Categories: Wire Stories

Global Industrial Fasteners Market Outlook & Forecast 2023-2024 and 2029: Growing Prominence of Asian Manufacturing and Growth in Construction Industry Boosts Prospects – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global Industrial Fasteners Market – Outlook & Forecast 2024-2029” report has been added to ResearchAndMarkets.com’s offering.


The global industrial fasteners market was valued at $89.43 billion in 2023 and is expected to reach a value of $124.98 billion, growing at a CAGR of 5.74% from 2023-2029.

The global industrial fasteners market is marked by intense competition among key players striving to establish their foothold and gain a competitive edge. Major industry participants, such as Stanley & Decker, Illinois Tool Works, Hilti, and others, engage in strategies like mergers, acquisitions, and partnerships to expand their product portfolios and geographical reach.

Additionally, focusing on technological advancements and innovation in fastener design and materials is a key trend among competitors seeking differentiation. The industrial fasteners market also sees regional and local players catering to specific market segments. As industries increasingly demand customized and application-specific fasteners, the competitive landscape continues to evolve, prompting companies to adapt swiftly to changing industry dynamics and customer requirements.

The global industrial fasteners market exhibits diverse regional dynamics, reflecting the unique economic landscapes and manufacturing capabilities. Countries like China, Japan, and India are prominent contributors to market growth in the APAC region due to robust manufacturing activities and infrastructure development. With automotive manufacturing hubs in Germany and Italy, Europe plays a pivotal role but faces challenges amidst economic uncertainties.

North America, led by the U.S., demonstrates resilience with a focus on innovation. Latin America experiences moderate growth, with Brazil being a notable industry. The Middle East & Africa, driven by construction and infrastructure projects, presents opportunities, but political and economic factors influence the industrial fasteners market. Each region contributes distinctively to the global industrial fasteners market, shaped by regional economic conditions, manufacturing prowess, growth of the automotive industry, and infrastructural developments.

MARKET TRENDS & OPPORTUNITIES

Growing Prominence of Asian Manufacturing

The industrial fasteners market is experiencing significant growth, driven by the burgeoning prominence of Asian manufacturing. Countries such as China, India, Japan, and South Korea are at the forefront of this expansion, boasting robust manufacturing sectors that contribute substantially to the global demand for industrial fasteners.

As the world’s manufacturing powerhouse, China produces many fasteners, meeting domestic and international needs. India’s manufacturing strength is also rising, contributing to increased demand for industrial fasteners. Moreover, Japan and South Korea, known for their advanced technological capabilities, play crucial roles in shaping the market by producing high-quality fasteners for various industries. The growing industrial activities in these Asian countries explain the region’s role in propelling the global industrial fasteners market forward.

Growth in Construction Industry

The growth trajectory of the global industrial fasteners market is closely tied to the flourishing construction industry worldwide. Across the globe, heightened construction activities drive the demand for various industrial fasteners. In China, a construction boom, marked by extensive infrastructure projects and urban development, fuels a substantial need for fasteners to support building structures. India’s construction sector is also burgeoning, with large-scale projects contributing to the surge in demand for industrial fasteners.

In the U.S., a robust residential and commercial construction market and infrastructure investments propel the need for these essential components. Similarly, European countries like Germany and the United Kingdom, characterized by ongoing construction projects, further bolster the global demand for industrial fasteners. The symbiotic relationship between the construction industry and the industrial fasteners market underscores the pivotal role of construction in driving the market’s growth.

INDUSTRY RESTRAINTS

Volatility in Raw Material Prices

Volatility in raw material prices poses a significant challenge to the growth of the industrial fasteners market by affecting production costs and overall market stability. Fluctuations in the prices of key materials such as steel, aluminum, and copper directly impact the manufacturing expenses of industrial fasteners. This volatility is particularly evident in regions with heavy reliance on metal production.

For instance, in countries like China, a significant player in global fastener manufacturing, variations in steel prices can disrupt cost structures and erode profit margins for manufacturers. Additionally, in the U.S. and Europe, where the industrial fasteners market is substantial, unpredictable changes in raw material costs can hinder manufacturers’ ability to offer competitive pricing, impacting their competitiveness in the global market. The intricate link between raw material prices and industrial fastener production underscores the market’s vulnerability to the inherent unpredictability of material costs.

SEGMENTATION INSIGHTS

INSIGHTS BY MATERIAL

Metal fasteners, including steel, aluminum, and stainless-steel variants, dominate the market due to their strength, durability, and versatility across various industries. They are widely used in construction, automotive, and manufacturing sectors. The rise in custom fastener manufacturing, coupled with product penetration of specialty variants in the automotive industry, is expected to propel growth over the projected period.

Non-metal fasteners, such as those made from plastics, composites, or ceramics, are gaining traction, especially in applications where corrosion resistance or weight reduction is crucial. Though the non-metal segment holds a lesser share, it is expected to grow at a higher CAGR of over 6% in the global industrial fasteners market during the forecast period. Industries such as electronics and aerospace often favor non-metallic fasteners because of the added advantage of lesser weight.

INSIGHTS BY PRODUCT

Screws, which play a critical role in holding materials together, are widely used across various industries and thus are the most common and crucial type of fasteners, thus holding the maximum segmental market.

