In the aircraft sector, aerospace fasteners play a key role in defining durability, dependability, structural integrity, and design. Pyrotechnic fasteners (explosive bolts) are used in military aircraft, such as fighter jets, to secure ejectable canopies. These aerospace fasteners are known as specialty fasteners and have fewer uses than general-purpose fasteners. The market for aerospace fasteners is expanding due to businesses focusing their attention on enhancing assembly process effectiveness. The demand for aerospace fasteners is being driven by growth in domestic and foreign visitor visits by air and infrastructure investments made by governments worldwide to improve air transportation facilities.
The COVID-19 pandemic has greatly impacted the aircraft fasteners sector. The lockdown has temporarily halted transportation and manufacturing operations in various places. Due to COVID-19, the raw material supply has been cut off, which has made it extremely difficult to produce aircraft fasteners. Orders for airplanes are growing, but manufacturers have difficulty keeping up with demand. The main players implement various strategies to address these issues, such as utilizing autonomous manufacturing technologies, intelligent transportation services, and planning to begin internal raw material production capabilities to lessen reliance on external suppliers.
Growing Use of Robotics and 3D Printing Technology to Boost Manufacturing Capabilities and Market Growth
Robotics and 3D printing technology have demonstrated numerous benefits in the manufacturing sector. Manufacturing autonomous robots has improved productivity and quality while lowering the risk of human mistakes and workforce dependence. Faster mass production, improved quality, tangible design and product testing, cost-effective, innovative design and freedom from customization, the ability to generate desired shapes and geometry, effective use of raw materials for implementation, less waste production, and a decrease in design and human errors are just a few benefits offered by 3D printing technology. These elements have improved the acceptance of robotics and 3D printing technology for producing precision aircraft components. Therefore, the market is being driven by the increasing use of aerospace robots and 3D printing technologies in the production of aircraft fasteners.
Growth to be Stopped by Increasing Use of Composite Materials in Manufacturing of Aircraft Parts
The primary restraint on the market is the growing use of composite frames in airplane manufacturing. Since composite materials are employed as frames, composite structures do not require combining two components. Additionally, the demand for composites has grown globally because of their characteristics, including high strength, corrosion resistance, lightweight, design flexibility, and low thermal conductivity. The growing use of composite materials in the manufacture of airplanes due to their lighter weight and the advantages of the current design is anticipated to stifle market expansion.
Based on material, the aerospace fastener market is segmented into aluminum, alloy steel, titanium and others. The titanium category dominated the market in 2022. Fastening made of superalloys or titanium is in greater demand due to the growing need for extremely dependable and stiff fasteners for constructing aerostructures. Titanium fasteners provide numerous benefits, including excellent heat resistance, low weight, and great stiffness under adverse situations.
Based on product, the aerospace fastener market is segmented into nuts & bolts, rivets, screws and others. The rivets category dominated the market in 2022. Due to its advantages over alternative fasteners, rivets are now used more frequently in the manufacture of airplanes, which is the cause of this expansion. Rivets have benefits such as solid connection to aerostructure, high reliability when exposed to vibration, and time-consuming installation. Due to their benefits, rivets are predicted to become more and more popular in the assembly and production of aerostructures, which will increase passenger safety.
Based on application, the aerospace fastener market is segmented into military aviation, commercial aviation and civil aviation. The commercial aviation laser category dominated the market in 2022 due to increased air travel, which is driving up demand for new aircraft deliveries worldwide. Strong economic growth, an expanding middle class, and an upgrade in the airline industry's passenger comfort are all contributing factors to the increase in air traffic. Narrow-body, wide-body and extremely large aircraft are only a few of the subtypes of the commercial aircraft market that are examined further.
North America is projected to hold the largest share of the aerospace fastener market over the forecast period because this area is home to prestigious aircraft producers like Textron, Boeing, and Bombardier, among others. Additionally, the region's adoption of cutting-edge manufacturing techniques and greater financial support for R&D initiatives contribute to the market's expansion in North America. On the other hand, the Asia Pacific aerospace fastener market is anticipated to grow significantly. The expansion and increase in OEM presence in the local aviation market are credited with this growth. Large fasteners are exported from Asia to North American and European aircraft makers. Additionally, one of the obvious factors driving the market development in Asia Pacific is the region's expanding aviation industry.
- July 2021: In order to hasten its growth in the hydraulic fittings industry, LISI Aerospace declared that it had reached an agreement to purchase 100% of the stock of B&E Manufacturing. Precision-quality hydraulic tube fittings are produced by B&E Manufacturing and used in aerospace, industrial, and military applications.
LIST OF KEY COMPANIES PROFILED:
- B&B Specialities Inc.
- Bufab Group
- Howmet Aerospace
- LISI Aerospace
- Precision Castparts Corp.
- Stanley Black & Decker Inc.
- TFI Aerospace
- The Boeing Company
- TriMas Corporation
- Wurth Group
|Revenue (USD Million) and Volume (Kilo Tons)
|By Material, By Product, By Application and By Geography