Industrial Fasteners Market Growth & Trends
The global industrial fasteners market size is expected to reach USD 131.28 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.5% from 2022 to 2030. The market is anticipated to be driven by factors such as the increasing population, significant investments in the construction industry, and rising demand in industries such as aerospace and automotive.
Industrial fasteners are available in two major types: metal and plastic. Metal fasteners dominated the industry; however, the product is expected to witness lower growth as compared to its counterpart owing to the increasing penetration of materials such as plastic in applications such as aerospace and automotive on account of their high corrosion resistance and lightweight characteristics.
The global market is highly competitive owing to the presence of a large number of manufacturers. A major challenge faced by the competitors is the fluctuation of raw material prices; hence, a high degree of backward and forward integration is likely to be observed among the major players. This will further intensify the market rivalry and competition, making it difficult for emerging players to sustain themselves in the market.
The demand for industrial fasteners is directly influenced by the growth of the building and construction industry and product penetration. Asia Pacific is expected to witness the highest growth over the forecast period owing to the rapid expansion and magnitude of the construction industry in countries such as India and China. The growing population and high investments in the construction sector are the key factors driving the construction industry in these countries, which, in turn, is projected to boost industry growth over the forecast period.
Major industrial fastener manufacturing companies are established in North America and Asia Pacific; as a result, the shortage of global supply for industrial fasteners provides a great business opportunity for players in these regions. Asia Pacific is expected to be the preferred market for fastener manufacturers owing to high product demand, coupled with the lower costs associated with raw materials, labor, land, and power.
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Industrial Fasteners Market Report Highlights
Externally threaded industrial fasteners accounted for the largest share of over 45.0% in 2021. High investments in the region’s agriculture, construction, and mining sectors are expected to propel the demand for heavy equipment such as material handling, excavation, drilling, hauling, paving, grading, and lifting machinery. This, in turn, is likely to propel the demand during the projected period
Metal fasteners held the largest share in 2021. They offer high mechanical strength and impact resistance and are less susceptible to harsh conditions such as high temperature and pressure, which is expected to drive the demand over the forecast period
Asia Pacific is estimated to register the fastest CAGR over the forecast period owing to the growth in the infrastructure sector in the Asia Pacific region. Furthermore, automotive, industrial machinery, and electronic applications will drive the regional market for industrial fasteners
The automotive application segment accounted for the largest share of over 30.0% in 2021. High production volumes of automotive vehicles across Asia Pacific have been driving the industry over the past few years. Metal has been dominating the segment over the past few decades. However, the rising popularity of plastic fasteners owing to their lightweight and low cost is expected to drive the industry
The market is highly competitive and consists of several global and regional players. Opportunities for new players are anticipated as the need for creative and application-specific fastener designs rises. Rising raw material costs and high volume production by established competitors are anticipated to be major obstacles for new entrants
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