New York, United States, Sept. 02, 2022 (GLOBE NEWSWIRE) -- The industrial fasteners industry is one of the few industries that has a constant need in the global market. Major industries like automotive, aerospace, manufacturing, and construction industries have a constant need for such fasteners. The Fasteners are used to bond two or more components of a product together to form a solid joint for the efficient functioning of the end product. Fasteners can fasten and join varied parts irrespective of the material to be joined.
Fasteners, the key parts to make a complete and fully-functional end product, have a high demand in the industry, which is why it has a subsequent market share and is one of those industrial segments that can never go obsolete. Though there has been an evolution in the fastening industry by introducing chemical bonding techniques, the need for fasteners has never gone down with its resilience and the limitations of the chemical adhesives for the bonding purpose.
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Increased Automotive Production in the Aerospace Industry Driving the Global Industrial Fasteners Market
Fasteners are one of the most important parts of any vehicle, be it a passenger or a commercial vehicle, as the automotive product is developed by fastening various parts and components. Automotive is the largest market for industrial fasteners as the said industry is one of the top consumer-based industries. With the increase in automotive production, the need for industrial fasteners has increased, which is why the industrial fastener market is growing with a significant share in the market. Talking about the next driving factor, the growing demand in the aerospace industry is the increase in the passenger number and their travel frequency. With the ever-increasing end-user demand, the aerospace industry is trying to make their passenger’s overall experience of traveling in an aircraft better and more convenient. As the global aerospace and defense industry is growing at a rate of 4.8%, the demand for industrial fasteners is continuously increasing and proving to be the key driver for the industrial fasteners market.
Substitution of Metal fasteners with Plastic Fasteners Opens a Wide Range of Opportunities for Manufacturers
The current era of technology is driving the global industry to new heights that demand higher efficiency at minimal resources, which has been a major factor in the evolution of lightweight automotive products. The substitution of metal fasteners with plastic fasteners is the cost of manufacturing the metal fasteners and the increased demand for lightweight components. Plastics are low-cost substitutes for metals, and they can be molded into any kind of shape with the injection molding and extrusion technique. The fasteners required in the automotive industry vary in size, design, and measurements based on the application. This is why plastic fasteners are in demand and are available in various sizes in quick time, unlike metal fasteners. And the said substitution of metal fasteners with plastic fasteners is creating a huge window of opportunities that will lead the industrial fastener industry to new heights.
Impact of Covid-19 on the Global Industrial Fasteners Market
Covid-19 had forced an operational shutdown of each industrial segment around the world, which disrupted the entire global supply chain network. This shutdown led to huge losses to the entire industry globally that created a barrier to production and even the basic operations of the manufacturing units. The same is with the industrial fasteners market, as the production and distribution were completely stopped, the entire market sustained huge losses, and the full stocked inventories that incurred high costs of stocking created a barrier to the money flow in the market. These high costs impacted the industrial fasteners market, as companies were not ready to spend the higher amount, and hence they decided to find a new solution for their fastening needs, which eventually reached the find of adhesives.
Report Scope
| Report Metric | Details |
| Market Size | USD 123.18 Billion by 2030 |
| CAGR | 4.23% (2022-2030) |
| Historical Data | 2019-2020 |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, Regions |
| Geographies Covered | North America, Europe, Asia-Pacific, LAME and Rest of the World |
| Key Companies Profiled/Vendors | Arconic Fastening Systems and Rings, Acument Global Technologies, Inc. ATF, Inc., Dokka Fasteners, LISI group, Nippon Industrial Fasteners Company, etc. |
| Key Market Opportunities | Substitution of Metal Fasteners with Plastic Fasteners Opens a Wide Range of Opportunities for Manufacturers. |
| Key Market Drivers | Growing Demand for Fasteners in the Aerospace Industry Driving the Global Industrial Fasteners Market |
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Regional Analysis of the Global Industrial Fasteners Market
The global industrial fasteners market is regionally segmented into four regions which are North America, Europe, Asia-Pacific, and Middle-East & Africa. The Asia-Pacific region has the major share of the market with an estimated revenue of USD 57.89 billion in 2030 at a CAGR of 5.4% that was earlier standing at 38.01 billion in 2021. North America has major players in the industry operating in the region and plays an important role in driving the industrial fasteners market forward. It is the second dominant region after Asia-Pacific with an impressive revenue generation in 2021 with figures of USD 21543 million and growing rapidly at USD 29361 million by 2030 at a CAGR of 4%.
Apart from these two regions, Europe and Middle-East & Africa also contribute substantial revenue generation. Europe had a revenue generation of USD 21094 million in 2021 and growing at a CAGR of 3% to reach USD 27764 million by 2030. Middle-East & Africa also has a whopping sales figure of USD 1933 million in 2021 which is anticipated to grow to USD 2823 million in 2030 at a CAGR of 4%.
Key Highlights
- The global industrial fasteners market size was valued at USD 88.43 billion in 2021 and is expected to grow to USD 123.18 billion in 2030. The market is expected to grow at a CAGR of 4.23% during the forecast period (2022–2030).
- The externally threaded fasteners segment has the highest share, with a revenue of USD 42882 million in 2021 and expected to reach at USD 63726 million by 2030 at a CAGR of 5%.
- Based on the segmentation by application, the automotive industry segment has a market share of USD 28904 million in 2021 and is expected to grow to USD 40083 million by 2030 at a CAGR of 4%.