The industrial fasteners market encompasses a wide array of screw types, each tailored to specific needs. Common types include wood screws, machine screws, self-tapping screws, and self-drilling screws. Further, bolts, known for their robustness, also hold a significant industry share and find applications in structural and machinery assemblies.

INSIGHTS BY TYPE

Threaded fasteners, such as screws, nuts, and bolts, play a pivotal role in construction, automotive, and manufacturing, providing robust and reliable connections and thus holding the most significant segmental share. APAC stands out as a prominent driver of the threaded fasteners market, with countries like China, India, and Japan at the forefront.

Further, specialty fasteners cater to unique applications, with examples like expansion anchors, retaining rings, and weld screws designed for specific requirements in industries such as oil and gas, infrastructure, and machinery. This segmentation reflects the market’s adaptability to diverse industrial needs, where different fasteners are strategically employed for optimal performance and reliability.

INSIGHTS BY END-USER

The global industrial fasteners market caters to various end-user segments with unique demands and applications. In the automotive sector, fasteners are integral for assembling vehicles, ensuring structural integrity and safety. The growth in the automotive sector is expected to demand the highest percentage of fasteners and thus holds the highest market share of over 28%.

The aerospace industry relies on precision fasteners for aircraft assembly, where lightweight and durable solutions are paramount and hold the second most significant industry share. Additionally, the furniture industry utilizes fasteners for constructing durable and functional pieces and is expected to grow at a CAGR of over 5%. This diverse range of end-user segments underscores industrial fasteners’ versatility and widespread applicability across various industries.

Key Attributes:

Report Attribute Details
No. of Pages 376
Forecast Period 2023 – 2029
Estimated Market Value (USD) in 2023 $89.43 Billion
Forecasted Market Value (USD) by 2029 $124.98 Billion
Compound Annual Growth Rate 5.7%
Regions Covered Global

Market Opportunities & Trends

  • Growth in Prominence of Asian Manufacturing
  • Industry 4.0 and Smart Precision Manufacturing
  • Growth in Demand for Prefabricated Buildings
  • Increase in Wind and Solar Energy Installations
  • Increase in Demand for 3D Printing

Market Growth Enablers

  • Growth in Construction Industry
  • Increase in Demand for Lightweight Fasteners
  • Green Initiatives and Regulations Lead to Rise in Renovations

Market Restraints

  • End-user Variability
  • Volatility in Raw Material Prices
  • Unrest in Europe

Key Company Profiles

  • Stanley Black & Decker
  • Hilti
  • ITW
  • Berkshire Hathaway
  • Howmet Aerospace
  • LISI
  • NIFCO
  • Fontana Gruppo

Other Prominent Vendors

  • 3M
  • A&G Fasteners
  • Agrati Group
  • Aoyama Seisakusho
  • APL
  • ARaymond
  • B&B Specialties
  • Bollhoff Group
  • Boltfast
  • Bulten
  • Caparo
  • CBC Fasteners
  • Deepak Fasteners
  • EJOT
  • Ever Hardware Industrial
  • Federal Screw Works
  • FUCHS Schraubenwerk
  • Jinyi Industrial Co.
  • KAMAX
  • KOVA Fasteners
  • MacLean-Fogg
  • PennEngineering
  • Tong Hwei Enterprise Co.
  • Wurth Industrie Service
  • Virginia Fasteners
  • Apex Fasteners
  • C. & E. FEIN
  • Hebei Tailian Fastener Manufacturing
  • Bolt Motorcycle Hardware
  • MID-CONTINENT STEEL AND WIRE
  • Kerb-Konus-Vertriebs
  • Snap-on
  • Fasteners & Fittings
  • Southern Fasteners & Supply
  • Jet-Tek
  • AMPG (Accurate Manufactured Products Group)

For more information about this report visit https://www.researchandmarkets.com/r/gygs1q

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Contacts

ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./ CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

Alex

Recent Posts

Hong Kong’s premier ink art event UOB Art in Ink Festival returns this December, fostering art inclusivity

HONG KONG SAR - Media OutReach Newswire - 21 November 2024 - UOB Art Academy…

4 hours ago

Arbor Partners With Japanese Aomori Prefecture To Unveil A New Japanese-French Culinary Feast

HONG KONG SAR - Media OutReach Newswire - 21 November 202 - Aomori Crafts from…

4 hours ago

Beloved Disney ∙ Pixar Characters Come to Life as 10 FURRY NICE Collectible Furry Friend Sets at 7-Eleven

Collect FunStamps on the New 7-Eleven App and Redeem for FREE HONG KONG SAR -…

4 hours ago

Anglo-Chinese School Students Crowned as the Grand Winner of the Samsung Solve for Tomorrow 2024 Competition

Their project, SilentGuide, is a pair of smart glasses that transcribes spoken words into subtitles,…

7 hours ago

Avenue K Transforms Into A Spectacular Winter Forest

Whimsical White Christmas KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 21 November 2024 –…

7 hours ago

Dusit International champions local culinary excellence with sponsorship of The Maverick Academy on Netflix

New reality show connects regional culinary talent with global opportunities in an exciting competition. BANGKOK,…

7 hours ago