Aircraft Fasteners Market size is USD 5.2 billion in 2023 and will grow at a CAGR of 7.50% from 2023-2030: Cognitive Market Research
Cognitive Market Research
We are the Finest and Most Efficient Market Research and Consulting Firm!
Introduction of?Aircraft Fasteners
Aerospace fasteners are hardware tools used to combine two or more objects in aircraft design and manufacturing. The materials commonly used in aerospace fasteners include bolts, nuts, nickel-based alloys, titanium, high-strength alloys, and others. Growth fuelled by the rising consumer spending on air travel has thereby created a lucrative business for the aviation industry and the increasing demand for comfortable, inexpensive, and fast-traveling solutions.
February 2023- Air India, an Indian airline, expanded its fleet by ordering over 800 leap engines for over 200 Airbus A320/A321neo and Boeing 737 Max aircraft. The airlines has signed a contract for the same building trust since Air India has been an eminent partner of CFM since 2002.
Key Insights from Aircraft Fasteners Market Report
The Global Aircraft Fasteners Market size is USD 5.2 billion in 2023 and will grow at a CAGR of 7.50% from 2023 to 2030.
Technological Advancements in Materials to Provide Viable Market Output
The aircraft fasteners market has been positively influenced by significant advancements in materials and manufacturing technologies. With a focus on enhancing the performance, durability, and weight efficiency of aircraft, manufacturers are increasingly adopting innovative materials such as titanium and composite alloys for fastener production. These advancements not only contribute to the overall weight reduction of aircraft, improving fuel efficiency, but also enhance the fasteners' corrosion resistance and strength, ensuring the safety and reliability of critical aerospace components.
September 2022- The Boeing Company unveiled a new manufacturing facility, the Boeing Additive Manufacturing Plant (BAM), in the small suburb of Algona (WA). The company has been in additive manufacturing for about three decades.
The robust growth in global air travel and the rising demand for new commercial and military aircraft are key drivers propelling the Aircraft Fasteners market. The expanding middle-class population, particularly in emerging economies, has led to a surge in air travel, prompting airlines to expand and modernize their fleets. This surge in aircraft production necessitates a proportional demand for high-quality, precision-engineered fasteners to ensure the structural integrity and safety of these aircraft.
May 2022- Howmet Aerospace Inc. announced its presence at UBS global industrial and transportation conference. Key company members, including the chairman, CEO and CFO, spoke at the conference involving global transportation and industrial players.
Market Dynamics of the?Aircraft Fasteners Market
A critical restraint in the Aircraft Fasteners market is the vulnerability of its supply chain, marked by global dependencies and interconnected manufacturing processes. The industry heavily relies on a complex network of suppliers and manufacturers across different regions. Disruptions, such as those caused by geopolitical tensions, natural disasters, or global events like the COVID-19 pandemic, can lead to supply chain bottlenecks and delays in fastener production. As a result, the Aircraft Fasteners market faces challenges in maintaining a consistent and reliable supply, impacting the timely delivery of components to aircraft manufacturers and potentially hindering overall production schedules.
Impact of COVID-19 on the Aircraft Fasteners Market?
The COVID-19 pandemic significantly impacted the aircraft fasteners market, causing disruptions throughout the aviation industry. With widespread travel restrictions, reduced air traffic, and a decline in aircraft manufacturing activities, demand for new aircraft and related components, including fasteners, experienced a sharp downturn. Supply chain disruptions, factory closures, and workforce challenges further exacerbated the situation, leading to delays in production and delivery of aircraft. Additionally, the financial strain on airlines and aircraft manufacturers prompted cost-cutting measures, impacting procurement and investment in new aircraft projects.
We have various report editions of Aircraft Fasteners Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access.
Competitive Landscape of the?Aircraft Fasteners Market
The Aircraft Fasteners market features a competitive landscape characterized by intense rivalry among key players vying for market share in this dynamic sector. Established aerospace and defense companies, such as Boeing, Airbus, Lockheed Martin, and BAE Systems, dominate the market, leveraging their extensive experience, global presence, and strong supply chain networks.
Aircraft Fasteners? Industry News
August 2021 - National Aerospace Fasteners Corp. announced that it had obtained the certification as a qualified Aerospace forging supplier from Safran Aircraft Engines.
