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Stringent Regulations and Evolving Technological Trends are leading to Consolidation of Aerospace Fasteners Market
The aerospace fasteners market is projected to grow from USD 5.49 Billion in 2016 to USD 7.73 Billion by 2021, at a CAGR of 7.08% during the forecast period 2016 to 2021. The market has been segmented into five key segments based on aircraft type, end user, material type, product type, and application. On basis of product type, the market is segmented into rivets, screws, nuts & bolts, and others. Based on end user, the market is segmented into commercial aviation and defense. With respect to aircraft type, the market is segmented into narrow body aircraft, wide body aircraft, very large aircraft, regional transport aircraft, business jets, and fighter jets. Based on application, the market is segmented into cabin interiors, fuselage, and control surfaces. The increasing number of aircraft orders and growing demand for precision made fasteners are some of the key factors expected to drive the aerospace fasteners market.
Stringent regulations and evolving technological trends are leading to consolidation in the aerospace fasteners market. Currently, this market is dominated by prominent players such as Alcoa Fastening Systems & Rings (U.S.), LISI Aerospace (U.S.), Precision Castparts Corp. (U.S.), and Stanley Black & Decker Inc. (U.S.). Many small players in this market were acquired by other major companies. Innovation and design of technologically sound fasteners with greater advantages over weight and strength shall help the fastener manufacturers to improve their profits.
Alcoa Fastening Systems & Rings is one of the leading providers of aerospace fasteners globally. The company offers materials, components, engineering and research & design solution in aerospace, commercial transportation, energy, alumina, consumer electronics, home & commercial building supplies, aluminum ingot, defense, industrial products & services, automotive, electric, and packaging. The company recently received a contract from GE Aviation (U.S.) worth USD 1.5 billion. Under this contract, Alcoa has to provide engine components, nickel-based super alloy, titanium, and aluminum components. Alcoa also received contracts from Boeing worth USD 2.5 billion for multi-material fasteners; one of the biggest contracts for fasteners for Alcoa. The company also received contract from Airbus to provide fasteners for its new, high-growth aircraft. This contract will increase the company’s revenue and provide it a major share of the fasteners market. Investment in research and development has been one of the key strategies followed by the company. It is constantly focusing on increasing its capabilities in advanced 3D printing of materials and processes.
Precision Castparts Corp is an established player in aerospace fasteners market. Under airframe products segment, Precision Castparts Corp manufactures aerostructures, which includes metallic and composite parts and kits for aerospace industry. The company manufactures bolts, screws & pins, nuts, specialty fasteners, and engineered products. It operates in more than 162 locations across the globe. In 2014, Precision Castparts Corp acquired Aerospace Dynamics International from Marvin Group for USD 625 Million. Aerospace Dynamics International is one of the major suppliers in aerospace industry. This acquisition helped Precision Castparts Corp to increase its capabilities in aerostructure segment.
Aerospace Fasteners Market by Product (Rivets, Screws, Nuts & Bolts), Application (Interior, Fuselage, Control Surface), Aircraft Type (NBA, WBA, VLA, RTA, Business Jets, Fighter Jets), End User, Material Type and Region - Global Forecast to 2021
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