aviation Inc., Wruth Group, TriMas Corporation, and among others.

In 2023, Peerless Aerospace Fastener Corp. received a firm-fixed-price purchase order for $11,537 thousand from the US Defense Logistics Agency Aviation (DLA) to provide PIN-RIVET fasteners.

In 2021, to provide a wide range of parts, roughly 6,000 in number, to support all of Boeing's commercial programs, including the Boeing 737, 747, 767, 777, and 787 aircraft models, LISI AEROSPACE and the Boeing Company involved in an extended agreement.

In 2021, National Aerospace Fasteners Company (NAFCO) has been designated as a qualified aerospace riveting vendor by Safran Aircraft Engines. For usage in aircraft tools, NAFCO is skilled in producing high-temperature superalloys composed of iron, cobalt, and nickel.