The MRFR analysis reports state that the global Industrial fasteners market was worth nearly USD 80.2 Billion in 2022. The reports further project the market worth to attain around USD 119.1 Billion by the end of 2032 while thriving at a substantial growth rate of around 4.50%.
The global market for Industrial fasteners has demonstrated massive development in recent years. The main parameters supporting the development of the market are globalization & trade, growth in construction & infrastructure, focus on product quality & safety, manufacturing & industrial growth, increasing demand for lightweight & advanced fasteners, maintenance, repair, & operations (MRO), technological advancements in fastener manufacturing, and growing automotive industry.
Segment Analysis
The global market for Industrial fasteners is fragmented into segments based on Applications, Type, and region.
Based on the Material, the global market for Industrial fasteners has been split into Plastic and Metal.
Based on Product, the global market for Industrial fasteners has been split into Aerospace Grade, Internally Threaded, Non-Threaded, and Externally Threaded.
Based on application, the global market for Industrial fasteners has been split into Furniture, Automotive, Motors & Pumps, Aerospace, Lawns & Gardens, Building & Construction, Home Appliances, Industrial Machinery, and Others.
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Regional Insights
The study offers market insights into North America, Asia-Pacific, Europe, and the Rest of the World by region.
The MRFR analysis reports The Asia-Pacific region held the top spot across the global market for Industrial fasteners in 2021, with the largest contribution of around 45.80% of the net share. The region has China as the largest contributor in terms of revenue share. On the other hand, the Indian market is likely to grow at the highest pace over the coming years. Government expenditures in commercial and residential construction projects are the main parameter enhancing regional market development. Furthermore, the prevalence of small- and medium-sized producers in China is also believed to be one of the vital parameters enhancing the performance of the regional market. Moreover, the factors such as industrial fasteners for aerospace OEMs and an increase in aircraft deliveries & order facilities are also projected to positively impact the development of the regional market over the review timeframe.
The European regional market for Industrial fasteners is anticipated to ensure the second position across the global market over the assessment period. The region has the German market as the largest contributor in revenue share. On the other hand, the U.K. market is likely to grow at the highest pace over the coming years. The main parameter enhancing the performance of the regional market is the increasing demand in the commercial and household sectors for small tractors and lawnmowers. Furthermore, the lawn and garden equipment manufacturing in this area is also projected to impact the regional market’s development positively.
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The North American regional market for Industrial fasteners will likely show substantial growth over the coming years. The region has the U.S. market as the largest contributor in revenue share. On the other hand, the Canadian market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is the increase in the manufacturing of electric vehicles in the United States along with plastic fastening items. Furthermore, the presence of several aircraft OEMs, including Bombardier in Canada, Textron in Canada, and Boeing in the United States, are also likely to boost the regional market’s performance.
Competitive Analysis
The global market for Industrial fasteners is known to have a strong and competitive landscape. The players across the market are focusing on investments in research & development activities to expand their product lines, which will help the Industrial fasteners market grow even more. They are also considering several strategic activities to expand their footprint, with vital market developments including new product launches, higher investments, mergers & acquisitions, contractual agreements, and collaboration with other organizations. The list of prominent participants across the global market for Industrial fasteners includes players such as Eastwood Manufacturing (U.S.), BPF (India), Sesco Industries, Inc. (U.S.), MW Industries, Inc. (MWI) (U.S.), ATF Inc. (U.S.), Elgin Fastener Group (U.S.), Birmingham Fastener and Supply Inc. (U.S.), LISI Group – Link Solutions for Industry (France), Nifco Inc. (Japan), Howmet Aerospace Inc. (U.S.), and several others.
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