The aerospace titanium fasteners market size was valued at US$ 1,119.23 million by 2028 from US$ 693.31 million in 2020; it is expected to grow at a CAGR of 6.9% during 2020–2028.
The maintenance, repair, and overhaul (MRO) operations consist of periodic inspection, defect rectification, overhaul, and replacement along with the embodiment of aircraft modification for continuous airworthiness of the aircraft and its parts. Aircraft are periodically serviced, which involves repairing and replacing various aerospace parts, such as landing gears and engine. The increasing spending on the MRO activities of military and commercial aircraft is subsequently driving the growth of the aerospace titanium fasteners market. In March 2021, Sichuan Airlines awarded a five-year MRO service contract to MTU Maintenance for its A319, A320, and A321 aircraft. In November 2020, Boeing was awarded an MRO contract worth US$ 9.8 billion for Saudi Arabia’s F-15 fleet. In September 2020, RUAG was awarded an MRO contract for US Navy’s F/A-18 Hornet fleet.
The aviation industry players emphasize manufacturing, integration, or mounting lightweight materials on aircraft models. The aviation authorities, aircraft and aircraft-component manufacturers, MRO service providers, and military forces seek lightweight materials to extend the aircraft's flying range and enhance fuel efficiency. Many aerospace fasteners suppliers prefer titanium alloy materials for the development of lightweight equipment. In 2020, the US applied Ti-6Al-4V alloy bolts to B-52 bombers and achieved a remarkable weight reduction effect, which underlined the application of titanium alloy fasteners in aerospace. Thus, the popularity of lightweight material-based fasteners in the aerospace industry is anticipated to generate ample growth opportunities for aerospace titanium fasteners market players in the coming years.
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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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Impact of COVID-19 Pandemic on Aerospace Titanium Fasteners Market
The COVID-19 outbreak significantly affected the world in 2020. Until the outbreak of COVID–19, the aerospace industry was experiencing substantial growth in terms of production. With the outbreak of COVID-19, the production and sales of aerospace titanium fasteners came to a sudden halt in most countries. The US witnessed the most severe impact of COVID-19 in 2020. The region's aircraft manufacturers and service providers were affected due to nationwide lockdowns and travel restrictions, aircraft production facility shutdowns, and disrupted aerospace industry due to material shortages. All these adversities affected everything from supply chain and manufacturing to product sales. However, according to Airbus, the global and European aviation industry is expected to reach pre-COVID levels during 2023–2025, while the European aerospace titanium fasteners market is expected to surpass its pre-COVID levels by 2025. Thus, the fast projected recovery of aircraft manufacturers is expected to propel the aerospace titanium fasteners market growth in the coming years.
Lucrative Regions in Aerospace Titanium Fasteners Market
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Market Insights – Aerospace Titanium Fasteners Market
Increasing Adoption in Military Aircraft Boosts Aerospace Titanium Fasteners Market
The aerospace industry depends on the usage of lightweight materials to increase fuel efficiency. Since fasteners make up a significant volume of aircraft models, the need for lightweight fasteners is highly important. In the current scenario, the high demand for titanium fasteners among aircraft OEMs, aircraft component OEMs, and maintenance service providers is catalyzing the aerospace titanium fasteners market. The military aerospace sector is the major adopter of aerospace fasteners in the aerospace industry, followed by commercial aerospace and general aerospace. The increasing adoption of titanium fasteners in military aircraft due to its various benefits, such as high-temperature resistance, corrosion resistance, and nonmagnetic nature, is driving the market growth.
Aircraft Type-based Insights
Based on aircraft type, the aerospace titanium fasteners market is segmented into narrow body aircraft, wide body aircraft, general aviation, cargo aircraft, helicopters, and military aircraft. The narrow body aircraft segment held the largest market share in 2021. The demand for narrow body is rising with the cancellation of travel bans and rising disposable income, which are boosting the air travel spending of consumers. In December 2021, Jet Airways intends to place the order for at least 100 narrow body aircraft worth of US$ 12 billion with one of the pioneer aircraft manufacturers, such as Boeing and Airbus.
