Global Aerospace Fasteners Market to Reach US$8 Billion by the Year 2026

A mechanical device that affixes or joins objects together is known as a fastener. In simple terms, fasteners aid in keeping together sides of an opening. The aerospace sector uses variety of fasteners such as hi-locks, bolts, nuts, washers, rivets, collars, screws, spacers and pins. Growth in the global market is being driven by various encouraging factors including an expanding aircraft fleet size, increasing deliveries of regional and commercial aircraft, and growing share of wide-body aircraft in total deliveries, on the back of resurgence in passenger and air freight volumes. The market is also likely to gain from the growth in the defense sector, with growing orders for sophisticated military aircraft, rockets, missiles, and satellite technologies across geographies amid escalating geo-political tensions and intensified arms race in some parts of the world. At the same time, advancements in fastening technologies, roll out of high-corrosion-resistant and ultra-lightweight components, and growing importance of composites-compatible fasteners are expected to accelerate market demand. Fasteners are gaining from increasing number of space-related activities and ongoing transition of the industry from government-aided organizations such as NASA towards private players. The robust activity presents lucrative opportunities to companies offering high-quality, refined fasteners that can survive rigorous and harsh environments without compromising over performance.

Amid the COVID-19 crisis, the global market for Aerospace Fasteners estimated at US$5.4 Billion in the year 2020, is projected to reach a revised size of US$8 Billion by 2026, growing at a CAGR of 7.1% over the analysis period. Rivets, one of the segments analyzed in the report, is projected to grow at a 7.8% CAGR to reach US$3.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Screws segment is readjusted to a revised 7.2% CAGR for the next 7-year period. This segment currently accounts for a 27.8% share of the global Aerospace Fasteners market. While solid shank rivets gain traction in repair and assembly works, countersunk head rivets are preferred where smooth finish is required. Countersunk head rivets are currently being adopted as a standard in the US aerospace industry. The `screw` is the most common threaded fastener used in the modern day aircraft construction. There are three different types of aerospace grade screws - structural screws, machine screws and self-tapping screws.

The U.S. Market is Estimated at $1.7 Billion in 2021, While China is Forecast to Reach $941.2 Million by 2026

The Aerospace Fasteners market in the U.S. is estimated at US$1.7 Billion in the year 2021. The country currently accounts for a 32.3% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$941.2 Million in the year 2026 trailing a CAGR of 8.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 6.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7% CAGR while Rest of European market (as defined in the study) will reach US$1 Billion by the end of the analysis period. As the aerospace manufacturing hub, the US along with Canada houses established aerospace enterprises as well as fastener manufacturers. A key ongoing trend is the growing adoption of lighter grade fasteners amid roll out of stricter emission norms for aerospace industry. Significant increase in air travel and air cargo volumes in India, China, Brazil, Mexico, Saudi Arabia and the UAE are pressuring aerospace companies and tier players to establish local and regional production units, thereby propelling demand for aerospace fasteners.

Nuts Segment to Reach $1.4 Billion by 2026

Aerospace nuts and bolts besides increasing reliability and viability of vehicles also determine cost effectiveness of a component throughout its life cycle. The same materials used for the manufacture of bolts are also employed in making aerospace grade nuts. Commonly used nuts include plain nuts, self-locking nuts, castle nuts, anchor nuts and wing nuts. Most aerospace grade nut types have the requirement of a locking device to keep them in place, unless they are self-locking nuts. In the global Nuts segment, USA, Canada, Japan, China and Europe will drive the 5.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$832.3 Million in the year 2020 will reach a projected size of US$1.3 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$105.7 Million by the year 2026.