Industrial Fasteners Markets size was estimated at USD 89.5 billion in 2021, expanding at a CAGR of 4.5% during forecast, and expected to reach USD 127.3 billion over the period 2022-2029
Main Industrial Fasteners Market Drivers
Major factors driving industrial fasteners market are surge in the demand for industrial fasteners from automotive and aerospace industries, growing investments in construction sector and increase in the production of industrial machinery and components. Governments in many countries are spending huge amount of capital on infrastructure projects to boost economic growth. For instance, Chinese government announced in 2022, that it will spend USD 1 trillion on building dams, reservoirs, roads, gas, pipelines and tunnels. Industrial fasteners are widely used in infrastructure projects to attach building materials like concrete and wood. As countries are increasingly spending on infrastructure sector, demand for industrial fasteners is expected to increase in future.
Advancements in technologies specially in aerospace industry, has led to the development of more durable fasteners, which can efficiently hold the parts of commercial airplanes, jets and missiles. Moreover, rise in research and development activities, increasing population growth rates and growing demand for hybrid fasteners, are some of the major factors boosting the growth of global industrial fasteners market. Companies worldwide are focussing to use less energy to reduce their expenses. For instance, BUMAX AB, a major manufacturer of stainless steel fasteners based out of Sweden reduced energy consumption by 50% to reduce its carbon emissions and save costs. However, rise in the prices of metals and availability of alternative fasteners like tapes and adhesives, are hampering the growth of industrial fasteners market.
Based on Raw Material, Metal Fasteners segment is projected to hold the largest market share.
Metal fasteners are gaining traction in various industries as it offers high mechanical strength and enhanced tensile strength. In addition, plastic fasteners are widely used in automotive industry dye to its cost-effective, lightweight and corrosion resistance properties.
Based on Product, externally threaded fasteners is expected to dominate the market attributed to rise in the number of vehicle production.
Externally threaded industrial fasteners are available in different varieties and widely used in aerospace industry. Additionally, non-threaded fasteners are increasingly used in applications like subflooring and decking in the construction industry.
Based on Application, Automotive segment is estimated to lead the market.
Rise in the sales of vehicles, growing use of electronics in vehicles and increasing popularity of lightweight vehicles, are some of the factors accelerating the demand for fasteners in automotive sector.
Based on Region, Asia-Pacific region is projected to hold the largest market share.
Asia-Pacific industrial fasteners market is propelled by rise in government’s spending on improving public infrastructure like roads, airports and transportation networks, increasing economic activities and rise in the number of aircraft deliveries. Asia-Pacific region is home to some of the leading companies like KOVA Fasteners Pvt. Ltd. and Nippon Industrial Fasteners Company (NIFCO).
Key Developments
• In January 2022, Dokka Fasteners set up a manufacturing unit in Klaipeda, Lithuania, to expand its operation in Europe.
• In April 2022, LindFast Solutions Group (LSG), a leading distributor of value-added fastener solutions in the North American market announced that it has acquired products from Fasteners and Fittings, which is a major imperial and stainless-steel manufacturing company.
• In September 2021, Trifast plc, completed the acquisition of Falcon Fastening Solutions, which is a specialist fastenings distributor based in United States at a value of USD 8.3 million
• March 2021, Valley Forge & Bolt, a major industrial fasteners manufacturing company based out of United States introduced new High Temp Maxbolt, which is designed to operate in temperatures up to 650* F.
Market Segmentation
Segmentation by Raw Material
• Plastic Fasteners
• Metal Fasteners
Segmentation by Product
• Internally Threaded Fasteners
• Externally Threaded Fasteners
• Aerospace Grade Fasteners
• Non-Threaded Fasteners
Segmentation by Commodity
• Bolts
• Nuts
• Screws
• Others
Segmentation by Application
• Aerospace
• Automotive
• Industrial Machinery
• Building & Construction
• Lawns & Gardens
• Home Appliances
• Furniture
• Motors & Pumps
• Plumbing Products
• Others
Segmentation by Region
• Asia Pacific
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and businesss decisions.
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