Industrial Fasteners Market

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The Global Industrial Fasteners Market is valued at USD 90.31 Billion in 2022 and is projected to reach a value of USD 121.71 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 3.80% over the forecast period.

Industrial Fasteners are anticipated to become more prevalent throughout the forecast period due to the rising production of industrial equipment and components. The suspension of industrial operations had an effect on the product demand for the year 2020, which was intended to halt the spread of COVID-19 over the world. In addition, service and maintenance activities for industrial machinery were impacted, limiting the market for commodities. There are numerous suppliers on the market, and all of them have substantial production volumes and different product offerings. Automotive, construction, machine manufacturing, electronics, shipbuilding, and railroads are just a few of the major industries that have a significant demand for fasteners. When manufacturing and employing these fasteners for a variety of end-use applications, technical standards and quality are of the utmost importance. The market for Industrial Fasteners is primarily driven by the construction industry's increasing demand for fasteners. Due to their great durability and extended corrosion resistance, steel fasteners, such as stainless steel screws and bolts, are gaining popularity in machine designs. To grow revenue streams, manufacturers should take advantage of new opportunities and produce products that align with current trends. Miniature and design-driven steel fasteners, which are required for compact assemblies, are another area on which manufacturers wish to focus that will impact the Industrial Fasteners Market growth

Market Segmentation

The Industrial Fasteners Market is segmented based on Product Type, End Use Industry, Distribution Channel, and Region. Based on Product Type, the market is segmented as Bolts, Nuts, Screws, Washers, Rivets and Others (Anchors, Inserts, Rings etc.). furthermore, based on the End-Use Industry, the market is divided into Automotive, Construction, Aerospace, Oil & Gas and Others (Petrochemical, Maritime, etc.). additionally, based on the distribution channel, the market is segmented into Direct Sales and Indirect Sales. Region-wise, the Global Industrial Fasteners Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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Based on End Users

The automotive category dominated the market in 2021

The automotive industry is expected to hold the highest market share throughout the forecast period. To reduce fuel consumption, automakers are always developing new drivetrains and more efficient engines. In order to produce cleaner automobiles, they are embracing emission-control technology. Due to the rise of the automobile industry, it is projected that the need for automotive fasteners would increase in the near future. In addition, it is projected that the increased production of automobiles worldwide as a result of the growing demand for electric vehicles will raise the future need for fasteners.

Based on Product

Bolts category dominated the market in 2021

During the projection period, the bolts segment is predicted to increase at the highest rate. Due to their strong shear strength and capacity to reduce temperature stresses in steel connections, bolts are widely utilized in construction. In addition, the automotive industry utilizes bolts to attach the drivetrain, engine, and body panel components. As a result, the demand for bolts has increased due to the rapidly increasing vehicle industry in developing countries.

Based on Regional Analysis

Asia Pacific is estimated to hold a significant share with the highest CAGR during the forecast period.

Due to the region's substantial use in both commercial and residential gardening, as well as the surge in demand for lawnmowers and compact tractors, Asia-Pacific is anticipated to have lucrative market expansion throughout the projection period. Automobile, machinery, and component firms on both sides of the border contribute to the region's product demand. Due to the rapid expansion of manufacturing operations in these nations, it is projected that China and India will continue to drive the market.

Competitive Landscape

The key players in the Industrial Fasteners Market include- Acument Global Technologies Inc., Arconic Inc., Bulten AB, STANLEY Engineered Fastening, Fortana Group, Hilti Corporation, LISI Group, MacLean-Fogg Company, MISUMI Group Inc., Nifco Inc., Precision Castparts Corp., The SFS Group, A&G Fasteners, SA Fasteners to name a few.

Recent Developments

· On February 8, 2022, MacLean-Fogg Component Solutions (MFCS) launched Thread strong Line of Made-In-USA aftermarket wheel fasteners and the accompanying e-commerce website www.Threadstrong.us. These fasteners will be available direct to customers via the website. This strategy is expected to help the company grow its business and market share.

· On November 30, 2021, MISUMI Group Inc. relocated and expanded its Indian subsidiary (sales site, distribution site, and production site). This move helped the company increase the total warehouse floor space by approximately 60% compared to the previous location, double the number of in-stock items to around 90,000, and strengthen the delivery time and supply.

Segmentation of Industrial Fasteners Market