Top Companies Market Share in Aircraft Fasteners Industry:
Aircraft Fasteners Market Analysis
Type Segment Analysis
According to Cognitive Market Research, threaded fasteners emerge as the dominant category in the Aircraft Fasteners market, securing a prominent position due to their widespread use in critical aerospace applications. Threaded fasteners, encompassing bolts, screws, and nuts, play a pivotal role in maintaining the structural integrity of aircraft components. Their ability to withstand high levels of stress and provide secure connections makes them indispensable in the assembly of airframes, engines, and various aircraft systems. The stringent safety and quality standards in the aviation industry further underscore the significance of threaded fasteners, contributing to their dominance in the market.
Non-threaded fasteners, including rivets and pins, emerge as the fastest-growing category in the Aircraft Fasteners market. The demand for non-threaded fasteners is escalating owing to their lightweight properties, contributing to overall aircraft weight reduction and fuel efficiency. As the aerospace industry continues to prioritize advancements in materials and design for enhanced performance, non-threaded fasteners find increasing applications in modern aircraft construction. Their ease of installation and reliability make them a preferred choice, and the growing emphasis on fuel-efficient and environmentally sustainable aviation further propels the rapid growth of non-threaded fasteners in the market.
Application Segment Analysis
According to Cognitive Market Research, civil aircraft applications stand out as the dominant category in the Aircraft Fasteners market, reflecting the substantial demand driven by the commercial aviation sector. The burgeoning global air travel industry, fuelled by increasing passenger traffic and fleet expansion plans by commercial airlines, propels the dominance of fasteners in civil aircraft manufacturing. From the assembly of airframes to the installation of interior components, civil aircraft rely extensively on a variety of fasteners to ensure structural integrity and safety compliance.
The fastest-growing category in the Aircraft Fasteners market is attributed to military aircraft applications, driven by heightened defense spending, modernization initiatives, and geopolitical tensions. The evolving security landscape globally underscores the significance of robust and technologically advanced fasteners in military aviation. As defense forces invest in next-generation fighter jets, transport planes, and unmanned aerial vehicles, the demand for specialized fasteners capable of withstanding extreme conditions and stringent military standards experiences rapid growth.
领英推荐
In terms of revenue, the North America Aircraft Fasteners Market share was 40% of the total market
According to Cognitive Market Research, the global aircraft fasteners market size was estimated at USD 5.2 Billion out of which North America held the major market of more than 40% of the global revenue with a market size of USD 2.08 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 6.3% from 2023 to 2030. The regional analysis underscores the significance of the United States and Canada in contributing to this market dominance. The segmentation analysis reveals a diverse application of aircraft fasteners across commercial and military aviation, with a growing emphasis on lightweight materials and advanced technologies. In conclusion, North America's strong market position is attributed to continuous technological advancements, a well-established aerospace ecosystem, and sustained demand for new aircraft, indicating a lucrative landscape for stakeholders in the Aircraft Fasteners market in the region. The substantial market size and regional dominance underscore North America's pivotal role in shaping the trajectory of the global Aircraft Fasteners market.
According to Cognitive Market Research, the global aircraft fasteners market size was estimated at USD 5.2 Billion out of which Asia Pacific held the fastest growing market of more than 22% of the global revenue with a market size of USD 1.14 billion in 2023 and will grow at a compound annual growth rate (CAGR) of 9.3% from 2023 to 2030. A regional analysis emphasizes the rapid growth of the aerospace industry in countries like China, India, and Japan. In terms of segmentation, the demand for aircraft fasteners is notably driven by the expanding commercial aviation sector and the modernization initiatives within the military aviation domain. In conclusion, Asia-Pacific's dynamic market position is propelled by a surge in aircraft production, rising defense budgets, and a shift towards advanced aerospace technologies, indicating significant opportunities for market participants in the region's burgeoning Aircraft Fasteners market. The substantial market share and impressive growth underscore Asia-Pacific's pivotal role in influencing the global landscape of Aircraft Fasteners.
Frequently Asked Questions (FAQs)
What is the market size for the aircraft fasteners market in 2023?
What is the growth rate for the aircraft fasteners market over the forecast period?
Which is the leading region of the market for aircraft fasteners?
Which region is projected to detect the fastest growth in the aircraft fasteners market over the forecast period?
Which country is leading in the aircraft fasteners market in 2023?
What are the key drivers for the growth of the aircraft fasteners market?
Which is the significant aircraft fasteners market segment by applications?
Which is the significant segment in the aircraft fasteners market by type?
Contact Us
Nicolas Shaw
Cognitive Market Research
20 N State Street, Chicago,
Illinois, 60602
United States
USA: +1 312-376-8303
Europe and UK: (+44) 20-8144-9523
Asia Pacific: (+852) 81930785
Email: [email protected]
About Cognitive Market Research Company:
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and helps them to build business strategies accordingly.