Farmington, March 03, 2023 (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 2030, Exhibiting A CAGR Of 4.3% During The Forecast Period. The COVID-19 outbreak has been frightening and unprecedented on a worldwide scale. In all regions, demand for goods is lower than anticipated when compared to levels prior to the pandemic. According to our analysis, the global market shrank 6.76 % in 2020 compared to 2019.
Industrial fasteners are often high-quality items that are utilised in the construction, automotive, aerospace, and marine industries to keep things together. There will likely be more machinery, cars, and other durable items available as a result of economic expansion and significant investment spending. Because more people will use bolts, nuts, screws, rivets, nails, washers, and other fasteners in the foreseeable future, the industry will expand. India, China, Thailand, and Vietnam are rapidly industrialising, which could aid market expansion.
Request Sample Copy of Report “Industrial Fasteners Market Size, Share & Trends Estimation Report By Material (Metal and Plastic), By Product (Externally Threaded, Internally Threaded, Non-Threaded, and Aerospace Grade), By Application (Automotive, Aerospace, Building & Construction, Industrial Machinery, Home Appliances, Lawns & Gardens, Motors & Pumps, Furniture, and Others), By Region, And Segment Forecasts, 2023 - 2030”, published by Contrive Datum Insights.
Recent Developments:
- April 2022 - Birmingham Fastener announced the acquisition of Champion Sales and Manufacturing, Inc. This acquisition strengthens Birmingham Fastener's water supply product offering and manufacturing diversity.
- September 2021 - LINC Systems, LLC, the industrial fasteners and industrial packaging distribution platform of Center Rock Capital Partners, announced the acquisition of Air-O Fasteners. The acquisition will strengthen the company's presence in the western United States.
Segment Overview
Material Insights
The metal industry may hold the largest market share during the coming years. Fasteners come in two varieties. Some connect objects permanently, such as nuts & bolts, screws, rivets, clamps, and retaining rings. The other type requires a sliding adhesive or non-permanent fasteners that may be undone, such as quick-release clamps and couplers that are made to remove certain pins and allow fastened parts to move independently of one another. The metal goods need to be sturdy enough to support enormous loads, whether they are produced by casting or powder metallurgy.
The increased resistance and mechanical strength that metals provide industrial and construction gear is projected to increase demand. To assist them in climbing the value chain and developing their abilities, businesses offer a wide variety of metal and plastic products to their end-use clients. For instance, Auto-Fasteners Ltd provides automobile OEMs with a convenient and affordable option to purchase the goods they require. The business sells metal fasteners composed of mild steel, carbon steel, brass, copper, stainless steel, and aluminium. The business also offers plastic fasteners made from polypropylene, PVC, polyurethane, polyethylene, polystyrene, and polyamide.
Product Insights
With more cars being produced, it is anticipated that the externally threaded category would dominate the market. In aeronautical applications, studs are preferred to bolts because they are stronger and have external threads.
Because the construction, automotive, and industrial machinery sectors utilise them more frequently, internally threaded parts could experience significant benefits. A typical material used to create goods with internal threads is stainless steel. These goods can also be made using alloy steel, brass, and aluminium as basic materials.
The aerospace grade market may experience significant growth through 2028. Products for aerospace fastening are used in the construction and assembly of aircraft. They are mostly utilised to join the various, geographically dispersed components of an airplane's structure together. To meet the rising demand for new aircraft, OEMs including Embraer, Boeing, Bombardier, and Airbus are producing additional aircraft.
Application Insights
The market's most significant component, the automobile industry, may continue to be so for the foreseeable future. Stainless steel, iron, nickel, aluminium, plastic, and brass are the most popular materials used to make fasteners for automobiles and factories. An growth in vehicle production, an increase in the usage of technology in vehicles, and a shift in emphasis towards lighter vehicles are the key factors influencing the market size. Also, producers are producing customised goods rather than standard ones, which is anticipated to aid in the market's expansion.
The majority of automakers are concentrating on employing aluminium and plastic fasteners to make automobiles lighter. Because of rising disposable income, a growth in the demand for lighter industrial fasteners, and government regulations aimed at cutting pollution and conserving fuel, there is an increase in the market for passenger cars.
Regional Outlook:
The Asia-Pacific market is dominated by China, India, Japan, and South Korea, and is anticipated to expand rapidly over the coming few years. The local market will expand when the government invests in commercial and residential construction projects. Due to the abundance of both large and small manufacturers, China produced the majority of the world's plastic fasteners. The need for more modern aircraft will increase product demand in the region and encourage additional deliveries and order facilities. Companies that produce aircraft fasteners and supply them to aerospace OEMs in North America and Europe have a significant presence in the Asia-Pacific region.
