Industrial Fasteners Market is predicted to Clock a CAGR of 3.2% during the Forecast Period, notes TMR Study

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Jul 11, 2022, 07:30 ET

Rapid urbanization and need for energy conservation necessitate advanced mass transit systems. This is likely to drive the transportation system and raise demand for industrial fasteners
Firms are concentrating on hybrid fasteners that are affordable, lightweight and easy to setup. They are produced utilizing metals and injection-molded plastic materials.

WILMINGTON, Del., July 11, 2022 /PRNewswire/ -- The value of the global industrial fasteners market was worth around US$ 92.16 Bn in 2021. The global market is anticipated to develop at a CAGR of 3.2% during the forecast period, from 2022 to 2031. The fastener industry statistics estimate the market size to attain valuation of US$ 131.56 Bn by 2031. The global industrial fasteners market is primarily driven by the rise in fastener demand across the construction industry. Due to its high durability and prolonged resistance to corrosion, steel fasteners are becoming more and more popular for machine designs, including stainless steel bolts and screws. In order to diversify their revenue sources, companies are attempting to capitalize on new possibilities and develop products in line with current trends. Steel fasteners that are compact and driven by design are gaining priority for manufacturers since they are essential in small assemblies, which is likely to add to the growing fasteners market size.

Industrial fasteners are top-notch fasteners that are likely to be employed in a variety of applications in several industries, including maritime, automobile, and construction industries. In this context, the terms "industrial fasteners" and "permanent fasteners" are used interchangeably. These fasteners are resistant to practically all-weather conditions and chemical substances. Many expanding industries require the use of high-quality fasteners that are impervious to corrosion and other forms of natural wear. For producers of industrial fasteners, this opens up profitable options. Firms in the global industrial fasteners market are concentrating on high-end materials like alloys and carbon fiber since they make it easier to create industrial fasteners that are superconducting, corrosion-resistant, and lightweight. Demand analysis of industrial fasteners predict that companies are also concentrating on hybrid fasteners that are simpler to install, lighter, and more affordable, and are built from injection-molded plastic materials and metals.

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Key Findings of Market Report

The need for parts used in the building of railroad infrastructure, such as railroad fasteners, is anticipated to increase dramatically in the near future. Due to the rise in long-distance trips, faster transit times, and passenger traffic, there is a considerable need for fasteners that can support railway equipment. In addition, to fulfil the rising demand for railway tracks, superior fasteners that are impervious to rust and other forms of natural abrasion are necessary. These factors are anticipated to drive the market for industrial fasteners during the forecast period.
The increasing production of vehicles is anticipated to cause the global automotive industry to expand considerably throughout the forecast period. In order to cut down on gasoline usage, automakers are always creating more fuel-efficient engines and drivetrains. In order to develop greener cars, they are implementing emission-control technologies. Due to the expansion of the automotive sector, the demand for automotive fasteners is thus anticipated to increase soon.
Depending on product type, the industrial screws category is likely to dominate the global market for industrial fasteners. Due to their expanding usage in the construction and automotive industries, nuts and bolts are anticipated to rise at the highest CAGR.

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Global Industrial Fasteners Market: Growth Drivers

The use of fasteners in main or sub assembly parts has increased due to increasing production of utility vehicles, aircrafts, large earth moving equipment, machine tools, textile machines, and medium and light commercial vehicles. This factor is estimated to present growth opportunities for the stakeholders operating in the industrial fasteners market.
The industrial fasteners market is expected to be dominated by the Asia Pacific region during the forecast period. The Asia Pacific market is being driven by rise in disposable income throughout the region, economic growth and expansion of the automotive sector. The need for fasteners in Asia Pacific is also being driven by the expansion of the construction industry worldwide. North America market is expected to be driven by expanding US fastener market size.

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Global Industrial Fasteners Market: Key Players

Some of the key market players are

Precision Castparts Corp.
STANLEY Engineered Fastening
MacLean-Fogg Company
MISUMI Group Inc.
The SFS Group
Hilti Corporation

Global Industrial Fasteners Market: Segmentation

Product Type

Bolts
Nuts
Screws
Washers
Rivets
Others

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End Use Industry

Automotive
Construction
Aerospace
Oil & Gas
Others

Distribution Channel

Direct Sales
Indirect Sales

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