Industrial Fasteners Market Size Forecast to Reach US$96.4 Billion by 2026

Industrial Fasteners Market Size Forecast to Reach US$96.4 Billion by 2026

“Industrial Fasteners Market”
The Growing Demand for Plastic Fasteners in Electric Vehicles as to Solutions to Extract Weight Out From Vehicles Is Likely to Boost the Growth of Industrial Fasteners Market.

Industrial Fasteners Market size is forecast to reach US$96.4 billion by 2026, after growing at a CAGR of 3.6% during 2021-2026. Fasteners are generally used to join the different parts of items by using nuts and bolts, washers, screws, clips, clamps, and other products. Metal fasteners are the most preferred material used to build fastening solutions. However, plastic fasteners bid a distinctive set of characteristics. The global industrial fasteners industry is considered to be highly fragmented and is competitive in nature, with small-scale and large-scale manufacturing companies. The increasing industrial demand in the construction, automotive and aerospace is anticipated to move the industrial fastener industry forward much faster in the future. Particularly, the increase in government expenditure in the building and construction sectors contribute significantly to the industrial fastener market.

COVID-19 Impact

The outbreak of COVID-19 companies operating in the market has experienced irregularity in demand. These companies have witnessed a moderate influx of demand for applications such as repairing and operations and general industrial services. Automotive manufacturing facilities had also faced a shutdown during COVID-19 with the consumers focusing on essential products, and services, the demand for automobiles declined. The effect of the pandemic on the Aerospace industry was catastrophic. The dramatic drop in air transport due to the pandemic and containment measures threatened air transport feasibility. However, with the commencement of vaccinations and adoption of the new normal, the automotive, building & construction, and other key end-user sectors have started getting back on their feet since the last quarter of 2020.

Industrial Fasteners Market Segment Analysis – By Raw Materials

Metal Fasteners segment held the largest share in the Industrial Fasteners Market in 2020. Metals are preferred due low maintenance, self-piercing, rivet solutions and has a capability of self-repairing. It offers excellent resistance and mechanical strength in machinery use in construction sector. The metal products are strong enough comparatively for all the permanent or non-permanent bond including nuts and bolts, screws, clamps and couplers as they are produced either by powder or casting metallurgic procedures. Stainless steel is the most preferred material for industrial fasteners as it gives resistance to corrosion. They have an exceptional life cycle and are 100% recyclable. They are also unaffected by high heat and cold temperatures making stainless steel fasteners the substantial choice for almost any application.

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Industrial Fasteners Market Segment Analysis – By Products

Internally threaded fasteners held the largest share in the Industrial Fasteners Market in 2020. The demand for internally threaded fasteners is likely to expand owing to their accelerating demand in construction, industrial machinery, railways, and, automotive manufacturing. It is mostly preferred by most of the contractors as internal thread cuts trenches in the material and supports to pull fastened materials together and avoid pull-out. These fasteners are self-tapping in and requires a pre-drilled hole. Innovations in the designs to provide better performance and vibration resistance are projected to have a positive impact on the market. Stainless steel is commonly used to manufacture internally threaded fasteners. Alloy steel and aluminum are the other materials used to manufacture these fasteners. A widely held nuts are polished using chrome in order to improve its durability and performance in various application. On the other hand, the non-threaded product segment accounting significant growth. These products are widely used in subflooring, roofing and decking is expected to have a positive impact on industrial fasteners market growth over the forecast period.

Industrial Fasteners Market Segment Analysis – By Application

Machinery segment held the largest share in the Industrial Fasteners Market in 2020 and is growing at a CAGR of 4.5% during 2021-2026. The rapid growth of population and the constant swing from rural to urban areas and along with the swelling disposable income in different region, drive huge investment in construction which in turn considerably boost industrial fastener market growth. Construction activities require steel parts as those components are important in providing the required strength to the overall structure. With the substantial growth in the number of construction activities, the market size of fastener machinery will grow enormously. Automotive application is another cause of growth in industrial fastener market in both machinery and end products.

Industrial Fasteners Market Segment Analysis – By End-Use Industry

Automotive segment held the largest share in the Industrial Fasteners Market in 2020 and is growing at a CAGR of 6.3% during 2021-2026. Industrial fasteners are used to hold the parts, prevent leakage and improve the performance of vehicles. They are well preferred in the automotive sector in order to provide reliable tightening and joining solutions for various automotive parts. Increase in demand for lightweight vehicles across the globe due to endorsement of rigorous emission norms across the globe is expected to increase the adoption of lightweight components in vehicles, which in turn is expected to boost the industrial fasteners market. With the exponential development in the sector, for instance, the United States has one of the largest automotive industries in the world, with light vehicle sales reaching 17.2 million units in 2018. Besides, Indian automotive industry is expected to reach US$251.4-282.8 billion by 2026, is expected to boost the Industrial fasteners market in the forecast period.

