Categories: Aerospace & Defence

Aerospace Fasteners Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Aerospace Fasteners Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Aerospace Fasteners Global Market Report 2024, The aerospace fasteners market size has grown rapidly in recent years. It will grow from $7.51 billion in 2023 to $8.36 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to aerospace industry growth, military modernization programs, globalization of aerospace supply chains, commercial aircraft orders, stringent safety and quality standards.

The aerospace fasteners market size is expected to see strong growth in the next few years. It will grow to $12.15 billion in 2028 at a compound annual growth rate (CAGR) of 9.8%. The growth in the forecast period can be attributed to rising air passenger traffic, next-generation aircraft, emerging markets for air travel, space exploration programs, sustainable aviation initiatives. Major trends in the forecast period include digitalization in manufacturing, R&D in lightweight materials, integration of smart fastening technologies, titanium fasteners, use of composite materials.

The global air travel industry has increased rapidly as the standard of living of people has improved and their disposable income has also gone up over a period. For instance, according to the International Civil Aviation Organization, passenger traffic and freight volume are expected to double by 2035. Thus, increased demand for air travel pushed aircraft manufacturing, driving the growth of the aerospace fasteners market.

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The aerospace fasteners market covered in this report is segmented –

1) By Product: Screws, Nuts and Bolts, Washers, Rivets

2) By Platform: Fixed Wing Aircraft, Rotary Wing Aircraft

3) By Material: Aluminum, Titanium, Alloy Steel

4) By End-Use: Commercial, Defense

Major companies operating in the aerospace fastener industry are adopting strategic partnerships approach to enhance supply chain efficiency and offer comprehensive solutions for complex aerospace assembly needs. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in February 2022, Goebel Fasteners Inc., a US-based manufacturer of fasteners, partnered with Aero-Space Fasteners and Electronics, a US-based distributor of aircraft fastening hardware for commercial and military aerospace applications. With this partnership, they aim to distribute Goebel Fasteners blind fastening product lines, over-center latches, new G-Grip Stainless Lockbolt System, and other product lines throughout the United States.

The aerospace fasteners market report table of contents includes: