Aircraft Specialty Fasteners Market is segmented by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Product Type (Blind Rivets, Blind Bolts, Solid Rivets, Stud and Inserts, Panel Fasteners, and Others), by Application Type (Airframe, Flight Control Surfaces, Interior, Engine, and Others), by Material Type (Titanium, Aluminum, Steel, and Others), by End-User Type (OE and Aftermarket), and by Region (North America [The USA, Canada, and Mexico], Europe [Germany, France, The UK, Russia, and RoE], Asia-Pacific [Japan, China, India, and RoAP], and The Rest Of The World [Saudi Arabia, Brazil, and Others]).
Aircraft Specialty Fasteners Market is segmented by Aircraft Type (Commercial Aircraft, Regional Aircraft, Helicopter, Military Aircraft, and General Aviation), by Product Type (Blind Rivets, Blind Bolts, Solid Rivets, Stud and Inserts, Panel Fasteners, and Others), by Application Type...
The Aircraft Specialty Fasteners Market is likely to grow at a healthy CAGR of 7.6% over the next five years to reach an estimated value of US$ 1.1 Billion by 2028.
In the aerospace industry, specialty fasteners refer to a specific family of fasteners whose usage is to address distinct industry requirements. Specialty fasteners address challenging requirements, such as high-speed/automated assembly, sandwich panel installation, thin sheet assembly, mounting to surfaces that cannot accept through-hole technology, blind assembly, frequent joint access, and optimization of preload in highly loaded joints. Specialty fasteners often save time in the assembly process and eliminate the need for additional fastening components, which results in an overall reduced cost.
Fasteners play a vital role in the aircraft industry and are among the most essential hardware components. They are situated across the aircraft and are used not only to join different parts of the aircraft together, such as the aircraft structure to skin, but are also used to install and affix components such as seats, stowage bins, and panels to the aircraft body. They have the highest count among all the components. For instance, an A380 aircraft program is made of six million components, out of which more than three million are fasteners.
COVID-19 Impact
The COVID-19 pandemic had a significant impact on the aircraft industry. The decline in air travel, subsequent grounding of aircraft, halt in manufacturing plants, and supply chain disruptions hampered the market. The aircraft specialty fasteners market could not escape from those challenges and witnessed a decline of 23.5% in 2020. This has compelled all major industry players to realign their strategies to maintain liquidity to face current market challenges and meet future demand.
The market further declined in 2021 but a steep recovery from 2022 onward. The major factor underpinning the growth of aircraft specialty fasteners is an incessant increase in air passenger traffic all around the world, which is triggering an incessant increase in the production rates of the key programs, such as the A320neo, B737 Max, A220, B787, and A350XWB; the market entry of new players, such as COMAC and Irkut; and increasing aircraft fleet size.
Apart from the organic growth of the aircraft industry, the demand for specialty fasteners is also fueled by a wide array of factors. Among these, the benefits of using specialty fasteners over traditional fasteners, such as faster assembly and accessibility to surfaces that can’t accept holes, are one of the factors that are pushing the airframers, especially Airbus, to switch from traditional fasteners to specialty fasteners, especially blind fasteners.
Recent Market JVs and Acquisitions:
In December 2021, TriMas Corporation acquired TFI Aerospace, a manufacturer of specialty fasteners used in a variety of applications for aerospace and other industrial end markets. This acquisition helped expand TriMas Aerospace’s fastener product lines with the addition of complementary niche products.
In January 2020, Consolidated Aerospace Manufacturing, LLC (CAM) agreed to be acquired by Stanley Black & Decker, Inc. This acquisition helps to further diversify the growth of Stanley Black & Decker, Inc.’s industrial business segment.
Segments Analysis
Segmentations
List of Sub-Segments
Dominant and Fastest-Growing Segments
Aircraft Type Analysis
Commercial Aircraft, Regional Aircraft, Helicopters, Military Aircraft, and General Aviation
Commercial aircraft is anticipated to remain the biggest demand generator for specialty fasteners in the years to come.
Application Type Analysis
Airframe, Flight Control Surfaces, Interior, Engine, and Others
Airframe is forecast to remain the major application area for specialty fasteners and is also expected to experience the fastest growth during the forecast period.
Material Type Analysis
Titanium, Aluminum, Steel, and Others
Titanium is anticipated to remain the most preferred as well as the fastest-growing material type until 2028.
Product Type Analysis
Blind Rivets, Blind Bolts, Solid Rivets, Studs and Inserts, Panel Fasteners, and Others
Blind rivets are likely to remain the dominant product type in the market, as they are easy to install and have ergonomic benefits over traditional fasteners.
End-User Type Analysis
OE and Aftermarket
OE remains the dominant and fastest-growing end-user type over the next five years.
