Industrial Fasteners Market Overview
Industrial Fasteners Market Size is forecast to reach $95.2 billion by 2026, at a CAGR of 3.9% during 2021-2026. Industrial Fasteners include exhaust bolts, balance wheel bolts, standard hexagon screws/bolts, socket head cap screws, socket shoulder screws, weld nuts, square nuts, hexagon nuts, self-tapping screws and others that are generally used to join the different parts of items. Growth in the automobile industries in developing countries for instance India, China and others along with rising construction activities have boosted the market growth. Growing usage of fasteners such as Thread lockers, Cable ties, Socket screws and others for manufacturing automotive parts such as engines, chassis, moulding, suspension system and wheels among others with the rising use of mild fasteners in manufacturing of automobiles have driven the growth of the market. Surge in economic expansion coupled with the growing machinery, motor vehicles and other durable goods production have boosted the growth of the market.
The report: “Industrial Fasteners Market Industry Outlook– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Industrial Fasteners Market
By Material: Metal, Plastic
By Product: Externally Threaded, Internally Threaded, Non-Threaded, Aerospace Grade
By Application: Building & Construction, Automotive, Aerospace, Industrial Machinery, Manufacturing, Home Appliances, Lawns & Gardens, Motors & Pumps, Furniture, Marine and others
By Geography: North America (U.S, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC (China, Japan India, Australia and Others), and RoW (Middle East and Africa, South America)
- Surge in the Industrialization along with the growth of Automotive owing to the rising global car demands along with increasing construction activities to modernize the infrastructure have driven the growth of the market.
- Building & Construction segment is witnessing a significant growth in the market owing to maintenance and repairs, construction of temporary buildings, on-site assembly of pre-cut, panelized, and prefabricated buildings, construction of distribution lines and related buildings and structures for utilities and others.
- APAC is witnessing a major growth in the market owing to the surge in expenditure for construction and aerospace sector due to advancement in technology and growth of IIoT in manufacturing sector and others.
Global Industrial Fasteners Market, By Region, 2020
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Industrial Fasteners Market Segment Analysis - By Material Type
The Metal segment is growing at a significant market CAGR of 4.4% in the forecast period due to the growth in global automation along with the rise of industry 4.0 and IoT in the manufacturing sector which has led to the adoption of metal fasteners for bolts, nuts, screws and others. IIoT provides the potential to control more devices more effectively and more affordably that makes it much easier to gather and manage large volumes of plant floor data not only in an individual plant, but throughout multiple facilities. When combined with analytics, organizations can obtain greater insights, enabling them to boost manufacturing performance, improve product quality and carry out preventative maintenance. Growing supply chain complexity has increased the demand for industrial fasteners. All these factors are analyzed to boost the growth of the market in the forecast period 2021-2026.
Industrial Fasteners Market Segment Analysis - By Application
Building and Construction sector is expected to witness a highest CAGR of 4.5% in the forecast period as there is a requirement of strength and precision owing to the heavy-duty applications to join materials together. In recent years, there is tremendous growth in construction activities predominantly in the APAC region countries such as India, China, Australia and others. The Victorian Government has approved four new multi-billion dollar building projects in 2020. The South Australian state government has announced that it will fast track new major infrastructure projects. In January 2020, Italy's building production soared 8.4 percent from a year earlier, up from a 1.3 percent decline in the preceding month. It was the largest gain since March 2019 in construction production. Building production rose 7.9 percent on a seasonally adjusted monthly basis, after rising 1.4 percent in December. Investment in the construction sector continues to rise, led by the resumption of public works which are analyzed to boost the market growth in the forecast period in 2021-2026.
Industrial Fasteners Market Segment Analysis - By Geography
Industrial Fasteners Market in APAC region held significant market share of 39.5% in 2020. Growth in the construction activities coupled with the aerospace sector and automobile sector are analyzed to fuel the market in this region. According to the Boeing Services Market Outlook report, in 2019 the commercial aviation industry is expected to have a remarkable growth in APAC. This leads to the rise in commercial airplane deliveries which will, in turn, drive the need for aviation manufacturing. Over the next 20 years, Boeing projects the demand for aviation manufacturing in Asia-Pacific will expand by 5.1%, or $3,480 billion. In 2020, the government of India has committed to spend $45.8 billion for aerospace and defense sector with modernization of equipment a top priority. The residential construction market is to remain the largest market over the forecast period and account for 67% of the total value in 2023, supported by the government’s plan to stabilize the housing market by building affordable public housing and increase the supply of rental public housing in the Australia. These factors have boosted the growth of the market.
