The global aerospace fastener market size was valued at USD 7.2 billion in 2022. The market is projected to grow from USD 7.2 billion in 2022 to USD 9.9 billion by 2030, exhibiting a CAGR of 5.50% during the forecast period.
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.
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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.
LIST OF KEY COMPANIES PROFILED:
B&B Specialities Inc.
Precision Castparts Corp.
Stanley Black & Decker Inc.
The Boeing Company
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