Pune, India, May 04, 2023 (GLOBE NEWSWIRE) -- The global industrial fasteners market size was valued at USD 79.54 billion in 2021. The market is projected to grow from USD 82.56 billion in 2022 to USD 110.91 billion by 2029, exhibiting a CAGR of 4.3% during the forecast period.
This information is provided by Fortune Business Insights™, in its report titled, “Industrial Fasteners Market Size, Share, Growth and Regional Forecast, 2022-2029.”
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List of Key Players Mentioned in the Report:
- Howmet Aerospace Inc. (U.S.)
- ATF Inc.(U.S.)
- Nifco(Japan)
- MW Industries, Inc. (MWI) (U.S.)
- LISI Group - Link Solutions for Industry (France)
- Sesco Industries, Inc. (U.S.)
- Birmingham Fastener and Supply Inc. (U.S.)
- BPF (India)
- Elgin Fastener Group (U.S.)
- Eastwood Manufacturing(U.S.)
Competitive Landscape:
Procurements Instigated by Crucial Companies to Endorse Market Growth
The dominating players of industrial fasteners incessantly root for proficient strategies to bolster their brand value as well as endorse the global market growth. One such effective strategy is purchasing competitive companies and further safeguarding a profit for both companies.
Key Industry Development:
April 2022: Birmingham Fastener declared the procurement of Champion Sales and Manufacturing, Inc. This purchasing activity reinforces Birmingham Fastener’s waterworks product offering and production diversity.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.3% |
| 2029 Value Projection | USD 110.91 Billion |
| Market Size in 2022 | USD 82.56 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 138 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Industrial Fasteners Market Growth Drivers | Procurements Instigated by Crucial Companies to Endorse Market Growth |
| Development in Building & Construction Industry to Drive the Market Growth |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industrial-fasteners-market-102732
Segments:
Metal Segment Shall Lead Market Due to Enhanced Resistance and Mechanical Strength
Based on material, the market of industrial fasteners is classified into metal and plastic. The metal segment may lead the global market share during the mentioned timeframe.
Externally Threaded Fasteners to Gain Traction During Forecast Period owing to Rise in Vehicle Sales
Based on product, the market is categorized into externally threaded, internally threaded, non-threaded, and aerospace-grade. The externally threaded segment is projected to lead the market owing to augmentation in the number of vehicle production.
Automotive to Account for Lion’s Share during Forecast Period owing to Amplification in Lightweight Vehicles
In terms of application, the market is classified into automotive, aerospace, building & construction, industrial machinery, home appliances, lawns & gardens, motors & pumps, furniture, and others.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
Our reports are based on a comprehensive research approach that prioritizes accuracy and precision of information. To achieve this, our experts use a data triangulation method, which enables us to provide reliable estimations and assess market dynamics effectively. Additionally, we have access to various international and regional databases, which provide us with up-to-date information. This enables stakeholders and business professionals to invest their resources wisely in essential areas.
Drivers and Restraints:
Development in Building & Construction Industry to Drive the Market Growth
The growth of the industrial fasteners market is expected to be driven by increasing demand for commercial and residential housing projects and government investments in infrastructure activities. These fasteners are commonly used in the construction industry to temporarily join two or more items together. In heavy-duty construction applications, fasteners are used to assemble materials that require strength and precision.
The construction industry uses various types of fasteners such as stainless steel, alloy steel, and carbon steel. However, the market growth may be constrained by the rising popularity of tapes and adhesives in NVH (noise, vibration, and harshness) and bonding applications, leading to the replacement of metal fasteners.
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Regional Insights:
Asia Pacific to Lead Backed by Increasing Government Investments
Asia Pacific is expected to experience significant growth, driven by China, India, Japan, and South Korea. The region's market growth will be bolstered by government investments in commercial and residential construction projects. Furthermore, Asia Pacific is projected to have the largest share of the industrial fasteners market during the forecast period.
In the North American market, a substantial growth rate is expected during the forecast period. The regional market growth will be driven by an increase in electric vehicle production in the United States, as well as the growing significance of plastic fastening products in the automotive sector.
Europe, with the second-largest market share, is witnessing extensive demand for small tractors and lawnmowers, which is likely to grow in the commercial and residential sectors.
Market Trends:
- Increasing Demand for Lightweight and High-Strength Fasteners: With the growing demand for lightweight materials in various industries, such as automotive, aerospace, and defense, there is an increasing demand for fasteners that offer high strength while being lightweight.
- Rising Use of Adhesive Fasteners: Adhesive fasteners, such as tapes and adhesives, are becoming more popular in industries such as automotive and aerospace due to their ability to reduce weight and improve design flexibility.
- Growing Adoption of Industry 4.0 Technologies: The adoption of Industry 4.0 technologies, such as IoT, artificial intelligence, and automation, is transforming the industrial fasteners market. Smart fasteners that can monitor and transmit data about their performance and condition are becoming more prevalent, offering benefits such as improved efficiency, predictive maintenance, and reduced downtime.
- Shift towards Sustainable and Environmentally Friendly Fasteners: Companies are increasingly focusing on sustainability and reducing their carbon footprint. This has led to the development of eco-friendly fasteners made from recycled materials, biodegradable materials, or materials that require less energy to produce.
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