Players operating in the aerospace titanium fasteners market are mainly focused on the development of advanced and efficient products.
- In 2021, TriMas signed an agreement to acquire TFI Aerospace to add it to TriMas Aerospace. TFI is a leading manufacturer and supplier of specialty fasteners used in a variety of applications, predominantly in aerospace applications.
- In 2021, B&B Speacialties, Inc. participated in International Fastener EXPO 2021, which was held in Las Vegas from September 21, 2021 to September 23, 2021.
The aerospace titanium fasteners market is analyzed on the basis of 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, cargo aircraft, helicopters, and military aircraft. In 2021, the narrow body aircraft segment led the aerospace titanium fasteners market with the largest share. Based on product type, the market is segmented into bolts, nuts, screws, rivets, and others. In 2021, the bolts segment led the aerospace titanium fasteners market and accounted the largest share. Based on application, the market is segmented into flight control surfaces, airframe, engine, interiors, and landing gear. In 2021, the airframe segment dominated the aerospace titanium fasteners market with the largest share. Based on end user, the market is segmented into aircraft manufacturers, MRO service providers, and military forces. In 2021, the aircraft manufacturers segment led the aerospace titanium fasteners market and accounted for the largest share. The aerospace titanium fasteners market, by geography, is primarily segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2021, APAC accounted for a significant share of the market.
The key market players profiled in the study are XOT Metals; Leeart industry Co., ltd.; B&B Specialties, Inc.; 3V Fasteners; Cherry Aerospace; Ferralloy inc.; SuperBTI CO., Ltd; TriMas Corporation; Torqbolt Inc.; and Lisi Aerospace Inc.
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
The aerospace titanium fasteners have been in use for several years worldwide, however, the technology has been experiencing immense demand in recent years. Increasing adoption in military aircraft, rising development by aerospace titanium fastener manufacturers, and increasing demand by MRO service provider are supporting the growth of aerospace titanium fasteners market.
Many aerospace fasteners suppliers prefer titanium alloy materials after the development of lightweight equipment. In 2020, the US applied Ti-6Al-4V alloy bolts to B-52 bombers and achieved a remarkable weight reduction effect, which started the application of titanium alloy fasteners in aerospace. Thus, the adoption of lightweight material-based fasteners for the aerospace industry is anticipated to generate ample growth opportunities for aerospace titanium fasteners market players.
The global aerospace titanium fasteners market was dominated by narrow body aircraft segment accounted for the largest share in 2021 during the forecast period. The demand for narrow body is rising owing to lifting of travelling bans and rising disposable income which is boosting the air travel spending are the factors that are boosting the aerospace titanium fasteners market growth for this segment.
In 2021, North America led the market with a substantial revenue share, followed by Europe and APAC. US is the leading country in Europe for aerospace titanium fasteners, and it is expected to rise rapidly over the projection period, followed by the Canada and Mexico.
The major companies in aerospace titanium fasteners includes LISI AEROSPACE, Apollo Aerospace Components Limited, Howmet Aerospace Inc., KLX Inc., and 3V Fasteners. The ranking has been derived analysing multiple parameters such as annual revenue earned from aerospace titanium fasteners portfolio, client base, geographic locations, R&D expenditure, brand image, and number of employees, among others. These companies are actively participating in developing aerospace titanium fasteners for various applications.
US held the largest share in North America region. The US has the largest aerospace industry across the globe. Based on the Federal Aviation Administration (FAA) statistics in 2021, the total commercial aircraft fleet is anticipated to reach 8,756 in 2041, attributing to the growth in air travel. Some of the world’s largest manufacturers of aircraft, namely Boeing, 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.
The List of Companies - Aerospace Titanium Fasteners Market
- XOT Metals
- Leeart industry Co., ltd.
- B&B Specialties, Inc.
- 3V Fasteners
- Cherry Aerospace
- Ferralloy inc.
- SuperBTI CO., Ltd
- TriMas Corporation
- Torqbolt inc.
- Lisi Aerospace Inc.
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:
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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.
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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
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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.
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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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