According to a new market report published by Transparency Market Research titled “Industrial Fasteners Market (Commodity – Bolts, Nuts, Screws, Washers, Rivets, Others; Application – Automotive OEM, Machinery OEM, Fabricated Metal Products, Construction, Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018 – 2026,” the global industrial fasteners market is expected to reach a value of US$ 104.94 Bn by 2026. In terms of value, the market is estimated to expand at a CAGR of 2.2% during the forecast period from 2018 to 2026. In terms of volume, the market stood at around 26.7 million metric ton in 2017. The Asia Pacific industrial fasteners market is projected to have the highest growth during the forecast period in terms of value (US$ Mn). The market witnessed considerable growth in this region due to increased growth in construction, automotive, and manufacturing industries, leading to positive growth in the industrial fasteners market.
The industrial fasteners market is influenced by market dynamics with the prime driving factor of increasing fasteners demand from the construction industry. In terms of commodity, the screws segment is anticipated to gain the largest share with total value of US$ 21.30 Bn by 2026 at a CAGR of 1.6% annually. In terms of application, the global figures for automotive OEM segment are anticipated to be valued at US$ 30.67 Bn by 2026 at a CAGR of 2.6%. However, fluctuating prices of raw materials such as steel, copper, and aluminum have impacted the margins of manufacturers and is one of the major challenges restraining the growth of the industrial fasteners market.
The bolt and nut segment is expected to expand at a CAGR of 2.6% and 2.9% respectively in terms of value over the forecast period due to their increasing applications in the automotive and construction industry. Furthermore, growing manufacturing of medium commercial vehicles, light commercial vehicles, heavy earth moving equipment, textile machinery, machine tools, aircrafts, and utility vehicles have led to the enhanced growth of the fasteners as their sub or main assembly part. The market for industrial fasteners is fragmented in nature and is characterized by large competition with small and large players in the industry competing to maintain their respective positions. High tensile fasteners are majorly utilized in engineering applications which include industrial, automotive, and various other sectors.
The top companies considered while studying this report for the global industrial fasteners market are 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, etc.
Industrial Fasteners Market: Overview
Industrial fasteners can be defined as high quality fasteners that find application in a wide range of end-use industries such as automobile, maritime, and construction industry. The words permanent fasteners and industrial fasteners can be used interchangeably in this reference. Thus, growing use of nuts, bolts, washers, screws, and rivets in diverse industries is driving sales opportunities in the global industrial fasteners market.
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Products from the industrial fasteners market are gaining traction across many end-use industries owing to their ability to sustain in nearly all weather situations and chemical element (and these products can last for several years with no requirement of replacement). These products are widely utilized in fabricated metal products, machinery OEM, automotive OEM, and construction industry. Owing to this scenario, the global industrial fasteners market is likely to gain promising sales opportunities in the years ahead.
With growing infrastructural activities in various emerging economies such as India and China, the construction industry in these regions is experiencing prodigious expansion avenues. As a result, there is remarkable growth in the use of industrial fasteners in these regions. This factor is likely to generate promising sales opportunities in the industrial fasteners market in the upcoming years.
Players working in the global industrial fasteners market are increasing focus toward the development of advanced products. As a result, they are looking for the possibilities of incorporating technological advancements in their production houses. At the same time, they are concentrating on providing cost-efficient fasteners. As a result, they are seen directing more money toward research and development activities. Several enterprises in the global industrial fasteners market are employing diverse strategies such as partnerships and joint ventures. These tactics are helping enterprises maintain their leading market position. All these factors are expected to generate promising expansion opportunities in the global industrial fasteners market.
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