Global Industrial Fasteners Market Reached USD 82 Billion in 2019and Growing at a CAGR of 4.5% till 2027
Industrial Fasteners Market Dynamics
Industrial Fasteners refer to the superior fastening products used in automobile, aerospace, and marine industries. The increasing production of machinery, motor vehicles, and other durables is likely to fuel the growth of the industrial fasteners market due to economic development and high investment expenditure. Rapid industrialization and expansion in the construction sector have surged the Industrial Fasteners market growth. Fasteners have a huge demand across major sectors such as automotive, electronics, construction, shipbuilding, and railways. The ongoing technological innovations in the development of industrial fasteners, such as the integration of IoT to improve productivity and performance, will strengthen the market growth.
The growing production of industrial machinery and constituents is expected to increase the penetration of industrial fasteners. Further, as per the fasteners industry overview, industrial fasteners are increasingly used in several end-use industries, such as automotive, manufacturing, and construction. Leading manufacturers are emphasizing implementing growth strategies to expand their presence. Thus, all these factors together are expected to generate promising growth opportunities in the market.
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However, the outburst of the coronavirus negatively influenced the growth of the market. The halt in industrial operations to curb the spread of coronavirus across the nation impacted the demand for industrial fasteners. Moreover, there was a significant decline in the usage of fasteners across the major industry verticals.
Key players operating in the Industrial Fasteners Market include Arconic, Dokka Fasteners, ATF Inc., Acument Intellectual Properties, Nifco Inc, LISI Group, Hilti Corporation, Sesco Industries, MW Industries, Inc., Birmingham Fastener, and Supply Inc.
Key Developments:
• In 2020, Birmingham Fastener and Supply Inc. acquired Atlanta Rod and Manufacturing, a domestic manufacturer of fasteners in Georgia. Through this acquisition, the company planned to expand its footprint in the United States.
• In 2020, Hilti Corporation launched smart fasteners which enable digital documentation and unique identification on the job site. These products increase job productivity across the application chain and offer traceability from design to installation.
Raw Material Segment Analysis
The metal fasteners segment is expected to expand at a faster CAGR during the forecast period. The growing demand for metal fasteners is attributed to their enlarged lifespan, higher strength, and durability. The augmenting adoption of this type of raw material to produce industrial fasteners, which can be used across several application areas will elevate the market growth. The metal products should be strong to handle heavy loads. Thus, due to the better resilience and mechanical strength, metal fasteners are used in construction and industrial machinery.
Application Segment Drivers
The Automotive segment is projected to hold a larger share over the forecast period. The growing demand for EVs is projected to expand the production of vehicles, which, will bolster the market growth. With the increasing production in the automotive industry, the deployment of industrial fasteners has surged. Large-scale production and consumption of commercial and passenger vehicles have supported the market growth. Automobile manufacturers are increasingly emphasizing the production of efficient engines, which will further drive the market size.
Regional Analysis
The Asia-Pacific region is expected to lead the market over the forecast period. The Asia Pacific market is driven by India, Japan, and China. The intensified investment by the government in residential and commercial construction projects will bolster the market growth. China gauged for the largest share in the production on account of the presence of medium and small-scale producers. Also, the rising construction activities and growing demand for repair & maintenance activities are other factors likely to fuel the market growth.
Industrial Fasteners Market Segmentation:
Industrial Fasteners Market by Raw Material
• Plastic Fasteners
• Metal Fasteners
Industrial Fasteners Market by Product
• Internally Threaded Fasteners
• Externally Threaded Fasteners
• Aerospace Grade Fasteners
• Non-Threaded Fasteners
Industrial Fasteners Market by Commodity
• Bolts
• Nuts
• Screws
• Others
Industrial Fasteners Market by Application
• Aerospace
• Automotive
• Industrial Machinery
• Building & Construction
• Lawns & Gardens
• Home Appliances
• Furniture
• Motors & Pumps
• Plumbing Products
• Others
Industrial Fasteners Market 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
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