Industrial Fasteners Market is Estimated to Grow at a CAGR of 3.90% from 2022 to 2028
As stated in our extensive report; the Global Industrial Fasteners Market accounted for USD 87.1 Billion in the year 2021.
The market is anticipated to be driven by the increased demand for Industrial Fasteners in the automotive and aerospace industries, as well as by the expanding population, significant investments in the construction industry, and rising construction spending. Early in 2020, the COVID-19 outburst had a detrimental effect on supply chains all around the world since both domestic and international trade had to be suspended to stop the virus’s spread. As a result, the manufacture of heavy machinery and construction equipment was impeded, and this had an effect on manufacturing activities across all sectors of the economy.
The Industrial Fasteners market is segmented based on end users, distribution channel, and product type. Based on product type, the market is segmented as Bolts, Nuts, Screws, Washers, Rivets and Others (Anchors, Inserts, Rings etc.). The end-use industry market is segmented as Automotive, Construction, Aerospace, Oil & Gas and Others (Petrochemical, Maritime, etc.). Based on the distribution channel, the market is segmented into direct and indirect sales. Region-wise, the Global Industrial Fasteners Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Due to the high product demand in automation, aerospace, and other industrial applications, the U.S. is one of the top fastener-importing nations in the world and is projected to have a similar trend during the forecast period. Additionally, businesses are switching from standard to customized fasteners in response to the rising demand for lightweight automobiles and aircraft, which is anticipated to further fuel demand. Intense technological advancements are used to manufacture cutting-edge lightweight products on the market that are used in automotive and other industrial applications. For example, the growing demand for hybrid fasteners, which combine injection-molded plastic components with metal elements, is anticipated to be driven by technological advancements.
Over the forecast period, the main challenges for makers of metal fasteners are anticipated to be rising metal prices and the slowing growth of these fasteners as a result of their replacement by plastic fasteners, automotive tapes, and adhesives. On the other hand, the growing need for lightweight components by car manufacturers is anticipated to benefit producers of plastic fasteners. Due to the high production numbers and exacting testing and labeling requirements, businesses producing fasteners need to make significant capital investments. Different parties produce and distribute Industrial Fasteners such as bolts, screws, nuts, studs, and rivets. As a result, companies make large investments in R&D projects, which leads to a dynamic market environment.
During the forecast period, the Industrial Fasteners market in Asia Pacific is anticipated to develop at the quickest rate. The automotive, industrial machinery, electronics, and construction industries dominate the regional market for Industrial Fasteners. In addition, the market in Asia Pacific is projected to be driven by the region’s economic expansion, which has boosted the need for better public infrastructures such as roads, harbors, airports, and rail transportation networks.
Increased demand for Industrial Fasteners in the automotive and aerospace industries, as well as by the expanding population, will have a favorable impact on the overall Industrial Fasteners market.
Some of the key players in the Global Industrial Fasteners Market include- Acument Global Technologies Inc., Arconic Inc., Bulten AB, STANLEY Engineered Fastening, Fortana Group, Hilti Corporation, LISI Group, MacLean-Fogg Company, MISUMI Group Inc., Nifco Inc., Precision Castparts Corp., The SFS Group, A&G Fasteners, SA Fasteners. and others.