PUBLISHER: The Business Research Company | PRODUCT CODE: 1409522
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409522
“Industrial Fasteners Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial fasteners market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial fasteners? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The industrial fasteners market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Industrial fasteners comprise a diverse category of devices and tools employed for the permanent or semi-permanent connection of two or more components or parts. Known for their robust and secure nature, these fasteners play a crucial role in enhancing safety by firmly connecting joints.
The primary types of industrial fasteners encompass externally threaded, internally threaded, non-threaded, and aerospace-grade fasteners. Among these, metal fasteners stand out as a specific type widely utilized to join multiple components, regardless of whether they are constructed from sheet metal, plastics, or other materials. The raw materials involved in the manufacturing of these fasteners include both metal and plastic. They find application in various sectors such as automotive, aerospace, construction, industrial machinery, plumbing products, and others.
The industrial fasteners market research report is one of a series of new reports from The Business Research Company that provides industrial fasteners market statistics, including industrial fasteners industry global market size, regional shares, competitors with an industrial fasteners market share, detailed industrial fasteners market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial fasteners industry. The industrial fasteners market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 observed in the historic period can be attributed to several factors, including the expansion of manufacturing and construction sectors, the growth of the automotive industry, the globalization of supply chains, ongoing infrastructure development projects, and the increasing emphasis on 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 anticipated growth in the forecast period can be attributed to various factors, including the rise of renewable energy projects, the impact of e-commerce on distribution networks, the adoption of sustainable fastener solutions, initiatives in automotive lightweighting, and a notable shift towards lightweight materials. Key trends expected in the forecast period encompass the use of high-performance materials, the integration of digitalization and Industry 4.0 practices, the demand for customization and specialty fasteners, the digitalization of inventory management, and technological integration in fastener design.
The industrial fasteners market is poised for growth due to the rising demand for construction activities. Construction involves assembling various elements to create structures at specific locations, guided by detailed designs and plans. Industrial fasteners, including bolts, nuts, screws, rivets, nails, washers, and studs, contribute shear strength and corrosion resistance capabilities to construction tools. Consequently, the increased demand for construction directly correlates with an augmented demand for the industrial fasteners market. Notably, in June 2021, Stats NZ Tatauranga Aotearoa, a government data agency in New Zealand, reported a 3.7 percent increase in building activities in March 2021. Residential activities also witnessed a 4.3% rise in 2021 compared to the previous year. Furthermore, data from the US Census Bureau indicates a growth rate of 10.2%, with the value of construction activities escalating from $1,626.4 billion in 2021 to $1,792.9 billion in 2022. Hence, the increasing demand for construction activities serves as a driving force for the growth of the industrial fasteners market.
The industrial fasteners market is anticipated to experience growth driven by the increasing prevalence of manufacturing activities. Manufacturing activities encompass the processes involved in transforming raw materials or components into finished goods. Industrial fasteners play a crucial role in manufacturing by joining or affixing different parts together, ensuring structural integrity, and facilitating proper functioning of machinery and equipment. An upsurge in manufacturing activities contributes to the expansion of the industrial fasteners market. For example, in September 2023, The Economic Times, an India-based daily newspaper, reported a 4.6% increase in the output of the manufacturing sector in India in July 2023, surpassing the 3.1% growth recorded in July 2022. Consequently, the growth in manufacturing activities becomes a key driver for the industrial fasteners market.
A notable trend in the industrial fasteners market involves a growing emphasis on product innovations. Major players within the industrial fasteners sector are actively engaged in the development and launch of innovative products, aiming to fortify their market positions. For example, in March 2021, Valley Forge & Bolt, a US-based manufacturer of industrial fasteners, introduced the High Temp Maxbolt. This product is designed to mitigate downtime, premature wear, and catastrophic joint failures in critical industries such as processing, mining, and energy. Featuring a high-temperature lens and an easy-to-read gauge, the new bolt is well-suited for rapid thermal cycle applications and prolonged high-temperature situations.
Leading companies in the industrial fasteners market are directing their efforts towards the creation of innovative products, such as Optisert, to enhance their market standing. Optisert, a new round body rivet nut positioned as the best-performing in its category, was launched by Sherex Fastening Solutions, a Mexico-based company specializing in engineered fasteners, tooling, and automation, in January 2023. The introduction of Optisert represents the culmination of over five years of engineering design and research. This initiative aimed at developing a round-body fastener with enhanced strength and resistance to spin-out compared to typical standard round-body rivet nuts. Optisert is anticipated to elevate the quality of applications it serves, offering superior resistance to spin-out and pull-out failures.
In April 2022, LindFast, a US-based distributor of specialty fasteners, made a strategic acquisition of Fasteners and Fittings for an undisclosed amount. This acquisition is poised to strengthen and expand the capabilities of both companies in the North American fastener market. Additionally, LindFast stands to gain significantly from Fasteners and Fittings Inc.'s robust market position in Canada, enabling them to meet and exceed customer expectations in the Canadian market. Fasteners and Fittings Inc., based in Canada, is a manufacturer specializing in specialty fasteners.
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
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
The countries covered in the industrial fasteners market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial fasteners market consists of sales of industrial fasteners and their types such as bolts, nuts, screws, rivets, nails, washers, and studs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.