- Aerospace fasteners are the hardware components or devices that are used to mechanically combine two or more objects together or to connect parts of an aircraft during aftermarket servicing and original equipment manufacturing.
- Aerospace fasteners are usually employed in military aircrafts, commercial aircrafts, rockets and ballistic missiles, aftermarket service, and their parts and components.
- The aerospace industry uses a different range of aerospace fasteners such as bolts, screws, nuts, rivets, pins, and hi-locks.
- Aerospace fasteners are manufactured under strict government standards and regulations. Manufacturers of aerospace fasteners design aerospace fasteners as high strength and lightweight metallurgical structures in order to provide better reliability rate and life along with better fuel efficiency of the aircraft.
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Key Drivers of Aerospace Fasteners Market
- Rise in demand to reduce an aircraft’s weight and increase its efficiency is expected to boost the market globally.
- Aerospace fasteners need to be strong, secure, and lightweight, hence, manufacturers have started developing aerospace fasteners from lightweight materials such as titanium. Titanium-alloy aerospace fasteners exhibit numerous properties such as corrosion resistance, high tensile and shear strength, high fatigue strength, and compatibility with carbon fiber-reinforced composite structure. Use of Ti-alloy aerospace fasteners has been increased due to its properties, which is likely to boost the market in the near future.
- Rise in additive manufacturing (AM) in the aerospace industry is further projected to drive the market in the next few years. This is primarily because additive manufacturing builds a 3D object by using computer-aided design (CAD) model. In addition, additive manufacturing allows rapid changes in internal features of the aircraft.
High Production Cost to Hamper the Market
- Less availability of high grade materials, unexpected failure of fasteners, and high production cost are some of the major factors hampering the market globally.
- Technological advancement makes it difficult for manufacturers of aerospace fasteners to design appropriate fasteners and other related products, this in turn, is expected to hinder the market.
North America to Hold Major Share of Global Aerospace Fasteners Market
- North America dominated the global aerospace fasteners market, accounting for significant share. The U.S. is the key market in North America due to high demand for aerospace fasteners in the country.
- The aerospace fasteners market in Asia Pacific is projected to expand at a rapid pace. This can be attributed to increase in number of aircraft deliveries and orders in the region, due to rise in demand for new generation aircrafts. This factor is anticipated to boost the market. China and India are projected to be the key markets in the region.
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Aerospace Fasteners Market: Competitive Landscape
- In May 2018, Boeing Distribution Services Inc. acquired KLX Inc., a U.S.-based company and a provider of aviation parts and services in the aerospace industry, to expand its services business.
Established in 2016, Arconic Inc. is headquartered in Pittsburgh, Pennsylvania, U.S. Arconic Inc. manufactures and distributes aerospace products worldwide. The company provides engineered products and solutions for industrial gas turbines, automotive, building & construction, energy, defense & space, aerospace, oil & gas, and commercial transportation markets.
Boeing Distribution Services Inc.
Incorporated in 1974, Boeing Distribution Services Inc. is based in Miami, Florida, U.S. Boeing Distribution Services, Inc. manufactures and distributes aircraft parts and consumables. The company provides aerospace fasteners, seals, bearings, chemicals, proprietary parts, raw materials, tooling, lighting, composites, and engineered products. The company is having 2,300+ employees in over 65 locations across the globe working in the military, business, and commercial jet space.
LISI Aerospace (SAS)
Established in 1777, LISI Aerospace (SAS) manufactures and develops structural components and high-tech fasteners used in the airframe as well as aircraft engines. The company operates under three business segments: LISI Medical, LISI Automotive, and LISI Aerospace.
Other prominent players operating in the aerospace fasteners market include:
- 3V Fasteners Company Inc.
- Bufab Group
- Stanley Engineered Fasteners (Emhart Teknologies LLC)
- Consolidated Aerospace Manufacturing
- Advanced Logistics for Aerospace
- Accumen Global Technologies
- Allfast Fastening Systems
- Alcoa Fastening Systems & Rings
- Avdel private limited
- Precision Castparts Corporation
- TFI Aerospace Corporation
- Ho-Ho-Kus Inc.
- National Aerospace Fasteners Corporation
- B/E Aerospace
- TPS Aviation Inc.
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