Westford, USA, June 12, 2023 (GLOBE NEWSWIRE) -- The global industrial fasteners market size is expected to reach USD 113.21 billion by 2030 and exhibit a CAGR of 4% in the forecast period (2022−2030), according to Skyquest's latest research report. The increasing production of industrial machinery and component during the forecast years with the growing requirement for nuts, bolts, nails, screws and others will create business opportunities in future.
Government Initiatives and Trends to Promote the Use of Industrial Fasteners
At a global scale, increased demand for lightweight and high-strength fasteners, growing preference for customized and application-specific fasteners, adoption of advanced material and increasing use of automation in manufacturing are trends fueling the growth.
Several government initiatives are promoting the growth of Industrial Fasteners. For example, the European Union's Horizon 2020 program has funded several projects to develop sustainable, eco-friendly fasteners. For example, the FastCo project aims to develop fasteners made from recycled materials and easily recyclable at the end of their life.
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Specialty Fastener Type Demand to Grow Substantially in the Forecast Period
Specialty fastener type dominated the global market owing to its high performance. It includes high-performance fasteners, tamper-resistant fasteners, and composite fasteners that are increasingly being used in various industries. According to SkyQuest, increasing demand for lightweight and high-strength materials and the growth of the aerospace and automotive industries are drivers for the growth of the specialty fasteners market.
Automotive Industry is the Leading Application Segment
In terms of application, the automotive industry is the leading segment due to its demand in various applications such as body assemblies. Advanced materials such as titanium, aluminum and composites are increasingly being used in the automotive industry as they provide lightweight features and high-strength fasteners.
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Asia-Pacific is the leading Market due to the Large Manufacturing Sector.
Region-wise, Asia-Pacific is one of the largest growing markets with a huge manufacturing sector that includes industries such as automotive, aerospace, electronics, Construction, etc. The presence of low-cost labor and raw materials in the region has also made it a popular destination for the production of industrial fasteners. Various countries in Asia Pacific have undertaken initiatives to promote the growth of their manufacturing industries, which has indirectly led to the growth of the industrial fastener market. For example, the "Make in India" initiative launched by the Indian government in 2014 aims to promote domestic manufacturing and attract foreign investment in various industries, including automotive, aerospace, and electronics. Similarly, the "Made in China 2025" initiative aims to upgrade the manufacturing capabilities of the Chinese industry and promote high-tech industries
Browse in-depth TOC on " Industrial Fasteners Market "
Pages - 211
Tables - 92
Figures - 76
Industrial Fasteners Market Report Suggests:
- Field has recently announced its merger with Mid-State Bolt & Nut Company, a well-established distributor of a full range of fasteners based in Columbus, OH. The financial details of the agreement have not been disclosed. Since its inception in 1946, Mid-State Bolt & Nut Company has been known to offer innovative and efficient supply chain solutions for fasteners and other related materials, making it a valuable addition to the OEM marketplace. This collaborative effort will bolster their market standing in North America by widening the range of products and services and expanding their geographical reach to cater to a larger customer base.
- In terms of application, the automotive industry segment dominates due to the demand in body assembly applications.
- In terms of type, the specialty fastener type segment is projected to gain more popularity due to its high performance.
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
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Industrial Fasteners Market Segmentation:
The global Industrial Fasteners market report is segmented based on Product type, application, and region.
By Product Type
- Bolts
- Nuts
- Screws
- Washers
- Rivets
- Others (including pins, clamps, and hooks)
By Material Type
- Steel
- Stainless Steel
- Brass
- Aluminum
- Plastic
- Others (including titanium, nickel alloys, and composites)
By Application
- Automotive
- Aerospace
- Construction
- Electronics
- Energy
- Others (including furniture, medical equipment, and machinery)
By Region
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- RoE
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Latin America
- Brazil
- RoLA
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
Industrial Fasteners Market Major Company Profiles:
- Stanley Black & Decker
- Illinois Tool Works Inc.
- Hilti AG
- Bollhoff Group
- Acument Global Technologies
- Nifco Inc.
- Würth Group
- Shanghai Prime Machinery Company Limited (PRIME)
- Penn Engineering & Manufacturing Corp. (PEM)
- LISI Group
- ITT Inc.
- Sundram Fasteners Limited
- Precision Castparts Corp.
- KAMAX Holding GmbH & Co. KG
- Fastenal Company
- Arconic Inc.
- Alcoa Corporation
- Textron Inc.
- MacLean-Fogg Company
- EJOT Holding GmbH & Co. KG
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