FARMINGTON, March 3, 2023 (GLOBE NEWSWIRE) — The global market for industrial fasteners will be $79.54 billion in 2021. The market is expected to grow from $82.56 billion in 2022 to $110.91 billion in 2030 at a CAGR of 4.3% over the forecast period. The COVID-19 outbreak is alarming and unprecedented around the world. Demand for commodities was weaker than expected in all regions compared to pre-pandemic levels. According to our analysis, the global market is down 6.76% in 2020 compared to 2019.
Industrial fasteners are typically high quality products used in the construction, automotive, aerospace, and marine industries to hold items together. More cars, cars, and other durable goods are likely to become available due to economic growth and high investment spending. As more people use bolts, nuts, screws, rivets, nails, washers and other fasteners for the foreseeable future, the industry will expand. India, China, Thailand and Vietnam are rapidly industrializing, which could help expand the market.
Request a Sample Copy of the Report on Estimating Industrial Fasteners Market Size, Share and Trends by Material (Metal and Plastic), by Product (External Thread, Female Thread, Non-thread and Aerospace Grade), by Application (Automotive, Aerospace, Construction) and “Construction, industrial equipment, home appliances, lawns and gardens, engines and pumps, furniture, etc.) by region and segment forecasts for 2023-2030″ published by Contrive Datum Insights.
The steel industry is likely to hold the largest market share in the coming years. There are two types of fasteners. Some permanently attached objects such as nuts and bolts, screws, rivets, clamps, and circlips. The other type requires sliding adhesives or non-permanent fasteners that can be released, such as quick-release clips and connectors, to remove certain pins and allow the fixed parts to move independently. Metal products must be strong enough to withstand enormous loads, whether they are produced by casting or powder metallurgy.
The higher durability and mechanical strength provided by metals for industrial and construction equipment is expected to boost demand. To help them move up the value chain and expand their capabilities, businesses supply a wide range of metal and plastic products to their end customers. For example, Auto-Fasteners Ltd provides car manufacturers with a convenient and affordable way to purchase the products they need. The company markets metal fasteners in mild steel, carbon steel, brass, copper, stainless steel, and aluminum. The company also offers plastic fasteners made of polypropylene, PVC, polyurethane, polyethylene, polystyrene, polyamide.
As more vehicles are produced, the male thread category is expected to dominate the market. In the aerospace industry, studs are preferred over bolts because they are stronger and have external threads.
Parts with internal threads can benefit greatly as they are more commonly used in construction, automotive and industrial engineering. A typical material used for the manufacture of products with internal threads is stainless steel. These elements are also available using alloy steel, brass and aluminum as base materials.
By 2028, the market for aerospace brands is likely to grow significantly. Aerospace fasteners are used in the construction and assembly of aircraft. They are primarily used to connect various, geographically dispersed components of an aircraft structure. Original equipment manufacturers including Embraer, Boeing, Bombardier and Airbus are building more aircraft to meet the growing demand for new aircraft.
The automotive industry, the most important part of the market, is likely to remain so for the foreseeable future. Stainless steel, iron, nickel, aluminum, plastic, and brass are the most common materials used to make automotive and factory fasteners. Growth in vehicle production, greater use of automotive technology and a focus on light vehicles are key factors influencing the size of the market. Moreover, manufacturers are producing customized products instead of standard products, which is expected to expand the market.
Most automakers are focusing on reducing vehicle weight with aluminum and plastic mounts. The passenger car market has grown thanks to rising disposable income, growing demand for lightweight industrial fasteners, and government regulations aimed at reducing pollution and saving fuel.
The Asia-Pacific market is dominated by China, India, Japan and South Korea and is expected to expand rapidly over the next few years. When the government invests in commercial and residential construction projects, the local market expands. Due to the huge number of manufacturers large and small, China produces most of the world’s plastic fasteners. Demand for more modern aircraft will increase demand for products in the region and help expand delivery and ordering options. Companies that manufacture aircraft fasteners and supply them to aerospace OEMs in North America and Europe have a significant presence in the Asia Pacific region.
The North American market is likely to experience rapid growth during the forecast period. As electric vehicles become more popular in the United States, plastic fasteners are becoming more and more important in the automotive industry. As a result, the local industry will expand. Companies such as Bombardier from Canada, Textron from the US and Boeing from the US will dominate the North American market. In addition, the development of advanced production methods and increased funding for research and development will stimulate the development of the industrial fasteners market.
Europe holds the second largest market share due to strong demand for small tractors and lawn mowers, which is expected to grow in both commercial and residential segments. The production of lawn and garden tools will be the main driver of this market share. Europe is an important region for the production of passenger cars, which will contribute to the growth of the industrial fasteners industry.
The Brazilian government has taken steps to build buildings, which has increased consumer demand. With the increase in national development and construction projects, the demand for industrial fasteners will increase. The aerospace, automotive and industrial machinery industries will expand rapidly due to the rapid growth in South Africa, Saudi Arabia and other countries. Thus, the market will expand. An industry made up of local wholesalers, distributors and manufacturers of imported and local products is expected to support the overall growth of the market.
Manufacturers consume less energy, and the restructuring of production can open up many new opportunities for the industry.
Businesses are trying to use less energy for heating and electricity to reduce their carbon footprint and environmental damage. For example, BUMAX, a Swedish manufacturer of high-strength stainless steel fasteners, said in March 2020 that it would reduce energy consumption at its Ashammar plant by 50%. This energy produces heat and electricity. This will significantly reduce carbon emissions and improve BUMAX performance. Since 2011, the company has reduced CO2 emissions from its 12,000 square meter factory due to high temperatures by 62%.
The expansion of the construction industry is driving the market for industrial fasteners.
The construction industry will expand due to increased demand for commercial and residential projects and increased government spending on infrastructure. They are used in construction to temporarily connect two or more objects together. Connect heavy materials together with fasteners used in construction. This allows the construction industry to work efficiently and accurately. Stainless steel, alloy steel and carbon steel are the three most commonly used fasteners in construction. Construction materials such as nuts, bolts, washers, screws and rivets are everywhere. Any infrastructure project requires a variety of fasteners to keep it safe and secure. Because it is readily available, durable, and affordable, carbon steel is used to make most items. In contrast, stainless steel is the most commonly used building material due to its ability to resist heat, corrosion, and high strength, which increases the demand for industrial fasteners.
If metal fasteners replace tapes, adhesives and joints more often, market expansion may slow down. The automotive fastener market is primarily suffering from the development of alternatives such as welding and snap-on. Changes in auto sales and economic conditions could slow the growth of the industry. Most automotive fastener companies are currently struggling. Due to the complexity of the manufacturing process, manufacturers must comply with certain rules and restrictions. However, the rise in OEM sales and aftermarket sales will balance things out and pave the way for a new direction for the industry as a whole.
Key market players: Howmet Aerospace Inc. (USA), ATF Inc. (USA), Nifco Inc. (Japan), MW Industries, Inc. (MWI) (USA), LISI Group – Link Solutions for Industry (France), Sesco Industries, Inc. (USA), Birmingham Fastener and Supply Inc. (USA), BPF (India), Elgin Fastener Group (USA), Eastwood Manufacturing (USA), etc.
Post time: Apr-14-2023