Rockville , Sept. 07, 2023 (GLOBE NEWSWIRE) -- The latest industry research by Fact.MR, a market research and competitive intelligence provider, reveals that the global industrial Fastener market will enjoy a valuation of US$ 102.8 billion in 2022 and is projected to expand at a healthy CAGR of 5.1% to reach US$ 168.7 billion by the end of 2032. The market is projected to grow due the increasing use of vehicles, and thereby, high utilization of industrial fasteners.
Due to the rising demand from the transportation sector, particularly the automobile and railroad sectors, the market for industrial fasteners is expected to expand significantly. The automotive industry offers a diverse range of application scenarios, and each car uses between 50 and 90 kg of fasteners on average.
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To create specifically adapted vehicle fasteners, several automakers are collaborating with coating and fastener producers.
For instance, Greeknote, a leading manufacturer of anti-corrosion coatings, has created G5K, which provides coating performance for at least 5,000 hours and eliminates the issue of hydrogen embrittlement on fasteners.
If fastener surfaces are exposed to too much moisture, they may be harmed. Using the right finish could reduce friction and stop moisture from condensing on a bolt or screw. Epoxy electro coating, hot dip galvanization, and zinc or nickel electrodeposited are some of the methods used by companies to manufacture different industrial fasteners as per the requirements of automakers.
| Report Attributes | Details |
| Value Projection (2032) | US$ 168.7 Billion |
| Growth Rate (2022-2032) | 5.1% CAGR |
| No. of Pages | 170 pages |
| No. of Tables | 70 Tables |
| No. of Figures | 424 Figures |
Key Takeaways from Market Study
- The global industrial fasteners market is projected to grow 1.6X and reach US$ 168.7 billion by 2032.
- Between 2017 and 2021, the market exhibited 2.1% CAGR.
- Under product type, bolts dominate the market with US$ 20.1 billion valuation in 2022.
- The transportation segment is currently valued at US$ 23.1 billion.
- Europe leads the global market with 26.9% share in 2021.
“Targeted acquisition and capacity expansions to remain commercial voice of key market players,” says a Fact.MR analyst.
Market Development
The sales of different types of vehicles are also burgeoning. Industrial fasteners are used in several industries and they are of vital significance. Technological advancements in industrial fasteners that make them more durable, easy to use, and corrosion protective are making then highly preferred, creating consistency in demand.
Key players are hinging their emphasis on targeted expansions, strategic collaborations, and product launches in the market to substantially increase their market presence. Market players are on acquisition sprees and are majorly focusing on improving their geographic presence in untapped markets.
Key Companies Profiled in This Report
- American Fastener Technologies Corporation
- American Bolt & Screw
- AF Fastener
- Acument Global Technologies (Fontana Gruppo)
- Birmingham Fastener
- Delta Fastener Corp.
- De Walt
- Eurofast
- Elgin Fastener Group
- Extreme Bolt & Fastener
- Ford Fasteners, Inc.
- HILTI
- Impalabolt
- ITW
- Johns Manville
- KD FASTENERS, INC.
- LISI Group
- Midwest Fastener Corp and more
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Competitive Landscape
Leading market players continuously focus their resources on the development of automated and intelligent industrial fasteners to open the door for increased sales across end-use industries. Integrated sales channels are being set up by businesses to reduce the number of supply chain participants and increase profit margins.
- Stanley Black and Decker collaborated with OEMs and numerous other suppliers in 2020 to improve the products' supply chains.
- Greeknote, a top producer of anti-corrosion coatings, unveiled improved G5K in June 2021. This coating offers performance for at least 5,000 hours.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global industrial fasteners market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of material (metal (steel, stainless steel, alloy steel, copper & its alloys, aluminium, titanium, nickel & its alloys, others), plastic & polymer), type (screws (wood screws, machine screws, thread cutting machine screws, sheet metal screws, self-drilling, socket screws, others), nuts (hexagon nuts, flange nuts, wing nuts, kep nuts, push nuts, castle nuts, coupling nuts, pal nuts, others), bolts (track bolts, square bolts, plow bolts, round bolts, lag bolts, aircraft bolts, J-bolts, U-bolts, shoulder bolts, elevator bolts, HR bolts, HV bolts, others), washers (lock washers, structural washers, others), anchors, dowel pins), application (chemical industry (heat exchangers, exhaust systems, tanks & vessels, processing equipment), petrochemical industry (high pressure pumps & vessels, pumping stations, metering pumps, others), transportation (railways (trains, infrastructure), marine (decks, tanks, ramps, bulkheads, others), automotive), power generation & transmission (renewable (onshore (electrical equipment, turbines, motors, exhaust systems, pumping systems, storage vessels), offshore), non-renewable), construction (heavy-duty machines, construction vehicles), mining (precious metal mining, industrial metal mining), agriculture, aerospace & defence and others), and sales channel (online (direct to customer, third-party online), offline (authorized distributors, garages & workshops, specialty stores)), and key regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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