Global Industrial Fasteners Market is valued approximately at USD 82.56 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.3% over the forecast period 2023-2030. Industrial fasteners are essential components utilized for the permanent or semi-permanent joining of multiple objects. These fasteners, often made of stainless steel and are used across various industries such as construction, automotive, aerospace and marine industries to connect, fix or join different components. They are typically manufactured using materials such as stainless steel, alloy steel, and carbon steel and are coated or painted with corrosion-resistant substances. This category encompasses a wide range of products, including nuts and bolts, threaded rods, structural bolts, machine screws, wedge anchors, washers, rivets and more, available in different sizes and types. Industrial Fasteners Market growth is driven by the increasing growth in the construction industry and rising demand from Aerospace Industry and growing Renewable Energy sector.
According to Statista, the global construction industry is anticipated to experience consistent revenue growth in the coming years. Projections indicate that by 2030, the industry’s revenue is expected to exceed twice its size in 2020. In 2020, the construction market was valued at USD 6.4 trillion, and it is predicted to reach USD 14.4 trillion by 2030. Moreover, using plastic fasteners instead of metal fasteners is proven to be more effective and sustainable as plastic doesn’t rust, is resistant to UV rays and is environment friendly. International Space Station and The Hubble Telescope used in NASA are held together using plastic fasteners. The recovery of oil prices and increased investments in oil and gas exploration and production activities may create opportunities for the industrial fasteners in the market. According to the International Energy Agency (IEA), global oil demand is expected to increase by 5.4 million barrels per day from 2021 to 2023, driving the demand for fasteners used in the oil and gas sector. However, the lack of raw materials can hinder the growth of Industrial Fasteners Market in the forecast years 2023-2030. According to All Points Fasteners, there has been a shortage of raw materials needed to produce specific fasteners such as stainless steel and it resulted in the shortage of nuts, screws, and washers. High capacity utilization, raw material shortages and shipping problems have thrown international supply chains into unprecedented chaos.
The key regions considered for the Global Industrial Fasteners Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market of Industrial Fasteners with largest market share due to an increase in electric vehicle production, a shift in consumer preference towards plastic counterparts and adhesives, rising demand for lightweight automotive components and presence of major players in the industry such as automotive, aerospace, electronics, etc. Moreover, Asia Pacific is expected to become the fastest growing during the forecast period because of the investments done by government in commercial and residential construction projects. The region’s product demand is fueled by an increase in the aircraft deliveries and order facilities due to newer generation aircraft demand.
Major market player included in this report are:
Acument Global Technologies, Inc.
Stanley Black & Decker, Inc.
MISUMI Group Inc.
Illinois Tool Works Inc.
Recent Developments in the Market:
Ø In January 2022, Norwegian Dokka Fasteners, known for producing high-quality industrial fasteners, decided to extend its business in Europe by opening a production facility in Klaipda, Lithuania. Dokka Fasteners successfully established the manufacturing unit in the past, which allowed them to enhance their presence and production capabilities within the European market.
Ø In April 2022, Birmingham Fastener acquired Champion Sales and Manufacturing, Inc., a move that bolsters Birmingham Fastener’s waterworks product range and enhances its manufacturing capabilities. This acquisition provided Birmingham Fastener with increased diversity in its manufacturing operations.
Ø In September 2021, Trifast plc, a worldwide manufacturer and distributor of industrial fastenings and associated components, announced the acquisition of Falcon Fastening Solutions Inc., a specialist fastenings distributor based in North America. The acquisition was completed for a total cash consideration of USD 8.3 million.
Global Industrial Fasteners Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Material, Product, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
Building & Construction
Lawns & Gardens
Motors & Pumps
Middle East & Africa
Rest of Middle East & Africa