Wilmington, Delaware, United States, Aug. 30, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global industrial fasteners market is projected to flourish at a CAGR of 3.2% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 131.56 billion is anticipated for the market in 2031. As of 2023, the market for industrial fasteners is expected to close at US$ 98.6 billion.
Increasing construction projects, and urban infrastructure development drives the demand for industrial fasteners for assembling various components and structures. Infrastructure development, including roads, bridges, buildings, and other structures, requires a significant amount of industrial fasteners for joining and securing different materials.
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Competitive Landscape
The global industrial fasteners market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global industrial fasteners market report:
- Acument Global Technologies Inc.
- Arconic Inc.
- Bulten AB
- STANLEY Engineered Fastening
- 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
Key Developments in the Industrial Fasteners Market
- STANLEY Engineered Fastening produced the Bulbex® Made of aluminum alloy, the Bulbex® design allows for a wide variation in material thickness. One Bulbex® fastener can often be used to replace several standard grip fasteners; thereby reducing fastener inventory and simplifying stock control. The Bulbex® blind breakstem fastener is ideal for use with plastic and low-strength material. Assembly applications include automotive, caravans/RV, mobile homes, domestic appliances, and plastic components.
- ATF introduced The DELTA PT® a thread forming fastener designed for superior performance in thermoplastic and thermoset materials. With Features like optimized helix angle that yields superior vibration resistance and increased levels of clamp load retention, high mechanical strength from a large ratio between major and minor diameters, resulting in ideal torsional strength for tougher plastics.
The rise in population in emerging countries, infrastructure development, increase in residential development, and growth in investments in diverse sectors such as renewables and telecommunications are boosting the construction sector. In turn, this is augmenting the demand for bolt fasteners and other industrial fastener materials.
Increasing demand in the automotive industry and manufacture of medium commercial vehicles, light commercial vehicles, heavy earth-moving equipment, textile machinery, machine tools, aircraft, and utility vehicles has propelled the usage of fasteners in sub or main assembly parts, driving the market demand. The demand for automotive fasteners is likely to rise in the near future due to the growth in the automobile industry.
The demand for bolt fasteners and other industrial fasteners is expected to rise owing to the growing aerospace and defense industries, requirement for high-performance fasteners for aircraft assembly and defense equipment manufacturing,
Growth of emerging industries like electric vehicles, additive manufacturing (3D printing), and advanced medical devices creates new opportunities for specialized fasteners.
Key Takeaways from the Market Study
- As of 2022, the industrial fasteners market was valued at US$ 95.5 billion
- By product type, industrial screws segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on the distribution channel, the direct sales segment accounts for the highest market share
- Based on end-user, the automotive segment is expected to generate significant revenue during the forecast period, due to the increased production of automobiles.
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Industrial Fasteners Market: Key Trends and Opportunistic Frontiers
- Growth of industries like renewable energy, electric vehicles, and 3D printing creates new opportunities for specialized fasteners designed for specific applications.
- The development of energy infrastructure, including power plants and renewable energy projects, requires a range of industrial fasteners for assembling machinery and equipment.
- Growing technological advancements in fastener manufacturing technologies, including improved materials and production methods, contribute to higher product performance and durability.
Industrial Fasteners Market: Regional Analysis
- Asia Pacific is projected to account for major share of the global the industrial fasteners market during the forecast period. Expansion of the global construction industry is also driving the demand for fasteners in Asia Pacific. Increasing manufacturing and construction activities in countries like China, Japan, India, and South Korea, drive the market demand.
- North America is expected to show lucrative opportunities for the industrial fastener market during the forecast period. the rapid growth in automotive, aerospace, construction, and manufacturing sectors contribute to the demand for fasteners.
Industrial Fasteners Market – Key Segments
Product Type
- Bolts
- Nuts
- Screws
- Washers
- Rivets
- Others (Anchors, Inserts, Rings etc.)
End-use Industry
- Automotive
- Construction
- Aerospace
- Oil & Gas
- Others (Petro-chemical, Maritime, etc.)
Distribution Channel
- Direct Sales
- Indirect Sales
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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