ID: MRFR/A&D/0632-CR | July 2019 | Region: Global | 134 pages
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.
Growing demand for air travel worldwide has led to an increased requirement for commercial aircraft fleet. Such an increase in the number of aircraft will simultaneously result in need for aerospace fasteners. Aerospace fastener manufacturers are increasingly focusing on emerging regions, such as Latin America, Asia-Pacific, and North Africa because of the high demand for aircraft. This offers opportunities for third-party companies to partner with OEMs and open MRO service centers in these regions. The use of titanium fasteners and growing investment in interior cabin products have been encouraging market growth in the last five years. With technological advances being key to product acceptance, the introduction of software such as ASRP5, which allows the simulation of complex assembly processes, bodes well for the market.
Both civilian aircraft programs, comprising Boeing 787, Bombardier's new C-Series airliners, and Airbus A350, and military programs, including aircraft such as Lockheed's new F-35 Lightning II fighter jet, are favoring titanium aerospace parts. This preference is due to the light weighing parts, and their compatibility with carbon fiber reinforced composite structures, which drive their demand in the market.
Titanium hardware weighs 40% lesser than non-titanium hardware. It is also corrosion-resistant, has a high strength-to-weight ratio, and retains properties at high temperature. Titanium parts have tensile strength as high as 160 KSI and shear strengths of 95 KSI.
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.
Rapid shifts in technology make it difficult for vendors to design appropriate fasteners and other related products and has been a cause for concern among vendors. The increased retirement of maintenance-intensive aircraft in favor of more electronic aircraft, which require a far fewer number of fasteners, is likely to hamper the market growth to some extent.
The key players in the global aerospace fasteners market are 3V Fasteners Company (US), Alcoa Corporation (US), B&B Specialties, Inc. (US), CDP Fastener Group, Inc. (US), The Boeing Company (US), LISI Group (France), National Aerospace Fasteners Corporation (Taiwan), STANLEY Engineered Fastening (US), TFI Aerospace (Canada), Wesco Aircraft Holdings (US), Ho-Ho-Kus Inc. (US), Arconic Inc. (US), and TriMas (US).
Segmentation of the Global Aerospace Fasteners Market
Based on type, the market has been segmented into nuts & bolts, rivets, screws, and others. The rivets segment accounted for the largest market share in 2018 and is expected to witness the highest CAGR during the forecast period from 2019 to 2025. Rivets offer benefits such as high tensile strength and assist in fixing critical structural components together.
Based on material, the market has been segmented into aluminum, alloy steel, titanium, and others. The aluminum segment accounted for the largest market share in 2018. However, the titanium segment is expected to witness the highest CAGR during the forecast period. Benefits offered by titanium such as lightweight and corrosion resistance are propelling the segment growth.
On the basis of application, the market is divided into the fuselage, control surfaces, and interior. The fuselage segment accounted for the largest market share in 2018 and is expected to grow at the highest CAGR during the forecast period. Factors such as increasing need for passenger safety and airlines, aircraft manufacturers are investing in high-quality aerospace fasteners.
Based on end-user, the market has been segregated into military aerospace and commercial. The military aerospace segment accounted for a larger market share in 2018. However, the commercial sector is expected to witness a higher CAGR during the forecast period. Increasing demand for new aircraft and stringent government regulations regarding aircraft safety are driving the segment growth.
Based on aircraft type, the market is classified as commercial aircraft and military aircraft. The military aircraft accounted for a larger market share in 2018. However, the commercial aircraft is expected to grow at a higher CAGR from 2019 to 2025. Increasing air passenger traffic is expected to drive the segment growth.
Based on the region, the market has been categorizing as North America, Europe, Asia-Pacific, Middle East & Africa, and Latine America. North America is estimated to acquire most significant market share in 2018. However, Asia-Pacific is expected to grow at the highest CAGR during the forecast period from 2019 to 2028. Factors such as the growing demand for new aircraft to cater to the increasing air passenger traffic and rising investment made by airline companies in developing countries such as China and India are driving the aerospace fasteners market in the region.
The market values and forecasts are derived using MRFR research methodology, which includes secondary research, primary interviews, data triangulation, and validation from an in-house data repository and statistical modeling tools.
In this process, data is collected from various secondary sources, including annual reports, SEC filings, journals, government associations, aerospace & defense magazines, white papers, corporate presentations, company websites, and paid databases.
In this process, both the demand- and supply-side parties are interviewed to extract facts and insights into the market forecast, production, trends, and projected market growth. Industry stakeholders such as CEOs, VPs, directors, and marketing executives across the value chain are approached to obtain key information.