New York (US), Aug. 03, 2023 (GLOBE NEWSWIRE) -- Industrial Fasteners Market Overview
The study papers by MRFR imply that in the “Industrial Fasteners Market Research Report Information by Material, Region, Application, and Product - Forecast Till 2032”, the Industrial Fasteners market is forecast to cultivate considerably over the valuation period from 2022 to 2032 at a substantial CAGR of nearly 4.50%. The study papers even offer predictions related to the global market's expanding revenue numbers, which will likely attain a market of USD 119.1 Billion by the end of 2032. As per the reports, the market was valued at nearly USD 80.2 Billion in 2022.
Market Scope
The global Industrial Fasteners industry has progressed extremely recently. The primary parameters causing a surge in market performance are the expansion of the building & infrastructure sectors, government programs to upgrade infrastructure, population growth, and urbanization.
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Competitive Analysis
The listing of the prominent participants across the global Market for Industrial Fasteners incorporates players such as:
- Howmet Aerospace Inc. (U.S.)
- Sesco Industries, Inc. (U.S.)
- ATF Inc. (U.S.)
- Birmingham Fastener and Supply Inc. (U.S.)
- Nifco Inc. (Japan)
- BPF (India)
- MW Industries, Inc. (MWI) (U.S.)
- Elgin Fastener Group (U.S.)
- LISI Group - Link Solutions for Industry (France)
- Eastwood Manufacturing (U.S.)
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size | USD 119.1 Billion |
| CAGR | 4.50% (2023-2032) |
| Base Year | 2022 |
| Forecast Period | 2023-2032 |
| Historical Data | 2018 & 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Material, Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Key Market Drivers | Globalization and Trade |
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Market U.S.P. Covered
Market Drivers
The global Industrial Fasteners industry has progressed extremely in recent years. The primary parameters causing a surge in market performance are the expansion of the building & infrastructure sectors, government programs to upgrade infrastructure, population growth, and urbanization.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for Industrial Fasteners. One of the primary parameters restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global market for Industrial Fasteners. However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for Industrial Fasteners over the coming years.
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Segment Analysis
Among all the materials, the metal segment secured the leading position across the global market for Industrial Fasteners in 2022, given to the important part in manufacturing, construction, and everyday usage. They provide strength, sturdiness, and heat and corrosion resistance.
Among all the products, the externally threaded segment secured the leading position across the global market for Industrial Fasteners in 2022, given the increase in automobile production. Externally threaded studs are benefitted for aerospace applications over bolts given to their stronger design.
Among all the applications, the automotive segment secured the leading position across the global market for Industrial Fasteners in 2022, given the improvement in attractiveness and quality.
Regional Analysis
The global market for Industrial Fasteners is analyzed across five major geographies: South America, Asia-Pacific, the Middle East & Africa, Europe, and North America.
The study papers by MRFR imply that The Asia-pacific Region ensured the main position across the global Industrial Fasteners industry in 2022 with the largest contribution of nearly 45.80%. The regional market will display the maximum expansion rate over the assessment era. urthermore, the prevalence of small- and medium-sized producers in China is also considered to be a vital parameter enhancing the regional market's development. In addition, the factors such as manufacturers of industrial fasteners for aerospace OEMs situated in North America and an increase in aircraft deliveries & order facilities brought on by the desire for newer generation aircraft are also likely to have a positive impact on the development of the regional market over the coming years.
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The European Region projects to ensure the second spot across the global Industrial Fasteners industry over the coming years. The region is known for the presence of vital expansion contributors such as France, Germany, and the U.K. In addition, the region is a substantial hub for the production of passenger cars and is also projected to boost the regional market's development over the coming years.
The North American Region is expected to grow at the fastest CAGR across the global Industrial Fasteners industry from 2023 to 2032. The region is known for vital expansion contributors such as Mexico, the U.S., and Canada. The main aspect backing the expansion of the regional Industrial Fasteners market is the increase in the manufacturing of electric vehicles in the United States. Furthermore, the launch of plastic fastening items is also considered to be one of the vital parameters enhancing the development of the regional market. In addition, the presence of leading manufacturers such as Bombardier in Canada, Textron in Canada, and Boeing in the United States is also projected to boost the regional market's development over the coming years.
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