According to the latest report by IMARC Group, titled “Industrial Fasteners Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” offers a comprehensive analysis of the industry, which comprises insights on the global industrial fasteners market share.The report also includes competitor and regional analysis, and contemporary advancements in the market.What are the growth prospects of the Industrial Fasteners Industry?
The global industrial fasteners market size reached US$ 94.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 123.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.5% during 2023-2028.
Industrial Fasteners Market Overview
Industrial fasteners represent a wide range of high-quality fastening products that are generally used in various industries, including construction, automotive, aerospace, marine, etc. Weather and chemical elements can be withstood by these fasteners as they are meant for long-term industrial use. Consequently, they are extensively utilized in several sectors that require high-quality fasteners to resist corrosion and natural abrasions.
In line with this, carbon fiber and alloy are the preferred materials that are commonly used for the manufacturing of lightweight, corrosion-resistant, and superconducting industrial fasteners for heavy-duty use. Hybrid fasteners made of injection-molded metals and plastics are lighter, easier to install, cost-effective, etc. Some of the commonly available industrial fasteners include bolts, nuts, screws, rivets, nails, washers, studs, etc.
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Market Trends
The increasing demand for commercial and residential housing projects, on account of the expanding construction industry across countries, is primarily driving the industrial fasteners market. Additionally, the widespread adoption of these devices in home interiors and cable management applications and the inflating need for manufacturing advanced lightweight product variants among key market players are further catalyzing the market growth. Besides this, continuous technological advancements in aircraft structural hardware production technology are acting as significant growth-inducing factors.
Moreover, the growing number of aircraft, the rising passenger traffic, the introduction of externally threaded fasteners, and the escalating commercial aircraft production capacities are positively influencing the global market. Apart from this, extensive RD activities in the defense sector and numerous OEM partnerships for business expansion are anticipated to fuel the industrial fasteners market over the forecasted period.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Acument Global Technologies Inc., ATF Inc., Hilti Corporation, Howmet Aerospace Inc., Kova Fasteners Private Limited, LISI SA, MacLean-Fogg Company, MISUMI Group Inc., MW Industries Inc., Nifco Inc., Precision Castparts Corp., SFS Group AG and Stanley Black Decker Inc.
Report Segmentation
Breakup by Raw Materials:
- Metal
- Plastic
Breakup by Products:
- Externally Threaded Fasteners
- Internally Threaded Fasteners
- Non-Threaded Fasteners
- Aerospace Grade Fasteners
Breakup by Type:
- Bolts
- Nuts
- Screws
- Washers
- Rivets
- Others
Breakup by Application:
- Automotive
- Aerospace
- Building and Construction
- Industrial Machinery
- Home Appliances
- Lawns and Gardens
- Motors and Pumps
- Furniture
- Plumbing Products
- Others
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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