The aerospace titanium fasteners market size is projected to reach US$ 1.36 billion by 2031 from US$ 0.72 billion in 2023. The market is expected to register a CAGR of 8.2% during 2023–2031. Increasing adoption of military UAVs is likely to remain a key trend in the market.
Aerospace Titanium Fasteners Market Analysis
Some of the key players operating in the global aerospace titanium fasteners market includes LISI Aerospace, Apollo Aerospace Components Limited, Howmet Aerospace Inc, KLX Inc, and 3V Fasteners. The market is fragmented with a large number of players catering to domestic and international demand. The companies constantly cater to the demand generated from their respective regional fleets which further driving the growth for titanium fasteners in te aerospace industry.
Aerospace Titanium Fasteners Market Overview
The aerospace titanium fasteners market ecosystem is diverse and evolving. Its stakeholders are raw material providers, aerospace titanium fastener manufacturers, and end-users. Major players occupy places in various nodes of the market ecosystem. Raw material suppliers provide materials to fastener manufacturers, who then utilize it to manufacture and design the final products. The final product is then supplied to aircraft manufacturers, component manufacturers, and MRO vendors through different mediums, such as direct sales through company distributors or third-party sales through third-party distributors. Aircraft OEMs or component manufacturers then integrate fastener products to their respective assembly products.
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Aerospace Titanium Fasteners Market: Strategic Insights
Market Size Value in US$ 693.31 Million in 2020 Market Size Value by US$ 1,119.23 Million by 2028 Growth rate CAGR of 6.9% from 2020 to 2028 Forecast Period 2020-2028 Base Year 2020
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Aerospace Titanium Fasteners Market: Strategic Insights
| Market Size Value in | US$ 693.31 Million in 2020 |
| Market Size Value by | US$ 1,119.23 Million by 2028 |
| Growth rate | CAGR of 6.9% from 2020 to 2028 |
| Forecast Period | 2020-2028 |
| Base Year | 2020 |
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Aerospace Titanium Fasteners Market Drivers and Opportunities
Increasing Demand from MRO Service Providers
The maintenance, repair, and overhaul (MRO) operations consist of periodic inspection, defect rectification, overhaul, replacement, and the embodiment of aircraft modification for continuous airworthiness of an aircraft and its parts. Aircraft are periodically serviced that help replaces and repair various aerospace parts, such as landing gear and engine, for optimal functioning of aircraft. Thus, the increasing MRO spending for military and commercial aircraft is subsequently driving the growth of the aerospace titanium fasteners market. For instance, In March 2021, Sichuan Airlines awarded a five-year MRO services contract to MTU Maintenance for its A319, A320, and A321 aircraft. In April 2021, IndiGo Airlines extended its MRO contract with Air France Industries KLM Engineering & Maintenance for its A320 fleet. Moreover, other developments in the years 2022 and 2023 related to the contract based MRO activities across different regions have driven the market for aerospace fasteners across different regions in the past. Moreover, the growth in the aircraft MRO sector is another major factor likely to drive the market for aerospace titanium fasteners in the coming years as well.
Increasing Demand of Light Weight Fasteners
The global aviation industry players emphasize manufacturing, integration, or mounting lightweight materials on aircraft models. The aviation authorities, aircraft manufacturers, aircraft component manufacturers, MRO service providers, and military forces seek lightweight materials for each component to extend the aircraft's flying range and increase fuel efficiency. Titanium alloy has become essential structural material for civil aviation as advanced civil aircraft manufacturers widely use it. Also, currently there are a lot of applicatios of titanium fasterens in the production of an aircraft. For instance, the applications of titanium fasteners in an aircraft include landing gears, jet engines, fan blades, wings, propellers, airframe, and different types of shafts. Further, the expected future deliveries of commercial aircraft of around 40,000 units by the end of 2042, is also likely to generate new opportunities for market vendors in the coming years.
Aerospace Titanium Fasteners Market Report Segmentation Analysis
Key segments that contributed to the derivation of the aerospace titanium fasteners market analysis are aircraft type, product type, application, and end user.
- Based on aircraft type, the market is segmented into narrow body aircraft, wide-body aircraft, general aviation aircraft, cargo aircraft, helicopters, and military aircraft. The narrow body aircraft segment held a larger market share in 2023.
- Based on product type, the market is segmented into bolts, nuts, screws, rivets, and others. The bolts segment held a larger market share in 2023.
- Based on application, the market is segmented into flight control surface, airframe, engine, interiors, and landing gear. The airframe segment held a larger market share in 2023.
- Based on end user, the market is segmented into aircraft manufacturers, MRO services providers, and military forces. The aircraft manufacturers segment held a larger market share in 2023.
Aerospace Titanium Fasteners Market Share Analysis by Geography
The geographic scope of the aerospace titanium fasteners market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
North America has dominated the market in 2023 followed by Europe and Asia Pacific regions. Further, Asia Pacific is also likely to witness highest CAGR in the coming years. The US dominated the North America aerospace titanium fasteners market in 2023. The US has the largest aerospace industry across the globe. Based on the Federal Aviation Administration (FAA) statistics, between 2022 and 2043 the number of jets in the US mainline carrier fleet is forecast to grow from 3,915 to 5,925, attributing to the growth in air travel. Some of the world’s largest manufacturers of aircraft, namely Boeing, Lockheed Martin, Textron, Gulfstream, and Airbus have their manufacturing bases established in the US. Moreover, fasteners and other aircraft components are likely to be in high demand due to an increase in the orders for commercial and business aviation aircraft, which leads to eventually driving the aerospace titanium fasteners market.
Aerospace Titanium Fasteners Market Report Scope
Aerospace Titanium Fasteners Market News and Recent Developments
The aerospace titanium fasteners market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the aerospace titanium fasteners market are listed below:
- MEIDOH Co., Ltd., an international leader in the production of automotive fasteners, is pleased to announce it has acquired Pilgrim Screw Corporation d/b/a Pilgrim Aerospace Fasteners (“Pilgrim”). (Source: MEIDOH Co Ltd, Press Release, Jan 2024)
- TriMas (NASDAQ: TRS) today announced that TriMas Aerospace has been awarded multi-year contracts with Airbus of Toulouse, France. TriMas Aerospace’s Monogram Aerospace Fasteners and Allfast Fastening Systems operations were both awarded new supply contracts by Airbus, expanding the company’s engineered fastener sales activity in Europe. (Source: TriMas, Press Release, Feb 2020)
Aerospace Titanium Fasteners Market Report Coverage and Deliverables
The “Aerospace Titanium Fasteners Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Aerospace titanium fasteners market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Aerospace titanium fasteners market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed porter’s five forces analysis
- Aerospace titanium fasteners market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the aerospace titanium fasteners market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Aircraft Type, Product Type, Application, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America region dominated the aerospace titanium fasteners market in 2023.
Increasing adoption in military aircraft; rising developments by aerospace titanium fastener manufacturers; and increasing demand from MRO service providers are some of the factors driving the growth for aerospace titanium fasteners market.
Growing adoption in military UAVs is one of the major trends of the market.
XOT Metals, Leeart Industry Co Ltd, B&B Specialties Inc, 3V Fasteners, LISI Aerospace, Cherry Aerospace, Ferralloy Inc, Superbti Co Ltd, TFI Aerospace Corporation, and Torqbolt Inc are some of the key players profiled under the report.
The estimated value of the aerospace titanium fasteners market by 2031 would be around US$ 1.36 billion.
The aerospace titanium fasteners market is likely to register of 8.2% during 2023-2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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