Industrial Fasteners Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 41% in the Industrial Fasteners Market in 2020 followed by North America and Europe. Rapid industrialization coupled with economic improvement in the region has resulted in high demand. According to Invest India, by 2021, India is projected to emerge as the third largest market for passenger vehicles in the world. Also, passenger vehicle sales rose by 2.70% in FY 2018-19 as compared to FY 2017-18. The growing construction industry in China, Japan, India, Thailand, and Taiwan is further expected to fuel market growth. According to International Trade Administration, China is the world’s largest construction market, recently launched New Infrastructure campaign to offset the economic impact of the COVID-19 pandemic and boost sustainable growth. Besides, the infrastructure sector has become the biggest focus area for the Government of India. India plans to spend US$1.4 trillion on infrastructure during 2019-23 to have a sustainable development of the country. Such continual expansion of these sectors is anticipated to drive the need for industrial fasteners over the forecast period in Asia-Pacific.

Industrial Fasteners Market Drivers

Growing demand in the Aerospace industry

Industrial fasteners are extensively used during manufacturing process of aircrafts, as they hold ability to affix critical structural components together and high tensile strength. Considering the requirement for fuel-efficient and lightweight aircraft, there is a huge demand for lightweight, and high-performance fasteners. The escalating claim for comfortable, fast traveling solutions, and cost-effective along with boosted international air travel, are some of the basic factors that assist the growth of industrial fasteners in aerospace and aircraft industry. The uprising air traffic in some region, such as the Asia Pacific, North America and others are constantly boosting the market. According to Invest India, Indian airlines to satisfy the projected rise in demand for commercial air travel, have placed large orders for aircrafts which is projected to quadruple in size to approximately 2500 airplanes by 2038. Besides, the growing aircraft modernization programs in North America, for instance, according to Select USA foreign direct investment (FDI) into the U.S. aerospace industry totaled nearly US$22 billion. And followed by Europe are driving the market during the forecast period. Innovations in research and development for lightweight and high-performance aerospace fasteners will drive the industrial fastener market in the forecast period.

Increasing demand for Plastic Fasteners

The plastic fasteners production is extremely impelled by elevated production volumes of automotive vehicles as well as the rapid growth of construction across major region of the world. Apparently, plastic fasteners are light in weight and reasonable as compared to metal counterparts, it weighs half as much as aluminum, becoming it a favored choice for various end-use industries and hence have a huge demand. For instance, polypropylene is a cost-effective material that syndicates the essential chemical, mechanical, and electrical properties in single material, which is rare in other material. Besides, large-scale popularity of plastic fasteners in automotive, aerospace, and marine sectors will initiate productive growth for the plastic fasteners industry in the forecast period.

Industrial Fasteners Market Challenges

The Rise of Alternatives May Hinder the Market Growth

The industrial fasteners market is primarily hindered by the emergence of alternatives such as welding and auto parts clinching. Fluctuation in the Automobile’s sales graph, for instance, the worldwide passenger vehicles have seen a strip downfall of 14% in 2020 compared to 2019 and along with that unstable economies may hamper the overall growth. Besides, fasteners require holes, which weaken the components, leave visible bond lines and add extra weight. Although, the growing availability of industrial fasteners will neutralize and build new avenues in the global industry.

Industrial Fasteners Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Industrial Fasteners. Major players in the Industrial Fasteners Market are Howmet Aerospace Inc., ATF Inc., Nifco Inc., MW Industries, Inc. (MWI), LISI Group – Link Solutions for Industry, Sesco Industries, Inc., Birmingham Fastener and Supply Inc., BPF, Elgin Fastener Group, and Eastwood Manufacturing.

Acquisitions/Technology Launches/ Product Launches

In April 2021, Würth Launched 3D Fastener and expanded 3D printing products and services, including financing and rental options on equipment services Firm in U.S.

Key Takeaways

Asia-Pacific dominates the Industrial Fasteners Market owing to rapid increase in construction and automotive sector. For instance, according to Invest India, the Indian construction industry is expected to record a CAGR of 15.7% to reach US$738.5 billion by 2022 .

The market drivers and restraints have been assessed to understand their impact over the forecast period.

The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats.The other key areas of focus include the various applications and end use industry in Industrial Fasteners Market and their specific segmented revenue.

The growing demand for plastic fasteners in electric vehicles as to solutions to extract weight out from vehicles is likely to boost the growth of Industrial fasteners market.

Related Reports:

A. Automotive Plastic Fasteners Market

https://www.industryarc.com/Research/Automotive-Plastic-Fasteners-Market-Research-503470

B. Plastic Fasteners Market

https://www.industryarc.com/Research/Plastic-Fasteners-Market-Research-500404

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