- Considering the regional analysis, the Asia-Pacific region has the major share of the market with an estimated revenue of USD 57.89 billion in 2030 at a CAGR of 5.4% that was earlier standing at 38.01 billion in 2021.
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Competitive Players in the Global Industrial Fasteners Market
- Arconic Fastening Systems and Rings
- Acument Global Technologies Inc
- ATF Inc.
- Dokka Fasteners
- LISI Group
- Nippon Industrial Fasteners Company
Market Segmentation of the Global Industrial Fasteners Market
By Product
- Externally Threaded
- Internally Threaded
By Application
- Automotive
- Industries
- Aerospace
- Construction
By Region
- North America
- Europe
- Asia-Pacific
- Middle-East & Africa
TABLE OF CONTENT
1 Introduction
1.1 Market Definition
1.2 Market Scope
2 Research Methodology
2.1 Primary Research
2.2 Research Methodology
2.3 Assumptions & Exclusions
2.4 Secondary Data Sources
3 Executive Summary
4 Market Overview
4.1 Report Segmentation & Scope
4.2 Value Chain Analysis: Industrial Fasteners Market
4.2.1 Vendor Matrix
4.3 Key Market Trends
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Environment & Regulatory Landscape
4.6 Forecast Factors & Relevance of Impact
4.7 Macro-Economic & Geopolitical Scenario
4.8 Parent Market Overview
4.9 Technology Landscape
4.10 Market Share Analysis
4.11 Potential Venture Analysis
4.12 Regional Price Trends
4.13 Raw Material Trends
4.14 Cost Structure Analysis
4.14.1 Labor Cost
4.14.2 Consumables
4.14.3 Maintenance Cost
4.15 Covid-19 Impact Analysis:
4.15.1 Pre and Post Covid-19 Market Scenario Analysis
4.15.2 Market Recovery Timeline and Challenge
4.15.3 Measures Taken by Top Players
4.15.4 Quarterly Market Revenue and Growth Forecast till 2021
4.15.4.1 North America
4.15.4.2 Europe
4.15.4.3 Asia-Pacific
4.15.4.4 Central and South America and the Caribbean
4.15.4.5 The Middle East and Africa
5 Product Overview
5.1 Introduction
5.1.1 Market Size & Forecast (Value & Volume)
5.2 Externally Threaded
5.2.1 Market Size & Forecast (Value & Volume)
5.3 Internally Threaded
5.3.1 Market Size & Forecast (Value & Volume)
6 Application Overview
6.1 Introduction
6.1.1 Market Size & Forecast (Value & Volume)
6.2 Automotive
6.2.1 Market Size & Forecast (Value & Volume)
6.3 Industries
6.3.1 Market Size & Forecast (Value & Volume)
6.4 Aerospace
6.4.1 Market Size & Forecast (Value & Volume)
6.5 Construction
6.5.1 Market Size & Forecast (Value & Volume)
7 Regional Overview
7.1 Introduction
7.1.1 Market Size & Forecast (Value & Volume)
7.2 North America
7.2.1 Economic Overview
7.2.2 Market Scenario
7.2.3 U.S.
7.2.4 Canada
7.2.5 Mexico
7.3 Central and South America and the Caribbean
7.3.1 Economic Overview
7.3.2 Market Scenario
7.3.3 Brazil
7.3.4 Argentina
7.3.5 Colombia
7.3.6 Rest of Central and South America and the Caribbean
7.4 Europe
7.4.1 Economic Overview
7.4.2 Market Scenario
7.4.3 Germany
7.4.4 France
7.4.5 The U.K.
7.4.6 Italy
7.4.7 The Rest Of Europe
7.5 Asia-Pacific (APAC)
7.5.1 Economic Overview
7.5.2 Market Scenario
7.5.3 China
7.5.4 Japan
7.5.5 India
7.5.6 Australia
7.5.7 South Korea
7.5.8 Rest Of APAC
7.6 Middle East
7.6.1 Economic Overview
7.6.2 Market Scenario
7.6.3 South Arabia
7.6.4 The UAE
7.6.5 Qatar
7.6.6 Oman
7.6.7 Turkey
7.6.8 The Rest Of Middle East
7.7 Africa
7.7.1 Economic Overview
7.7.2 Market Scenario
7.7.3 Nigeria
7.7.4 South Africa
7.7.5 The Rest Of Africa
8 Competitive Landscape — Manufacturers & Suppliers
8.1 Competition Dashboard
8.2 Industry Structure
8.3 Arconic Fastening Systems and Rings
8.3.1 Business Overview
8.3.2 Financial Performance
8.3.3 Recent Developments
8.3.4 Portfolio
8.4 Acument Global Technologies Inc
8.5 ATF Inc.
8.6 Dokka Fasteners
8.7 LISI Group
8.8 Nippon Industrial Fasteners Company
9 Conclusion & Recommendation
10 Acronyms & Abbreviations
Table of Content and Figure @ https://straitsresearch.com/report/industrial-fasteners-market/toc
Market News
- In March 2022, Arconic paused its business relationships with Russia amid the war crisis going up and taking the manufacturing set-up to other location in Europe.
- In October 2019, Acument Global technologies launched there screw fasteners that flourished worldwide and achieved a global success within no time.
- March 2019 proved to be a memorable year for ATF, as the company received the prestigious Monozukuri Award from NAL.
News Media
Industrial Fasteners Market to Expand at an Astounding Healthy CAGR During Forecast Period
Robust Demand from Automotive Industry to Bolster the Blind Bolts Market Growth
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