Pune, India, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global industrial fasteners market size was valued at USD 79.54 billion in 2021. The market is projected to grow from USD 82.56 billion in 2022 to USD 110.91 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period 2022-2029.
This information is provided by Fortune Business Insights, in its report titled, “Industrial Fasteners Market, 2022-2029.”
Abnormality in Product Demand Triggered Interruption in Supply Chain
Companies functioning in the market are undergoing indiscretion in terms of demand. These companies observe a reasonable invasion of demand for applications such as repairing and operations and common industrial amenities. The companies' administration and workforce are struggling to fulfill business objectives while continuing at basic livelihood necessities.
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Competitive Landscape:
Procurements Instigated by Crucial Companies to Endorse Market Growth
The dominating players of industrial fasteners incessantly root for proficient strategies to bolster their brand value as well as endorse global market growth. One such effective strategy is purchasing competitive companies and further safeguarding a profit for both companies.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.3 % |
| 2029 Value Projection | USD 110.91 Billion |
| Base Year | 2021 |
| Industrial Fasteners Market Size in 2022 | USD 82.56 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 138 |
| Segments Covered | By Type, End-user and Regional Insights |
| Industrial Fasteners Industry Growth Drivers | Surging Adoption of Products from Construction and Automotive Industries to Boost Growth |
| Birmingham Fastener Acquires Champion Sales and Manufacturing, Inc. to Gain Impetus |
Report Coverage:
We conduct our reports with an all-inclusive examination approach that majorly focuses on delivering precise material. Our scholars have applied a data triangulation method, which further assists us to offer trustworthy estimations and test the general market dynamics accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing up-to-date material so that the stakeholders and business professionals invest only in essential zones.
List of Key Players Mentioned in the Report:
- Howmet Aerospace Inc. (U.S.)
- ATF Inc(U.S.)
- Nifco(Japan)
- MW Industries, Inc. (MWI) (U.S.)
- LISI Group - Link Solutions for Industry (France)
- Sesco Industries, Inc. (U.S.)
- Birmingham Fastener and Supply Inc. (U.S.)
- BPF (India)
- Elgin Fastener Group (U.S.)
- Eastwood Manufacturing (U.S.)
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Segments:
Metal Segment Shall Lead Market Due to Enhanced Resistance and Mechanical Strength
Based on material, the market of industrial fasteners is classified into metal and plastic. The metal segment may lead the global market share during the mentioned timeframe.
Externally Threaded Fasteners to Gain Traction During Forecast Period owing to Rise in Vehicle Sales
Based on product, the market is categorized into externally threaded, internally threaded, non-threaded, and aerospace-grade. The externally threaded segment is projected to lead the market owing to augmentation in the number of vehicle production.
Automotive to Account for Lion’s Share during Forecast Period owing to Amplification in Lightweight Vehicles
In terms of application, the market is classified into automotive, aerospace, building & construction, industrial machinery, home appliances, lawns & gardens, motors & pumps, furniture, and others.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers and Restraints:
Development in Building & Construction Industry to Drive the Market Growth
Surging demand for commercial & residential housing projects and government expenditure on infrastructure activities augur the industrial fasteners market growth. They are utilized in the construction industry to combine two or more items together in a temporary method. Building & construction fasteners are utilized in heavy-duty applications to assemble materials together, as the sector needs strength and accuracy. Stainless steel, alloy steel, and carbon steel are various available fastening kinds utilized in the construction sector.
However, an upsurge in the replacement of metal fasteners by tapes and adhesives in NVH and bonding applications may limit the market growth.
Regional Insights:
Asia Pacific to Lead Backed by Increasing Government Investments
Asia Pacific is driven by China, India, Japan, and South Korea and is anticipated to reach a considerable growth rate during the forecast period. The government expenditures in commercial and residential construction projects will bolster the market in the region. The region is also estimated to hold the largest industrial fasteners market share during the forecast period.
The North American market is likely to display a substantial growth rate during the forecast period. The augmentation in electric vehicles production in the U.S. pooled with plastic fastening products is attaining significance in the automotive sector that will drive the regional market growth.
Europe is responsible for the second-largest market share owing to the extensive demand for small tractors and lawnmowers in the region, which is probable to grow in the commercial and residential sectors.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industrial-fasteners-market-102732
Key Industry Development:
April 2022: Birmingham Fastener declared the procurement of Champion Sales and Manufacturing, Inc. This purchasing activity reinforces Birmingham Fastener’s waterworks product offering and production diversity.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Findings
- Key Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
- Key Emerging Trends
- Porters Five Forces Analysis
- Insights on Regulatory Scenario
- Latest Technological Advancement
- Qualitative Insights – Impact of COVID-19 on Global Industrial Fasteners Market
- Supply Chain Challenges
- Challenges & Opportunities in COVID-19 outbreak
- Steps taken by Government/Companies to overcome this impact
- Global Industrial Fasteners Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Material (Value)
- Metal Fasteners
- Plastic Fasteners
- By Product (Value)
- Internally threaded fasteners
- Externally threaded fasteners
- Non-Threaded Fasteners
- Aerospace Grade Fasteners
- By Application (Value)
- Road construction
- Eros Automotive
- Aerospace
- Building & Construction
- Industrial Machinery
- Home Appliances
- Lawns & Gardens
- Motors & Pumps
- Furniture
- Others
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Material (Value)
Toc Continued…
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