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U.S. Aerospace Fastener Market to Grow 6.4% CAGR

U.S. Aerospace Fastener Market to Grow 6.4% CAGR
June 26
22:36 2024

The U.S. aerospace fastener market is forecasted to grow at a CAGR of 6.4% through 2034.

Valued at $8.9 billion in 2024, the market is projected to expand as both commercial and military aircraft get approval, prompting increased demand for fasteners, according to Future Market Insights (FMI).

Commercial flights are becoming even more frequent as more tourists make long-distance trips. The increasing disposable income of the working-class population in developed and developing countries is seeing more people turn to commercial air travel.

By 2034, the market is expected to top $16.5 billion.

One way through which market players are expanding the trust placed in their products is by making them able to withstand harsh conditions. Fasteners that provide enhanced protection from corrosion and can operate at high pressure are set to add considerable value to the market.

Market downsides persist.

“The pricey nature of raw materials makes the production process costly and sees new entrants back off. The competition provided by composite materials also serves to slow down progress.”

Key Takeaways:

Aluminum is the top material, expected to account for 37.5% of the market share in 2024.

Commercial aerospace leads the application segment, with mechanical commercial aerospace expected to account for 67.5% of the market share in 2024.

India shows promise for the market, with an estimated CAGR of 9.5% for the forecast period.

China and Spain are forecasted to be lucrative countries for the market, with predicted CAGRs of 7.2% and 4.8%, respectively, over the forecast period.

The market is expected to register CAGRs of 2.5% and 3.6% in the United Kingdom and the United States, respectively, over the forecast period.

Recent Developments:

In March 2024, Alabama Aerospace decided to open a new production facility in Santa Fe Springs, the United States.

In January 2024, Pilgrim Aerospace Fasteners was acquired by MEIDOH Co. Ltd.

For more information:

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