Regional Analysis
North America, Europe, Asia-Pacific, and The Rest of the World
North America is expected to remain the largest market over the next five years, whereas Asia-Pacific is likely to grow at the fastest rate.
By Aircraft Type
Based on the aircraft type, the aircraft specialty fasteners market is segmented into commercial aircraft, regional aircraft, helicopters, military aircraft, and general aviation. Commercial aircraft is expected to remain the market's largest and fastest-growing aircraft type during the forecast period. Both major commercial aircraft OEMs: Boeing and Airbus, are increasing the production rates of their best-selling aircraft to meet a huge pile of order backlogs.
Also, COMAC and Irkut are entering the commercial aircraft industry with their C919 and MC-21 aircraft programs, returning in the service of B737Max, and rising aircraft fleet size. All these factors are likely to create a sustainable demand for specialty fasteners for the commercial aircraft segment in the foreseeable future.
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By Product Type
Based on the product type, the market is segmented into blind rivets, blind bolts, solid rivets, studs and inserts, panel fasteners, and others. Blind rivet is expected to remain the largest product type in the market during the forecast period, propelled by its installation efficiency and ergonomic benefits over traditional fasteners.
The rivet type is also estimated to grow at the fastest rate in the coming five years. Blind Bolt, another member of the blind fastener family, is subjected to growth at an impressive rate for the same period.
By Application Type
Based on the application type, the market is segmented into the airframe, flight control surfaces, interior, engine, and others. Airframe is expected to remain the most dominant segment of the market during the forecast period. The airframe is the largest structure in the aircraft, where specialty fasteners are used in a wide array of applications, including wings and fuselage, leading to its dominance in the market.
By Material Type
Based on the material type, the market is segmented into titanium, aluminum, steel, and others. Titanium is expected to remain the dominant material type in the market during the forecast period. In the aircraft industry, there has been an incessant replacement of steel and other heavy metal-based fasteners with titanium fasteners, owing to their excellent performance at a relatively low weight. Also, titanium fasteners are highly compatible with composite parts, which are increasingly being used in next-generation aircraft, including the B787, A350XWB, and B777x.
Regional Analysis
In terms of regions, North America is expected to remain the largest market for aircraft specialty fasteners market during the forecast period. The region is dominated by the USA, owing to the presence of major aircraft OEMs, specialty fastener suppliers, airlines, and MRO companies.
Asia-Pacific is expected to expand at the highest rateduring the forecast period, with China, Japan, and India being the key sources of growth. Substantial growth in air passenger and freight traffic in China and India is compelling aircraft manufacturers and tier players to open their manufacturing plants in the region. Major companies in the Asia-Pacific region are striving hard to develop commercial and regional aircraft to meet the huge indigenous demand and mitigate the level of dependency on Boeing and Airbus. COMAC C919 is one example of such efforts, which have already been successful in piling up excellent unfulfilled orders.
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Key Players
The market is highly concentrated, with the presence of some regional and global players. Development of lightweight and durable specialty fasteners, forming strategic alliances with aircraft OEMs, and execution of mergers & acquisitions are the key strategies adopted by the major players to gain a competitive edge in the market. The following are the key players in the aircraft specialty fasteners market.
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s aircraft specialty fasteners market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
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In-depth Analysis of the Aircraft Specialty Fasteners Market
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The market forecast and trend data and emerging trends
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Global, regional, and country-level historical data and forecasts
Which are the most attractive market segments?
Market segment analysis and Forecast
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Porter’s five forces analysis, PEST analysis, Life cycle analysis
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Drivers & challenges
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The aircraft specialty fasteners market is estimated to grow at a CAGR of 7.6% by 2028, driven by the increase in production rates of key aircraft programs (A320neo, B737 Max, A220, B787, and A350XWB), the introduction of new aircraft programs (C919, MC-21, B777x, etc.), the rising aircraft fleet size, and the benefits of using specialty fasteners over traditional fasteners.
Howmet Aerospace Inc., Precision CastParts Corp., TriMas Corporation, Lisi Group, Stanley Black & Decker, Inc., and National Aerospace Fasteners Corporation are the leading players in the aircraft specialty fasteners market.
North America is estimated to remain the dominant region in the aircraft specialty fasteners market in the foreseeable future, driven by the presence of several aircraft OEMs such as Boeing, Airbus, Lockheed Martin, Bombardier Inc., and Gulfstream Aerospace, as well as the presence of several leading tier players and specialty fastener manufacturers in the region.
Asia-Pacific is estimated to remain the fastest-growing market for aircraft specialty fasteners in the foreseeable future. The key economies driving regional market demand are China, India, and Japan.
Blind rivets are expected to remain the largest product of the market during the forecast period of 2023-2028, propelled by their installation efficiency and ergonomic benefits over traditional fasteners.