The North American market could experience rapid growth over the period covered by the forecast. Plastic fastening products are becoming more significant in the automotive sector as electric vehicles gain popularity in the United States. Hence, the local industry will expand. Companies like Bombardier in Canada, Textron in the United States, and Boeing in the United States will dominate the North American market share. Moreover, advancements in cutting-edge manufacturing methods and increased funding for R&D will propel the market for industrial fasteners.
Due to the high demand for compact tractors and lawnmowers there, which is expected to increase in both the commercial and residential sectors, Europe holds the second-largest share of the market. The manufacturing of lawn and garden tools will be the primary driver of this market share. Europe is a significant region for the production of passenger cars, which will aid in the expansion of the industrial fasteners industry.
Brazil's government has taken initiatives to erect structures, which has increased consumer demand. As the number of development and construction projects in the nation rises, industrial fasteners will become even more in demand. The aerospace, automotive, and industrial machinery industries will expand swiftly thanks to rapid expansion in South Africa, Saudi Arabia, and other nations. The market will expand as a result. The industry, which consists of local wholesalers, distributors, and producers of both imported and locally produced goods, is projected to support the market's overall growth.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 4.3% from 2023 to 2030. |
| Revenue Forecast by 2030 | USD 110.91 Billion |
| By Material | Metal, Plastic, Others |
| By Product | Internally Threaded, Externally Threaded, Non-Threaded, Aerospace Grade, Others |
| By Application | Automotive, Aerospace, Building & Construction, Industrial Machinery, Home Appliances, Lawns & Gardens, Motors & Pumps, Furniture, Others |
| By Companies | Howmet Aerospace Inc. (U.S.), ATF Inc. (U.S.), Nifco Inc. (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.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Latest Trends:
Manufacturers are using less energy, and restructuring manufacturing might open up many new opportunities for the sector.
Businesses are attempting to use less energy for heating and electricity in an effort to lessen their carbon footprint and environmental damage. For instance, Swedish manufacturer of high-strength stainless steel fasteners BUMAX said in March 2020 that it will reduce energy consumption at its Ashammar facility by 50%. Heating and electricity are produced with this energy. This will significantly reduce carbon emissions while increasing the productivity of BUMAX. The company has reduced the amount of carbon dioxide its 12,000 square metre facility emits as a result of the heat by 62% since 2011.
Driving Factors:
The expansion of the building and construction sector is driving the market for industrial fasteners.
Due to increased demand for both commercial and residential housing projects as well as increased government spending on infrastructure, the construction sector will expand. They are employed in construction to temporarily link two or more objects together. Heavy-duty materials are connected together using fasteners used in construction and architecture. This is so that the building and construction sector may function effectively and precisely. Stainless steel, alloy steel, and carbon steel are the three types of fasteners most commonly used in the construction sector. Building supplies such as nuts, bolts, washers, screws, and rivets are widespread. Several sorts of fastening products are required for any infrastructure project in order for it to be secure and reliable. Because it is readily available, strong, and affordable, carbon steel is utilised to manufacture the majority of items. Contrarily, stainless steel is the most often used building material due to its ability to tolerate heat, corrosion, and strength, which raises the need for industrial fasteners.
Restraining Factors:
Alternatives could slow the expansion of the market.
The market's expansion might be slowed if metal fasteners replace tapes, adhesives, and bonding more frequently. The market for automobile fasteners is primarily being harmed by the development of substitutes like welding and clinching. The expansion of the sector as a whole may be slowed by changes in auto sales and the state of the economy. The majority of businesses that produce automotive fastening products are currently struggling. Due to the difficulty of the manufacturing process, certain guidelines and limitations must be followed by the producers. Yet, the rise in OEMs and aftermarket sales will balance things out and pave the way for new directions for the sector as a whole.
Key Segments Covered:
Top Market Players:
Howmet Aerospace Inc. (U.S.), ATF Inc. (U.S.), Nifco Inc. (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.), and others.
By Material
- Metal
- Plastic
- Others
By Product
- Internally Threaded
- Externally Threaded
- Non-Threaded
- Aerospace Grade
- Others
By Application
- Automotive
- Aerospace
- Building & Construction
- Industrial Machinery
- Home Appliances
- Lawns & Gardens
- Motors & Pumps
- Furniture
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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