The ‘Global Industrial Fasteners Market Size, Share Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global industrial fasteners market, assessing the market on the basis of its segments like raw material, product, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Industrial Fasteners Market Price, Share, Size, Growth, Trends, Industry Report, Key Player, Major Segments and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 86.1 billion
• Forecast CAGR (2023-2028): 4.10%
The increasing demand for automotive fasteners, including nuts, bolts, and washers, to facilitate secure functioning of an automobile is driving the industrial fasteners market. Automotive fasteners bolster the overall performance and efficiency of an automobile which is a crucial advantage. Hence, the increasing sale of commercial and passenger vehicles is fuelling the demand for industrial fasteners.
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The rising demand for aircraft fasteners across the aerospace sector is further accelerating the market growth of industrial fasteners. These fasteners are crucial to sustain the mobility, manoeuvrability, speed, and strength of an aircraft. The increasing incorporation of high-end stealth bombers, fighter jets, and light combat aircrafts in armed forces is generating a significant demand for industrial fasteners. In line with this, the increasing applications of industrial fasteners in military vehicles and ammunition is further providing impetus to the industrial fasteners market.
The increasing sales of home appliances, owing to rising disposable incomes, rapid urbanisation, and increasing population is a crucial market driving factor for industrial fasteners. In hardware pairings, industrial fasteners are widely used to enhance durability and quality, while ensuring an attractive finish. Changing preference in the manufacturing sector towards industrial fasteners resistant to UV rays and rust is expected to bolster the global industrial fasteners market in the coming years.
Industrial Fasteners Industry Definition and Major Segments
Industrial fasteners are defined as the high-quality fasteners which can stand strong in extreme weather conditions or chemical exposure. The purpose of industrial fasteners is to join two or more industrial components in semi-permanent, permanent, and temporary manners. The components joined by these fasteners can withstand shocks or concussions easily.
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Based on raw material, the market is bifurcated into:
By product, the market is segmented into:
• Externally Threaded
• Internally Threaded
• Aerospace Grade
On the basis of application, the market is divided into:
• Building and Construction
• Industrial Machinery
• Home Appliances
• Lawns and Gardens
• Motors and Pumps
Based on region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Industrial Fasteners Market Trends
The key trends in the global industrial fasteners market include the growing research and innovations in the automotive sector aimed towards improving the aesthetic appeal of vehicles, reducing their weight, and bolstering efficiency. The rising demand for premium-grade hybrid electric vehicles is another crucial trend propelling the market growth. The technological advancements in the healthcare sector are key trends in the market for industrial fasteners. In this regard, industrial fasteners are anticipated to witness a heightened demand in medical devices and hospital equipment.
The rising military and defence expenditure across the sovereign nations is likely to boost the market growth for industrial fasteners in the forecast period. Advancements in technology, which include the emergence of drones, high-tech aircraft carriers, and nuclear warhead enabled ballistic missiles are expected to offer lucrative opportunities to the market for industrial fasteners in the forecast period.
In geographical terms, Asia Pacific accounts for a significant share in the industrial fasteners market, driven by the thriving industrial sector across emerging economies such as India and China. Over the forecast period, the anticipated increase in demand for industrial fasteners in the building and construction sector, owing to the rising population, increasing demand for residential structures, and thriving commercial businesses, is likely to aid the market.
Key Market Players
The major players in the global industrial fasteners market report are:
- Howmet Aerospace Inc.
- Nifco Inc.
- LISI Group
- MW Industries, Inc. (MWI)
- Elgin Fastener Group
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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