The global industrial fasteners market size was valued at USD 80,636.50 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.00% from 2022 to 2030. Rapid industrialization and urbanization are primarily fueling growth of the industrial fasteners market.
Global Industrial Fasteners Market: Regional Insights
North America is expected to dominate the global industrial fasteners market over the forecast period. The owing to the presence of automotive, electronics, and aerospace companies. Moreover, the US is accounted for the largest markets for aerospace manufacturing and MRO, with the presence of key players such as Lockheed Martin, Boeing, and GE Aviation.
Europe, at the same time is expected to experience significant growth over the forecast period due to high demand for products developed countries Germany, the UK, Russia, Italy, and France. Additionally, the region is also accounted for the largest share in automotive market. According to the European Automobile Manufacturers' Association, The European auto industry is a global player, delivering quality ‘Made in Europe’ products around the world, and generating USD 85.50 billion trade surplus for the EU.
Figure 1. Global Industrial Fasteners Market Value Share (%), By Region, 2021
Global Industrial Fasteners Market Drivers:
Increasing automotive production in Asia Pacific region is projected to drive the growth of industrial fasteners market growth. For instance, According to the India Brand Equity Foundation, the automobile industry in India is world’s fourth largest, with the country currently being the world's fourth largest manufacturer of cars and seventh largest manufacturer of commercial vehicles in 2018. Indian automotive industry (including component manufacturing) is expected to reach Rs 16.16-18.18 trillion (US$ 251.4-282.8 billion) by 2026.
Strong growth of construction and building sector is also projected to augment growth of the market. Strong economic development and population expansion across developing countries is favoring the market growth. Construction industry has significant impacts on the demand for industrial fasteners as they are widely used in bridges, buildings, walls, and roofs.
|Base Year:||2021||Market Size in 2021:||US$ 80,636.50 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||4.00%||2030 Value Projection:||US$ 112,100 Mn|
Arconic Fastening Systems and Rings, LISI Group - Link Solutions for Industry, Hilti Corporation, and MW Industries, Inc.
|Restraints & Challenges:||
Global Industrial Fasteners Market Opportunities:
Growing use of plastic fasteners in automotive industry for interior, exterior, wire harnessing snapping, and electronics applications is projected to offer lucrative growth opportunities for players over the forecast period. Increasing focus of automobile manufacturer on developing lightweight vehicle for fuel efficiency is creating high demand for plastic fasteners.
Increasing demand for hybrid fasteners as they are lightweight, flexible, load-bearing, and cost-effective fasteners is projected to offer significant growth opportunities. They have corrosion resistance, flexibility, noise reduction, and cost-effectiveness properties.
Global Industrial Fasteners Market Trends:
Increasing automation across wide range of manufacturing settings is an emerging trend in the market. This will favor the market growth. Adoption of automation results in low operational costs and time and provides them with a competitive edge over other manufacturers.
The increasing use of miniature fasteners is one of the latest trends emerging in the industrial fasteners market. Structural requirement, Compact designs, installed hardware, and restriction in the area available are few factors that favor the use of smaller fasteners.
Global Industrial Fasteners Market Restraints:
Growing share of automotive tapes and adhesives are acting as a key barrier for metal fasteners market.
Increasing consumption of welds and rivets in aircraft is projected to drive welding market in aerospace and defense sectors, thus pose a threat to fasteners market share.
Figure 2. Global Industrial Fasteners Market Value Share (%), By Raw Material, 2021
Global Industrial Fasteners Market Segmentation:
The global industrial fasteners market report is segmented into raw material, product, application, and region
Based on raw material, the market is segmented into Metal and Plastic. Out of which, Metal is expected to dominate the global market over the forecast period owing to high demand from automotive, aerospace, construction, and equipment manufacturing industries. They provide high mechanical strength, impact resistance, and are less susceptible to harsh conditions.
Plastic segment is also expected to witness significant growth in the near future. As of 2020, plastic fasteners account for a very small share in the overall industrial fasteners market. However, they are projected to gain increasing importance, especially from the electronics, automotive, and aerospace industries due to its improved mechanical properties, lightweight, and low price as compared to metal fasteners.
Based on product, the market is segmented into Externally Threaded, Internally Threaded, Non Threaded, and Aerospace Grade. Out of which, Externally Threaded is expected to dominate the global market over the forecast period and this is attributed to the growing demand from electronics, automotive, shipbuilding, railway, and heavy equipment manufacturing industries.
Non Threaded segment is also expected to witness significant growth in the near future and this is owing to the growing demand from construction industry for various applications such as decking, subflooring, and roofing.
Based on application, the market is segmented into Automotive, Aerospace, Building & Construction, Industrial Machinery, Home Appliances, Lawn & Garden, and Motors & Pumps. Out of which, Automotive is expected to dominate the global market over the forecast period and this is attributed to the growing production of automobile across developing region.
Aerospace segment is also expected to witness significant growth in the near future. According to the Coherent Market Insights analysis, the global aircraft sector has been growing at a CAGR of over 4.8%, and this trend is expected to continue over the projected period. The recovery of the global GDP, stable commodity prices, and increasing passenger travel demand, especially from the Middle East, Latin America, and Asia Pacific are likely to drive the growth of the aerospace industry
Global Industrial Fasteners Market: Key Developments
Global Industrial Fasteners Market: Key Companies Insights
The global industrial fasteners market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global industrial fasteners market are Arconic Fastening Systems and Rings, LISI Group - Link Solutions for Industry, Hilti Corporation, and MW Industries, Inc.
*Definition: Industrial fasteners are devices and tools used to attach parts together. Most are mechanical in nature, with a male and female component. The male portion can be a nut or screw, while the female is typically a bolt or stud. Their primary function is to secure joints, and many fasteners can be classified as either permanent or semi-permanent.
Industrial fasteners are a versatile product that can be used in a variety of industries. In addition to providing support and mobility, they help secure the joints that hold major pieces of equipment. Without them, massive pieces of equipment and tall structures can come to a halt. Industrial Fasteners are used in many applications and require specific materials for their use. For example, they may need to be heat-treated for strength or dimensional stability.
Increasing automotive production and strong growth of construction and building sector are driving growth of the industrial fasteners market. Moreover, growing use of plastic fasteners in automotive industry for interior, exterior, wire harnessing snapping, and electronics applications is projected to offer lucrative growth opportunities.
On the other hand, growing market share of automotive tapes and adhesives are acting as a key barrier for metal fasteners market.
Key features of the study: