A slow rise in air traveling and surge in government expenditure on defense are driving the growth of the global aerospace fasteners market. According to a new report published by Allied Market Research, the global aerospace fasteners market was estimated at 7.42 billion in 2020 and is expected to hit 12.80 billion by 2030 — registering a CAGR of 5.5 percent from 2021 to 2030.
Materials
Aerospace fasteners are the components used to combine two or more objects in aircraft designing and manufacturing, including nuts and bolts made of titanium, nickel-based alloys, high-strength alloys, and other materials. The standards of aerospace fasteners materials, such as a high-operating temperature and resistance to corrosion are kept in mind to improve the fuel economy.
These fasteners are mostly used in military aircraft (fighter jets), ballistic missiles, defense, satellites, and other commercial purposes aircraft.
The alloy steel segment held the major share in 2020, garnering more than one-third of the global aerospace fasteners market, owing to installation of maximum number of steel fasteners in aircrafts. The titanium segment, however, is projected to cite the fastest CAGR of 6.0 percent throughout the forecast period. This is due to its high tensile strength and capability to withstand extreme temperatures.
In terms of the product type, the nuts and bolts segment contributed to the lion's share in 2020, holding more than two-fifths of the global aerospace fasteners market. The same segment would also manifest the fastest CAGR of 5.2 percent from 2021 to 2030. This is attributed to their stability when used in assembly.
The market
Strict regulations on logistics and air travel services gave way to a steep decline in the production of new aircrafts as a direct result of COVID-19. This impacted the global aerospace fasteners market negatively, especially during the initial phase.
However, the market is projected to revive in the near future, as the global situation changes.
As a result, rapid growth in global air travel owing to higher standards of living and a rise in tourism are expected to drive market growth. In addition, relief in the import duties in some countries for the manufacturers drives the growth of the aerospace fasteners market. Further, many countries are focused on strengthening defense system by including fighter jets, military helicopters, and other special aircrafts in their military air force.