Industrial Fasteners Market Drivers
Growth of Aerospace Sector:
Remarkable growth in the aerospace manufacturing is witnessing a significant growth in the fasteners as they are used to transfer loads from one part to another in both production and repair applications and to connect the different parts together in primary structural areas. According to European Union, the total turnover of EU aerospace sector was €128 billion ($151 billion) with maximum spending in R&D. Around 12% of turnover is directed towards R&D in aerospace industry. This has driven the research into innovations in aerospace safety leading to the deployment of the industrial fasteners. In 2019, the government has announced to spend $2.85 billion for the development of aerospace sector. In 2019, France has announced to spend more than $221 billion over the period 2019-2023 and $395billion over the period 2019-2025 for the development of aerospace sector including modernization and replacement of equipment. These modernization and replacement activities are analyzed to propel the demand for the industrial fasteners in the forecast period.
Growth of Construction activities:
Surge in construction activities owing to the increasing government expenditure for modernization has increasing the demand for the industrial fasteners as the construction industry is the center is more on the huge machines, like huge pieces of steel and thick pieces for wood. . In Singapore, total construction demand is set to boost in the forecast period led by public sector building projects including public housing, as well as private sector projects such as the continued redevelopment of en bloc residential sites and berth facilities at Jurong Port and Tanjong Pagar Terminal. The construction sector accounts for about 4 per cent of Singapore's total gross domestic product. The government of New South Wales (NSW) has eased restrictions on construction sites, allowing work on weekends as well as on public holidays, and announced a first tranche of US$5.1 billion of shovel-ready construction projects, including the Snowy Hydro 2.0 project and construction of 4,441 new houses in the year 2019-2020, giving the boost to the Industrial fasteners Market.
Industrial Fasteners Market Challenges:
High maintenance is required and other corrosion related challenges:
Although there is highly a requirement of industrial fasteners in the various industrial sectors such as aerospace, automotive, manufacturing and others but the metal fasteners are highly corrosive and stainless steel fasteners are expensive. This metal corrosion and high cost of stainless steel fasteners are analyzed to restrain the growth of the market in the forecast period 2021-2026.
Industrial Fasteners Market Landscape
Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Industrial Fasteners Market. Industrial Fasteners Market top 10 companies include Sterling Tools Limited, ACME Fasteners Pvt. Ltd., and A Raymond Fasteneres India Pvt., Ltd, KOVA Fasteners Pvt Ltd, RMB Industries, Precision Castparts Corporation Fasteners, Nifc- India Private Limited, Sundram Fasteners Limited, Lakshmi Precision Screws Limited among others.
- In 2020, TR Fastening new range of K-Series-Thin Nuts for manufacturing or assembly process along with a wide range of applications in the industrial sector.
- In 2019, TriMas Aerospace partnered with Sonaca and Safran to increase its production capacity of fasteners and expand its global customer base.
Relevant Report Titles:Chemical and Oil & Gas Industries Market:
Report Code; EPR 0016
Retail Oil and Gas Equipment Market:
Report Code: EPR 0062
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List of Tables
1 US Industrial Fasteners Market Size 2018
2 Canada Industrial Fasteners Market Share 2018
3 Brazil Industrial Fasteners Market Outlook 2019 - 2023
4 Mexico Industrial Fasteners Market Research 2018
5 Germany Industrial Fasteners Market Trends 2019 - 2023
6 France Industrial Fasteners Market Growth 2019 - 2023
7 UK Industrial Fasteners Market Demand 2019 - 2023
8 Italy Industrial Fasteners Market Segmentation 2018
9 Russia Industrial Fasteners Market Analysis 2019 - 2023
10 China Industrial Fasteners Market Revenue 2019 - 2023
11 Japan Industrial Fasteners Market Volume 2019 - 2023
12 South Korea Industrial Fasteners Market Potential 2019 - 2023
13 India Industrial Fasteners Market Leaders 2018
14 Saudi Arabia Industrial Fasteners Market Forecast 2019 - 2023
15 Kuwait Industrial Fasteners Market Value 2018
List of Figures
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