Overview and Scope
Industrial fasteners are a broad category of devices and tools used to permanently or semi-permanently connect two or more components/parts together. They are robust and secure, and are commonly used to promote safety by connecting joints.
Sizing and Forecast
The industrial fasteners market size has grown strongly in recent years. It will grow from $89.73 billion in 2023 to $95.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to manufacturing and construction growth, automotive industry expansion, globalization of supply chains, infrastructure development projects, quality and standardization requirements.
The industrial fasteners market size is expected to see strong growth in the next few years. It will grow to $119.12 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rise of renewable energy projects, e-commerce impact on distribution, sustainable fastener solutions, automotive lightweighting initiatives,shift towards lightweight materials. Major trends in the forecast period include high-performance materials, digitalization and industry 4.0 integration, customization and specialty fasteners, digitalization of inventory management, technological integration in fastener design.
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Segmentation & Regional Insights
The industrial fasteners market covered in this report is segmented –
1) By Type: Externally Threaded, Internally Threaded, Non-Threaded, Aerospace Grade
2) By Raw Material: Metal, Plastic
3) By Application: Automotive, Aerospace, Construction, Industrial Machinery, Plumbing Products, Other Applications
Asia-Pacific was the largest region in the industrial fasteners market in 2023. North America is expected to be the fastest-growing region in the industrial fasteners market report during the forecast period. The regions covered in the industrial fasteners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Increasing demand for construction activities is expected to propel the growth of the industrial fasteners market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. Industrial fasteners provide shear strength and corrosion resistance capabilities of fastener tools such as bolts, nuts, screws, rivets, nails, washers, and studs that are used in construction, as a result, increasing demand for construction increases the demand for industrial fasteners market. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3% compared to 2020. Additionally, according to US Census Bureau, The value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2%. Therefore, an increasing demand for construction activities is driving the growth of the industrial fasteners market.
Key Industry Players
Major companies operating in the industrial fasteners market report are Arconic Corporation, Acument Global Technologies Inc., Dokka Fasteners AS, LISI Group, Nippon Industrial Fasteners Company (Nifco) Inc., Hilti Corporation, MW Industries Inc., Stanley Black & Decker Inc., ATF Inc., Birmingham Fastener Inc., Sesco Industries Inc., Brunner Manufacturing Co. Inc., Decker Industries Corporation, Eastwood Manufacturing Inc., Illinois Tool Works Inc., American Fastener Technologies Corporation, Johns Manville, KD Fasteners Inc., Nifco Inc., Extreme Bolt & Fastener, Ford Fasteners Inc., Impala Bolt & Nut, Elgin Fastener Group LLC, Rockford Fastener Inc., Slidematic Precision Components Inc., Manufacturing Associates Inc., Penn Engineering & Manufacturing Corp., Delta Fastener Corp., MacLean-Fogg Company, MISUMI Group Inc., Precision Castparts Corp., SFS Group, Eurofast Global Ltd. .
The industrial fasteners market report table of contents includes:
1. Executive Summary
2. Industrial Fasteners Market Characteristics
3. Industrial Fasteners Market Trends And Strategies
4. Industrial Fasteners Market – Macro Economic Scenario
5. Global Industrial Fasteners Market Size and Growth
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31. Global Industrial Fasteners Market Competitive Benchmarking
32. Global Industrial Fasteners Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Industrial Fasteners Market
34. Industrial Fasteners Market Future Outlook and Potential Analysis
35. Appendix
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