Newark, NJ, Jan. 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global industrial fasteners market is expected to grow from USD 79.83 Billion in 2017 to USD 109.61 Billion by 2025 at a CAGR of 4.04% during the forecast period 2018-2025.
Increasing demand for the automobiles in the Asia Pacific and rising number of building and construction activities are the factors driving the industrial fasteners market.
A fastener can be defined as a hardware device that mechanically joins or affixes two or more objects together. Fasteners come in various size and shapes which include nuts, screws, and bolts. Some are threaded fasteners which are having a raised spiral rib wrapping around the shaft and others are smooth and straight. Industrial fasteners are made of stainless steel, but this can also be made of other metals like copper and non-carbon steel as well as some plastic materials. Plastic screws are used when the application is less demanding. In contrast to welding, fasteners are used to create non-permanent joints i.e. joints that can be removed or dismantled without damaging the joining components. Launch of innovative fasteners like specialty, miniature, and hybrid fasteners is anticipated to boost the demand for the industrial fasteners. Increasing usage of industrial fasteners in electrical & electronics, machinery, aerospace, and MRO applications is anticipated to fuel market growth over the forecast period. Increasing spending for the construction of apartments and homes is also expected to increase fasteners' demand shortly. Also, upgrading and face lifting of buildings and houses are expected to play a key role in this sector. Corrosion protection of high grade with zinc flake coatings, electrolytic zinc and electrolytic zinc-nickel in fasteners is expected to increase its demand in the automotive sector.
Launch of newer lightweight, hybrid fasteners as well as phenomenal growth of the aerospace industry is driving the global industrial fasteners market whereas volatility in metal prices as well as increasing use of substitutes is anticipated to hamper the growth.
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Key players operating in the global industrial fasteners market include Stanley Black & Decker Inc., MW Industries Inc., Illinois Tool Works, Penn Engineering & Manufacturing Corporation, Acument Global Technologies Inc., Arconic Inc., Bulten AB, 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 among others.
- Firms are increasingly taking the merger and acquisition route to expand their footprint in the global industrial fasteners market. For instance, in 2018 Stanley Black & Decker Inc. announced the acquisition of Nelson Fasteners Systems for approximately USD 440 Million.
- To satisfy the increasing demand for automotive industrial fasteners, firms are increasingly taking the merger acquisition route to expand their production and distribution capacities. For instance, Illinois Tool Works Inc. announced in 2016 that it had acquired the engineered fasteners and components business from ZF TRW for approximately USD 450 million. ZF TRW is a well known and respected manufacturer of engineered fasteners for leading automobile manufacturers across all the major regions.
The plastic segment is anticipated to grow at a CAGR of 6.29% in 2018-2025
Raw material segment is divided into metal and plastic. Increasing demand for cost-effective, lightweight and corrosion-resistant fasteners from the automobile and aerospace industry is anticipated to propel the plastics segment to grow at a CAGR of 6.29% over the forecast period. Metal segment dominated the industrial fastener market with USD 23.55 billion revenue in 2017. Metal fasteners generate huge demand from industrial machinery and construction equipment manufacturing sector due to their excellent mechanical strength and impact resistance properties.
Non-threaded segment had a market value of USD 25.37 billion in 2017
Product segment is categorized into externally threaded, internally threaded, non-threaded, aerospace grade and others. Non-threaded segment emerged as the market leader in global demand for industrial fasteners with a revenue of USD 25.37 billion in 2017. Increasing growth of aerospace industry in Asia Pacific as well as rise in number of global satellite launches is anticipated to boost the aerospace segment to grow at a CAGR of 7.18% over the forecast period.
Automotive segment emerged as a leader with a 28.59% share of market revenue in 2017
Application is segmented into construction, automotive, aerospace, electrical and electronics, industrial machinery, furniture and others. Growing worldwide demand for automobiles has led automobile segment to dominate the global industrial fasteners market in 2017. Construction segment also accounted for a significant share of the market in 2017 owing to an increase in infrastructure development activities around the world.
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Regional Segment Analysis of the Industrial Fasteners Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region led the global industrial fasteners market with 34.42% of the revenue in 2017 followed by North America. Increasing demand from application sectors such as industrial machinery, automotive and aerospace has propelled Asia Pacific region to dominate the global demand for industrial fasteners. Increase in infrastructure and housing development activities in the region is also anticipated to be a major driving factor. North America also accounts for a significant share of global industrial fasteners market due to its well-developed automotive, aerospace and construction sector.
About the report:
The global industrial fasteners market is analysed on the basis of value (USD Billion), volume (Million Units), consumption (Million Units), imports (Million Units) and exports (Million Units). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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