Industrial Fasteners Market: Global Industry Analysis and Forecast (2023-2029)

Industrial Fasteners Market was valued at US$ 88.26 Bn. in 2022. Global Industrial Fasteners Market size is estimated to grow at a CAGR of 3.5 %.
Industrial Fasteners Market Overview:
A fastener is a hardware product, which joins two or more objects mechanically. Industrial fasteners are used to joint non-permanent joints, which can be removed or dismantled without damaging. The quality fastening products are used in construction, automotive, and aerospace industries. High investment expenditure in industrial sector and demand for machinery, motor vehicle and durable goods production are boosting the production of the industrial fastener.

The COVID-19 pandemic has adversely affected the business, financial condition of the key operating players in the fasteners market. Disruptions to the global economy have put pressure on key players to revamp processes and reconsider operations. In the current market scenario, key players are focusing on to implement numerous actions in order to focus on the requirement of the customers. They are also implementing strategy to maintain cost management and investment in the recovery phase.To know about the Research Methodology:- Request Free Sample Report

The report has covered the market trends in the Industrial Fasteners Market from 2022 to forecast the market through 2029. In the report, 2022 is considered as a base year however 2022’s numbers are on the real output of the companies in the market. The report has also analyzed with the effect of lockdown on the demand and supply, and the impact of lockdown for the next two years on the market.
Industrial Fasteners Market Dynamics:
Growing mechanization and industrialization, demand for numerous machinery and equipment is expected to boost the growth in the global industrial fasteners market.

Miniaturization is creating a new path for Industrial Fasteners

Now-a-days, products are becoming increasingly smaller and drive in more functionality. Miniaturization of one phase of a product, which is usually, reveals limitations and obstacles in the overall design and manufacturing process. An increase in the demand for compact products in the end-user industries like consumer electronics, healthcare, and automotive are expected to offer key opportunities.

Slowdown in Industrial Production- decline the demand for fastener

The automotive industry growth is slowing and the shift brings massive economic threats in 2020. The downturn in the global car manufacturing production is a key force behind the slump in the global manufacturing and car sales. The market growth can be affected by factors like slower economic growth, disruptions in financial markets, economic downturns in the form of either contained or widespread recessionary conditions, inflation, elevated unemployment levels, sluggish or uneven recovery in the United States and other countries. Manufacturing key players are influencing by external factors in the global market place that can be complicate the supply chain and costs, which is expected to limit the production
Industrial Fasteners Market Segment Analysis:
Based on the Raw Material, Industrial Fasteners Market is segmented into plastic and metal. The metal segment is expected to account large revenue share, thanks to demand for metal fasteners because of its high tensile strength and enhanced lifespan. The durability of the metal products is expected to drive the demand for metal fasteners in industrial applications.

Based on the Application, the automotive application segment held the dominant position in 2020 and expected to hold leading position during the forecast period. The segment has accounted more than 33% in 2020. Production of commercial and passenger vehicles, and demand for electrical vehicles are expected to boost the demand for fasteners in the near future. India is expected to be the largest automotive market in terms of volume by 2027. The industry currently manufactures more than 30 Mn vehicles, in which more than 8% are exported. India holds a strong position in the heavy vehicles market.
Regional Insights:
Despite the challenges at the domestic level with a transforming global landscape, the Asia Pacific region is still the largest in the world. The region represents about more than 45% of total global output. Manufacturing sector is emerging as one of the high growth sectors. The region is an attractive hub for foreign investments in the manufacturing sector, which drives the demand for fasteners. Many key players from different sector are focusing on the shifting their production unit to the Asia Pacific due to the availability of the cheap labor and drastically increasing economic growth rate and manufacturing industries

In India, with the expenditure on developing industrial corridors and smart cities, the government has set goal to ensure holistic development of the nation. It is expected to assist in integrating, monitoring and developing a conducive environment for the industrial development and will promote the demand for fasteners in manufacturing. The Indian auto-components industry has experienced exponential growth. A stable government framework, high purchasing power, large domestic market, and development in infrastructure are some of the driving factors behind the market growth.

U.S. Fastener Industry, the screws, bolts, nuts, and rivets are part of the foundation of the U.S. industrial sector. The U.S. fastener industry institutes a Million-dollar segment of the economy. The country has a number of varied companies around the main purchasers of fastener products, like the automotive, aerospace, and military sectors.
Industrial Fasteners Market Strategic Insights:
Current market directives are reshaping the requirements of fastening technologies. Key Companies need to step up and participate in the design of innovative technologies for their growth in a transforming industry. Key players have to be concentrated on the production of innovative products, which provide functional permanence. They also want to concentrate on the miniaturization of the fasteners, which hold the equipment pieces together. Key companies need to consider new fastening technologies, which will improve their customer’s operations. Unconventional fastener materials are also playing a new role by offering benefits with all-metal fasteners. With these trends, key players operating in the industrial fasteners are expected to shape the future of the fastener industry. The manufacturers, distributors and end users need to ensure they understand the modern capabilities and market shifts on the prospect.

The objective of the report is to present a comprehensive analysis of the global Industrial Fasteners Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Industrial Fasteners Market dynamic, structure by analyzing the market segments and projecting the Industrial Fasteners Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the Industrial Fasteners Market make the report investor’s guide.
Industrial Fasteners Market Scope: Inquire before buying



Industrial Fasteners Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 88.26 Bn.


Forecast Period 2023 to 2029 CAGR:
3.5 %
Market Size in 2029:
US $ 112.29 Bn.


 Segments Covered:
by Raw Material
Plastic
Metal


by Product
Externally Threaded
Internally Threaded
Non-Threaded
Aerospace Grade


by Application
Automotive
Aerospace
Building & Construction
Industrial Machinery
Home Appliances
Lawn and Garden
Motors and Pumps
Furniture
Plumbing Products
Others



Industrial Fasteners Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Penn Engineering & Manufacturing Corporation
2. KOVA Fasteners Pvt. Ltd.
3. Acument Global Technologies Inc.
4. Arconic Inc.
5. Standard Fasteners Ltd.
6. Decker Industries Corporation
7. Brunner Manufacturing Co., Inc.
8. Eastwood Manufacturing
9. Stanley Black & Decker Inc.
10. MW Industries Inc.
11. Illinois Tool Works
12. Bulten AB
13. MacLean-Fogg Company
14. MISUMI Group Inc.
15. Nifco Inc.
16. Fortana Group
17. Hilti Corporation
18. LISI Group
19. Precision Castparts Corp.
20. The SFS Group
21. A&G Fasteners
22. SA Fasteners.

Frequently Asked Questions:

1. Which region has the largest share in Global Industrial Fasteners Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Industrial Fasteners Market?
Ans: The Global Industrial Fasteners Market is growing at a CAGR of 3.5% during forecasting period 2023-2029.

3. What is scope of the Global Industrial Fasteners market report?
Ans: Global Industrial Fasteners Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Industrial Fasteners market?
Ans: The important key players in the Global Industrial Fasteners Market are – Penn Engineering & Manufacturing Corporation, KOVA Fasteners Pvt. Ltd., Acument Global Technologies Inc., Arconic Inc., Standard Fasteners Ltd.,

5. What is the study period of this market?
Ans: The Global Industrial Fasteners Market is studied from 2022 to 2029.