Industrial Fastener Market: Global Size, Share, Trends, Growth and Forecast, 2022-2032
Industrial Fastener Market: Overview and Definition
The industrial fastener market refers to the global market for the components used to mechanically join two or more objects together in various industrial applications. Fasteners are essential components in various industries, including automotive, aerospace, construction, and manufacturing, and are used in a wide range of applications, such as assembling machinery, equipment, and structures.
The industrial fastener market includes various types of fasteners, such as bolts, nuts, screws, washers, rivets, and pins, among others. These fasteners are made of different materials, such as stainless steel, aluminum, and titanium, and can be customized to fit the specific needs and requirements of the application.
The market for industrial fasteners is driven by factors such as the increasing demand for high-performance and lightweight fasteners in various industries, the growing trend towards automation and robotics in manufacturing, and the need for cost-effective and efficient fastening solutions. The market is also affected by factors such as changes in environmental regulations and the availability of raw materials.
The industrial fastener market is highly competitive, with numerous established players and a growing number of emerging manufacturers. The market is also subject to various technological advancements, such as the use of 3D printing and other advanced manufacturing processes to create custom and complex fasteners, and the development of corrosion-resistant and high-strength materials for fasteners.
The market is expected to continue to grow as the demand for high-performance and lightweight fasteners increases, and as manufacturers explore new materials, designs, and applications for industrial fasteners. However, the market may face challenges related to the cost and availability of raw materials, the need to address environmental concerns, and the competition from alternative fastening technologies.
The global industrial fasteners market size was estimated at USD 85.7 billion in 2021 and is expected to reach USD 109.1 billion by 2032, growing with a CAGR of 8.7% over the forecasted period of 2022 to 2032. Increase in customer fastener producing coupled with product penetration of plastic variants in the automatic industry is expected to boost the industrial fastener market growth.
Moreover, shifting manufacturing trends towards manufacturing innovative products like miniature, specialty, and hybrid fasteners will tap the changing consumer demand are expected to bode well for growth. Furthermore, increase in market participants in engaging in acquisitions and merging to raise production capacities, geographical reach and product variation, thereby strengthening their position in the market.
The U.S. is highly involved in high volume export and import trading in the international market. The import partners for the country includes Japan, Taiwan, China, South Korea, Germany, Canada, France, India and Mexico. Moreover, the country is also major manufacturer of the product with the presence of big players such as Illinois Tool Works, Inc., ATF Inc., and Acument Global Technologies. However, raising metal prices coupled with the increasing demand in other application industries like construction and machine manufacturing is expect to restrict the raw material supply for industrial fasteners. In addition, with the presence of diversified suppliers with high production volume is projected to hamper the dominance of raw material suppliers, thereby affecting the industrial fasteners market.
The customers which are especially from the aerospace and automotive sector claim compensation from the producer in case of any faults regarding the quality of fasteners. Thus, these products are subjected to hard quality checks to meet standards including ASME, ASTM, JIS, BS and DIN to avoid such types of claim. In addition technological advancement has been initiated for the development of industrial fasteners such as the implementation of IoT to increase the performance and productivity is also a major factor which contribute towards the growth of the global industrial fasteners market. Moreover, raising expansion activities in the construction activities in various countries act as a result of increasing population and rapid urbanization which has led to an raise in the infrastructure development which is another factor increasing the demand for the industrial fasteners market globally.
Asia-Pacific market holds the major share in the year 2019 and it expected to retain its dominant during the forecast period owing to the increasing adoption of industrial fasteners as a result of the rapid expansion in the industrial activities. Moreover, regular expansion in the automotive industry owing to the increasing demand for automobiles as a result of increase in the disposable income across the countries like China, Japan, India, Australia, New Zealand and others together with the increase in the construction activities and raising demand for maintenance and repair activities are some of the major factors which are creating opportunities for the industrial fasteners market in this region. Raising purchasing power in this region is the prime factor which contributes towards the growth of the industrial fastener market.
Europe was the second-largest segment growing in 2019 owing to considerable product demand from the developed countries like UK, Germany, Italy, Russia and France. In the same year, the automotive industry accounted for a major share in terms of revenue generated in the region.
Raw material insights
By raw analysis, the industrial fastener market is segmented into plastic fasteners and metal fasteners. The metal fasteners segment holds the major market share and it is expected to retain its dominance during the forecast period. Increasing adoption of metal fasteners for the production of industrial fasteners which can be used in various application areas. In addition, there are diversified benefits which are associated with the metal fasteners like increased corrosion resistance, enhanced mechanical strength and high tensile strength are further fuelling the growth of the market in this segment.
On the basis of application, the industrial fastener market is divided into aerospace, automotive, industrial machinery, building & construction, lawns & gardens, home appliances, furniture, motors & pumps, plumbing products and others. The automotive segment holds the major share .and is projected to grow with a CAGR of 7.1% owing to the raising implementation of industrial fastener in automotive application as a result of increasing production in the automotive sector across all countries. Furthermore, the increasing demand for automobiles is due to the increase in disposable income and raising penetration of electric vehicles and the arising emphasis of automobiles producers on producing efficient engines which will further boost the growth of the market in this segment.
Key Companies Profiled
The global industrial fastener market is characterized by the presence of various small and big players. The major market player includes includes LLC, Arconic, Dokka Fasteners, Acument Intellectual Properties, Birmingham Fastener and Supply Inc., Nifco Inc, Sesco Industries, ATF Inc., LISI Group, MW Industries, Inc., Hilti Corporation, and among others. As the market is competitive in nature, the players are indulged in raising their competitive share by means of strategic initiatives like mergers, new product and acquisitions.