In terms of revenue, the Global Industrial Fasteners Market is expected to reach USD 109.5 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 3.80% from 2022 to 2028.
Industrial Fasteners are mostly premium fastening parts used in the construction, automotive, aerospace, and marine industries. Rising output of machinery, motor vehicles, and other durable goods is anticipated to support the market's growth overall because of the economy's expansion and large investment spending. Therefore, it is anticipated that the need for bolts, nuts, screws, rivets, nails, washers, and studs would increase in the upcoming years. Additionally, market expansion may be aided by the growing building industry and the countries of China, India, Thailand, and Vietnam's quickening industrialization.
Key Developments in the Industry:
· Birmingham Fastener announced in April 2022 that it will buy Champion Sales and Manufacturing, Inc. Birmingham Fastener's waterworks product line and production diversification are strengthened by this acquisition.
· On February 8, 2022, MacLean-Fogg Component Solutions launched the Threadstrong Line of Made-in-the-USA aftermarket wheel fasteners and the related e-commerce website www.Threadstrong.us (MFCS). Clients will have direct access to these fasteners via the internet. This strategy is expected to help the company grow both its revenue and market share.
· A distribution network for Industrial Fasteners and packaging owned by Center Rock Capital Partners, LINC Systems, LLC, announced in September 2021 that it had purchased Air-O Fasteners. The company's position in the Western US will grow as a result of the acquisition.
Increased demand for new commercial and residential construction projects and government spending on infrastructure projects will encourage the growth of the construction industry. They are used to temporarily connect two or more things together in the construction industry. Due to the strength and accuracy requirements of the industry, building and construction fasteners are used in heavy-duty applications to connect materials. The construction sector uses a variety of fastening materials, including carbon steel, alloy steel, and stainless steel. Construction materials used in buildings typically include nuts, bolts, washers, screws, and rivets. Each infrastructure project requires a unique type of fastening device to ensure safe and durable construction. Due to its affordability, strength, and workability, carbon steel is used to make the majority of products. However, due to its strength, heat resistance, and corrosion resistance, stainless steel is the material of choice for construction, which increases the demand for Industrial Fasteners.
Due to their higher strength, plastic fasteners are employed in the building and construction industry. In addition, corrosion resistance qualities will spur significant investment in the creation of new products, meeting consumer demand. During the projection period, rising consumer attention to residential and commercial building aesthetics will fuel market expansion in the interiors and cable management application.
During the forecast period, the Industrial Fasteners market in Asia Pacificis anticipated to develop at the quickest rate.China, India, Japan, and South Korea are the market's main development engines in the Asia Pacific region, which is anticipated to experience positive growth throughout the forecast period. The area's market will grow due to government expenditures in commercial and residential construction projects. Due to the prevalence of small- and medium-sized producers in China, the country produces the majority of the world's plastic fasteners. The region's product demand will be fueled by an increase in aircraft deliveries and order facilities brought on by the desire for newer-generation aircraft. Manufacturers of Industrial Fasteners for aerospace OEMs situated in North America and Europe frequently source their products from Asia Pacific.
The Global Industrial Fasteners Market is Segmented as follows:
- Product Type
- End-use Industry
- Oil & Gas
- Other Industries
- Distribution Channel
- Direct Sales
- Indirect Sales
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Industrial Fasteners Market is:
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
The Global Industrial Fasteners Market Scope can be Tabulated as below:
|Market Size Provided for Years
|2017 - 2030
|2017 - 2021
|2023 - 2030
|Regions & Counties Covered
|Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis