Industrial fasteners are used in numerous construction applications. These include metal roofs, decking, and subflooring. Industrial fasteners can also be found in everyday life and can be found in lighting fixtures and streetlamps. They are also widely used in intricate rock concert staging. The manufacturing industry is a large consumer of industrial fasteners. The demand for these fasteners will increase in countries with a fast-growing automotive industry.
Market Statistics:
The global industrial fasteners market is estimated to account for US$ 80,636.50 Mn in terms of value by the end of 2021.
Global Industrial Fasteners Market: Drivers
Growing demand for fasteners from aerospace industry is propelling growth of the industrial fasteners market. The passenger and freight traffic are projected to grow at an annual compounded rate of 4.8% and 4.2%, respectively, over the period of 20 years from 2016 to 2036, thus driving the aircraft production. This is expected to have a positive impact on aerospace & defense market. Fasteners have crucial role in defining the structural integrity, longevity, and design philosophy of different metallic aircraft structures.
Global Industrial Fasteners Market: Opportunities
Increasing focus of manufacturer to develop plastic fasteners with improved properties is projected to offer significant growth opportunities for the players in the near future. Plastic fasteners have a high demand from various end-use industries.
Global Industrial Fasteners Market: Restraints
Negative impact of covid-19 on global economy is expected to restrict the market growth.
Global Industrial Fasteners Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 pandemic has severely impacted the production and deliveries of automobile and aircraft due to the implementation of containment policies such as quarantine and lockdown. The airlines market has faced huge loss in revenue generation due to travel restrictions around the globe. However, economic condition is resuming slowly and gradually which will offer room for growth to the market of industrial fasteners.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/industrial-fasteners-market-5206
Key Takeaways:
The global industrial fasteners market was valued at US$ 80,636.50 Mn in 2020 and is forecast to reach a value of US$ 112,100 Mn by 2030 at a CAGR of 4.00% between 2022 and 2030.
Plastic segment held dominant position in the global industrial fasteners market in 2021, accounting for 60.00% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Industrial Fasteners Market Trends:
Increasing penetration of electric vehicles and growing production lightweight and strong vehicle is expected to be major trend in the industrial fasteners market.
Improved public infrastructure and increasing disposable income across developing countries is projected to augment market growth.
Global Industrial Fasteners Market: Competitive Landscape
Arconic Fastening Systems and Rings, LISI Group - Link Solutions for Industry, Hilti Corporation, and MW Industries, Inc.
Global Industrial Fasteners Market: Recent Developments
- In January 2018, Hilti acquired BST Brandschutztechnik Döpfl GmbH, an Austrian-based company, in order to expand its fire protection product offerings.
- In August 2017, Hilti acquired Norwegian Oglaend System Group which is a leading manufacturer of cable management solutions. This acquisition led to the expansion of Hilti Corporation operation in wind, oil, and gas offshore markets
