PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1787173
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1787173
Global Mining and Oil & Gas Fasteners Market to Reach US$1.7 Billion by 2030
The global market for Mining and Oil & Gas Fasteners estimated at US$1.4 Billion in the year 2024, is expected to reach US$1.7 Billion by 2030, growing at a CAGR of 3.9% over the analysis period 2024-2030. Metal Fasteners, one of the segments analyzed in the report, is expected to record a 4.8% CAGR and reach US$1.1 Billion by the end of the analysis period. Growth in the Plastic Fasteners segment is estimated at 2.4% CAGR over the analysis period.
The U.S. Market is Estimated at US$372.3 Million While China is Forecast to Grow at 7.3% CAGR
The Mining and Oil & Gas Fasteners market in the U.S. is estimated at US$372.3 Million in the year 2024. China, the world's second largest economy, is forecast to reach a projected market size of US$350.7 Million by the year 2030 trailing a CAGR of 7.3% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.5% and 3.0% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.2% CAGR.
Global Mining and Oil & Gas Fasteners Market - Key Trends & Drivers Summarized
What Are Mining and Oil & Gas Fasteners and How Are They Used?
Mining and oil & gas fasteners are critical components in the construction, operation, and maintenance of equipment used in the mining and energy industries. These fasteners, including bolts, nuts, screws, washers, and rivets, are designed to secure and assemble machinery, pipelines, rigs, and other infrastructure, ensuring the safety and reliability of operations. The fasteners must be durable, corrosion-resistant, and able to withstand harsh environmental conditions, including extreme temperatures, high pressures, and exposure to chemicals, which are common in mining and oil & gas settings. They are typically manufactured using high-strength materials like stainless steel, carbon steel, or alloy steel, and are often coated with specialized finishes, such as galvanization or anti-corrosion coatings, to enhance their longevity in challenging environments.
In mining, fasteners are essential for the safe assembly of equipment used for excavation, material handling, and processing, including crushers, mills, and conveyor systems. Similarly, in the oil and gas industry, fasteners are vital for the construction of drilling rigs, offshore platforms, pipelines, and refineries. The reliability of these fasteners is paramount, as failures can result in significant safety hazards, operational disruptions, and costly repairs. As the mining and oil & gas sectors continue to evolve with more complex operations, the demand for high-performance fasteners that meet rigorous industry standards continues to grow.
What Is Driving the Growth of the Mining and Oil & Gas Fasteners Market?
The global mining and oil & gas fasteners market is expanding due to several interconnected factors, including the increasing demand for energy, the growth of infrastructure projects, and the ongoing need for more efficient, durable, and cost-effective solutions in both sectors. As global energy demand rises, there is a corresponding increase in the exploration and extraction of natural resources, particularly in emerging markets. This growth in exploration, drilling, and extraction activities drives the need for reliable and robust fasteners that can support the expanding infrastructure of the mining and oil & gas industries.
Furthermore, the growing trend toward automation and technological innovation in these sectors is spurring demand for specialized fasteners. The integration of advanced machinery, such as automated drilling systems, robotics, and high-performance equipment, necessitates fasteners that offer precision and reliability under extreme conditions. Innovations in material science are also contributing to the growth of the fastener market by enabling the development of new materials and coatings that improve resistance to corrosion, wear, and fatigue, thus extending the lifespan of fasteners used in the mining and oil & gas sectors. Additionally, the shift toward deeper offshore oil drilling and exploration in remote and harsh environments is boosting the need for fasteners that can endure challenging operational conditions.
What Key Trends Are Shaping the Future of Mining and Oil & Gas Fasteners?
The future of the mining and oil & gas fasteners market is being influenced by several key trends, including advancements in material technology, sustainability efforts, and the adoption of automation in mining and oil & gas operations. One significant trend is the continuous development of advanced materials for fasteners, such as high-strength alloys, titanium, and composites. These materials offer superior resistance to corrosion, heat, and wear, which is especially important in industries like mining and oil & gas, where equipment often operates in harsh conditions. For instance, offshore oil rigs and deep-sea mining operations require fasteners that can withstand exposure to saltwater, high pressures, and fluctuating temperatures. The trend toward more durable and specialized materials will continue to drive demand for high-performance fasteners in these industries.
Sustainability and environmental concerns are also shaping the future of mining and oil & gas fasteners. As industries seek to reduce their environmental footprint, there is an increasing emphasis on using sustainable materials and processes in the manufacturing of fasteners. This includes the development of fasteners that are recyclable, energy-efficient to produce, and capable of extending the lifespan of mining and oil & gas equipment. Moreover, the rise of renewable energy projects, such as offshore wind farms and solar power installations, is creating new opportunities for fastener manufacturers to cater to industries outside of traditional fossil fuels.
Another major trend is the growing automation of mining and oil & gas operations. As these industries adopt robotic systems and AI-driven technologies to improve efficiency and reduce human error, the demand for precise, high-quality fasteners that can support these advanced systems is increasing. Automated drilling rigs, remote-controlled equipment, and AI-based maintenance tools require fasteners that can maintain the integrity of highly sophisticated machinery under heavy loads and operational stress. As these technologies evolve, fasteners will need to become even more specialized and adaptable to meet the demands of an increasingly automated industry.
What Are the Key Drivers of Growth in the Mining and Oil & Gas Fasteners Market?
The growth in the mining and oil & gas fasteners market is driven by several factors, including the booming demand for energy, the expansion of infrastructure projects, and the ongoing technological advancements in equipment used for resource extraction. The increasing demand for oil, gas, and minerals, particularly from emerging markets, is leading to greater exploration and extraction activities, both on land and offshore. As the need for energy continues to rise globally, mining and oil & gas companies are expanding their operations, thus requiring more robust and reliable fastening solutions for the construction and maintenance of their equipment.
Technological advancements in both sectors are another critical driver of market growth. With the rise of automation and robotics, there is a growing need for highly specialized fasteners that can support automated mining trucks, drilling equipment, and machinery used for resource extraction. The development of stronger, more durable materials, such as titanium and corrosion-resistant alloys, allows for the creation of fasteners that can handle the demanding environments of deep-sea oil rigs, offshore platforms, and harsh mining operations.
The increasing focus on safety and environmental regulations is also a significant driver. As the oil and gas industry faces more stringent regulatory standards for safety and environmental protection, the demand for high-quality, durable fasteners that comply with these regulations has increased. Similarly, the mining sector is adopting stricter environmental and safety standards, driving the need for advanced fastening solutions that can ensure the stability and safety of mining equipment. As industries continue to focus on operational efficiency, sustainability, and regulatory compliance, the demand for high-performance fasteners is expected to grow, supporting the market’s expansion in the coming years.
SCOPE OF STUDY:
The report analyzes the Mining and Oil & Gas Fasteners market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Material (Metal Fasteners, Plastic Fasteners); Product Type (Externally Threaded Fasteners, Non Threaded Fasteners, Internally Threaded Fasteners)
Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Select Competitors (Total 43 Featured) -
AI INTEGRATIONS
We're transforming market and competitive intelligence with validated expert content and AI tools.
Instead of following the general norm of querying LLMs and Industry-specific SLMs, we built repositories of content curated from domain experts worldwide including video transcripts, blogs, search engines research, and massive amounts of enterprise, product/service, and market data.
TARIFF IMPACT FACTOR
Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by increasing the Cost of Goods Sold (COGS), reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.