Aerospace Titanium Fasteners Market Growth Opportunities and Forecast by 2031

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

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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 Regional Insights

The regional trends and factors influencing the Aerospace Titanium Fasteners Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Aerospace Titanium Fasteners Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Aerospace Titanium Fasteners Market Report Scope

Aerospace Titanium Fasteners Market Players Density: Understanding Its Impact on Business Dynamics

The Aerospace Titanium Fasteners Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

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