aerospace titanium fasteners Market

The Aerospace Titanium Fasteners market 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 2021-2028
 
Aircraft system manufacturers prioritize reducing the weight of aircraft, as it offers benefits such as improved operational cost, increased range, higher payload capacity, and longer airworthiness. Military unmanned aircraft, which are remotely controlled and carry sensors, target designators, and other equipment for offensive operations, can benefit from lightweight structures, allowing for additional sensors and payload. Therefore, there is a growing demand for lightweight fasteners made of titanium in military UAV systems, which will ultimately drive the aerospace titanium fasteners market.

In the aerospace industry, advancements in technology have resulted in the production of more durable and newer aerospace fasteners. As a result, there are significant opportunities for players in the aerospace titanium fasteners market, particularly in the adoption of lightweight titanium fasteners. TriMas Aerospace experienced a rise in engineered fastener sales in Europe due to multi-year contracts with Airbus and new supply contracts in 2020. Additionally, the aerospace titanium fasteners market in North America is driven by the presence of developed countries like the US and Canada, which have a strong focus on the aerospace and defence sectors. In North America, the high standards of living make airplanes and helicopters a popular mode of transportation for domestic and international travel, leading to a relatively high demand for commercial aircraft for passenger and cargo services. Furthermore, North America is home to some of the world's largest aircraft and helicopter manufacturers, such as Boeing, Textron Corporation, Gulfstream, Lockheed Martin, Northrop Grumman, Piper Aircraft Inc., Cirrus Design Corporation, Electric Aircraft Corporation, and Bombardier, which contribute to the growth of the aerospace titanium fasteners market.

Titanium fasteners have become a preferred choice for military aircraft due to their outstanding properties such as high-temperature resistance, corrosion resistance, and nonmagnetic nature. Aeroengine manufacturers require materials that offer high performance and durability, and the robust strength and low density of titanium make it an ideal material for aeroengine parts. Titanium's high-temperature capability is suitable for airframe parts and jet engines that must endure extreme temperatures ranging from sub-zero readings to 600?C. XOT Metals reports that the military aerospace industry is the main consumer of titanium. A significant volume of titanium fasteners is used in military aircraft such as the F/A-18, F-22, C-17, F-35, and UH-60 Black Hawk helicopter. In addition, military helicopters and UAVs require a larger volume of titanium fasteners to improve operational efficiencies and reduce fuel consumption.

Amid the COVID-19 pandemic, the aviation industry faced a major setback, resulting in temporary shutdowns of aircraft production facilities across various countries. This led to a decline in the demand for aerospace titanium fasteners required for the assembly of new aircraft production, thereby negatively impacting the aerospace titanium fasteners market share. However, there was a surge in the deliveries of single-engine piston aircraft in 2020, leading to an increased demand for aerospace titanium fasteners for such aircraft. Despite this, the aerospace titanium fasteners market experienced an overall decline of approximately 20% due to the negative impact on commercial and military aircraft deliveries during FY 2020. Nonetheless, aviation authorities, airlines, and aircraft OEMs expect a robust growth in the APAC aviation industry in the coming years, leading to increased orders for newer aircraft models and driving the demand for aircraft components among aircraft OEMs and MRO vendors in the forecast period.

The market for aerospace titanium fasteners is analysed based on various factors such as aircraft type, product type, application, and end user. The aircraft type segment is further divided into narrow body aircraft, wide body aircraft, general aviation, cargo aircraft, helicopters, and military aircraft. In 2021, the narrow body aircraft segment held the largest share in the aerospace titanium fasteners market. The product type segment includes bolts, nuts, screws, rivets, and others, with the bolts segment leading the market in 2021. The application segment is categorized into flight control surfaces, airframe, engine, interiors, and landing gear, with the airframe segment dominating the market in 2021. The end user segment includes aircraft manufacturers, MRO service providers, and military forces, with the aircraft manufacturers segment accounting for the largest share in 2021. The geographic segmentation of the market includes North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM), with APAC holding a significant share in the market in 2021.

The key players profiled in the study of the 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.; and Lisi Aerospace Inc.

The aerospace titanium fasteners market size has been determined through a comprehensive research process that combines primary and secondary sources. The research began with an extensive secondary research using internal and external sources to gather qualitative and quantitative information related to the market. This was followed by conducting multiple primary interviews with industry experts, including VPs, business development managers, market intelligence managers, national sales managers, valuation experts, research analysts, and key opinion leaders, who specialize in the aerospace titanium fasteners market. These interviews were conducted to validate the data and gain more analytical insights.