NEWARK, Del, June 26, 2024 (GLOBE NEWSWIRE) -- According to Future Market Insights (FMI), the aerospace fastener market is expected to be valued at USD 8,869.4 Million in 2024. The demand for aerospace fasteners is tied to the growth of the aerospace industry. As both commercial and military aircraft get the go-ahead, more fasteners are being demanded, and thus, the market is expanding.
The market is set to register a CAGR of 6.4% from 2024 to 2034. Commercial flights are becoming even more frequent as more tourists make long-distance trips. The increasing disposable income of the working-class population in developed and developing countries is seeing more people turn to commercial air travel. In turn, the aerospace fastener sector is benefitting.
By 2034, the market is set to acquire a valuation of USD 16,493.4 Million. One way through which market players are expanding the trust placed in their products is by making them able to withstand harsh conditions. Fasteners that provide enhanced protection from corrosion and can operate at high pressure are set to add considerable value to the market.
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There are, however, certain downsides to the market. The pricey nature of raw materials makes the production process costly and sees new entrants back off. The competition provided by composite materials also serves to slow down progress.
Key Takeaways from the Aerospace Fastener Market:
- Aluminum is the top material, expected to account for 37.5% of the market share in 2024.
- Commercial aerospace leads the application segment, with mechanical commercial aerospace expected to account for 67.5% of the market share in 2024.
- India shows promise for the market, with an estimated CAGR of 9.5% for the forecast period.
- China and Spain are forecasted to be lucrative countries for the market, with predicted CAGRs of 7.2% and 4.8%, respectively, over the forecast period.
- The market is expected to register CAGRs of 2.5% and 3.6% in the United Kingdom and the United States, respectively, over the forecast period.
“Making the production process smoother is one way through which producers are maximizing profits. The use of 3D technology is helping producers streamline the process. In addition, the use of robotics helps investors save on labor costs. Thus, technology is set to play a key role in the market moving forward,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competition Analysis of the Aerospace Fastener Market:
A few players have earned a reputable name in the market, building trust with commercial airlines. However, small-scale companies also have the potential to advance, with startups making noise in the market.
Recent Developments in the Aerospace Fastener Market:
- In March 2024, Alabama Aerospace decided to open a new production facility in Santa Fe Springs, the United States.
- In January 2024, Pilgrim Aerospace Fasteners was acquired by MEIDOH Co. Ltd.
Key Manufacturers in Aerospace Fasteners Industry:
- 3V Fasteners Company Inc.
- Acumen Global Technologies
- Advanced Logistics for Aerospace
- Alcoa Fastening Systems & Rings
- Allfast Fastening Systems
- Avdel Private Limited
- B&B Specialties, Inc.
- Bufab Group
- EADS
- Arconic
- Ho-Ho-Kus Inc.
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Aerospace Fasteners Market Segmentation Analysis:
By Product Type:
- Pins
- Bolts
- Studs
- Screws
- Rivets
By Application:
- Commercial Aerospace
- Military Aerospace
By Material:
- Aluminium
- Steel
- Superalloys
- Titanium
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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