Fastners Market Analysis, Demand To 2030

(MENAFN- Straits Research) Introduction

Specialty fasteners are fabricated from materials such as titanium, brass, bronze, etc., which provide outstanding performance in various situations, including corrosion, vibration, and severe impact. Non-standard fasteners can be made by changing current fastener designs, whereas specialized fasteners have unique designs, materials, and head styles compared to regular fasteners. These fasteners are in high demand from end-use sectors because their producers invest heavily in the finished product's aesthetics, durability, and performance.

On account of increased demand from end-use industries, the segment of specialty fasteners is expected to expand at a faster rate than that of regular fasteners. Over the projected period, the demand for specialized fasteners will be driven by the increasing need for fasteners that can fulfill the exact quality standards required by the end-use industries and show the highest quality standards.

Market Dynamics Increasing Automotive Production in Asia Pacific to Drive the
Global Fastners Market

Fasteners are an indispensable component of the automotive industry and come in various sizes and forms. In this industry, nuts, bolts, screws, rivets, studs, bits, anchors, and panel fasteners are typical fasteners. As the largest market for industrial fasteners, the automobile industry's production trends directly impact the industrial fasteners market. Automotive production is predominantly concentrated in North America, Europe, and Asia-Pacific due to the availability of trained labor, significant manufacturing sector investments, technological expertise, and high domestic demand. Asia-Pacific has surpassed Europe as the most excellent automotive-producing area in the world. From 2017 to 2019, major Asian-Pacific economies, including India, Japan, and China, produced many automobiles due to rising populations and incomes. China is one of the world's largest automobile producers. According to the Society of Indian Automobile Manufacturers, India produced around 45,160,17 vehicles in 2019, decreasing to 33,944,46 in 2020. The electric vehicle segment in India is gaining appeal among consumers, and major manufacturers are beginning to produce electric automobiles and two-wheelers. The industrial fasteners market in India has been driven by the expansion of the vehicle manufacturing industry throughout the historical period, and this trend is predicted to continue over the projected period.

Substitution of Metal Fasteners with Plastic Fasteners to Provide Opportunities for the Global Fastners Market

The contemporary era of innovation and technology necessitates more efficiency with fewer resources, which a significant role in the development of lightweight automobile products. Most industrial fasteners are used in the automotive industry, which has several fastening requirements during manufacturing. Metal fasteners are replaced with plastic fasteners due to the associated expense and the rising need for lightweight components. Plastics are inexpensive alternatives to metals and can be formed into any shape via injection molding.

Depending on the use, automotive sector fasteners vary in size, design, and dimensions. Plastic fasteners are in demand because they can be extruded into any desired shape and size in a short amount of time, unlike metal fasteners, which require heavy gear. This is why metal fasteners are being replaced with plastic fasteners, generating a vast array of options for worldwide businesses to succeed.

Regional Insights

Based on region, the global fastners market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

Asia Pacific dominated the market and is estimated to grow at a CAGR of 7.3% during the forecast period. Asia-Pacific is the world's fastest-growing area, accounting for almost two-thirds of global economic growth. Asia has been a significant market for industrial fasteners, accounting for over 40% of the worldwide market in 2020. Automotive, industrial machinery, electronics, and construction applications are the primary drivers of the regional industrial fasteners market. Recently, the region has become the world's top provider of industrial fasteners. The need for enhanced public infrastructure in the Asia-Pacific region, such as roads, harbors, airports, and rail transportation networks, has increased due to economic expansion. The region's industrial development has been bolstered by a significant increase in mergers & acquisitions, integration activities, and site relocations. The Asia-Pacific market is projected to be driven by rising industrial and infrastructural projects in developing nations such as India, Vietnam, Thailand, and Malaysia.

Europe is the second largest. It is estimated to reach an expected USD 28440 million by 2030, at a CAGR of 6.2%. Europe is among the most important markets for industrial fasteners due to substantial product demand from Germany, the United Kingdom, Russia, Italy, and France. With the United Kingdom's exit from the European Union in January 2020, the industrial fasteners business is projected to influence growth significantly. The automobile industry generates a significant portion of the income generated by the industrial fasteners market in the region. According to the European Automobile Manufacturers' Association, the European auto sector is a worldwide player, exporting high-quality "Made in Europe" products around the globe and producing a trade surplus of USD 85.50 billion for the EU. Additionally, EU automotive R&D expenditures have climbed by 6.1% to USD 70.37 billion yearly. In Europe, several major automobile manufacturers are present, including Mercedes-Benz, Fiat, Renault, Volkswagen, and Ford. These leading players are investing and concentrating more on producing lightweight, durable automobiles. Hence, it is anticipated that the demand for European automotive fasteners will increase at a higher rate.

North America is the third largest region. In North America, the United States has dominated the fasteners business in terms of consumption due to several automotive, electronics, and aerospace manufacturers. The nation is one of the most important markets for aircraft manufacture and maintenance, repair, and overhaul, with many companies such as Boeing, Lockheed Martin, and GE Aviation present. Due to the factor mentioned above, industrial fasteners are in great demand in the region. The United States is among the largest automakers in the world, making it a significant user of automotive fasteners. The presence of many automotive firms in the region, including General Motors, Ford Motor, Fiat, Chrysler Automobiles, Toyota Motor Corporation, Tesla Motors, and AM General, is anticipated to have a beneficial effect on the market's growth over the projection period. Rising metal prices and an increased need for lightweight automotive components are expected to be the primary factors influencing the demand for metal fasteners during the forecast period. Due to the increased demand for low-cost and lightweight alternatives to metal fasteners, the market for plastic fasteners is predicted to increase significantly. Since two years ago, the automotive industry in the region has increased production, which has had a favorable effect on the demand for fasteners.

Key Highlights

• The global fastners market was USD 80 billion in 2021. It is estimated to reach an expected value of USD 142 billion by 2030, at a CAGR of 6.4% during the forecast period (2022 – 2030).
• Based on type, the global fastners market is segmented into externally threaded, internally threaded, and non-threaded. The externally threaded segment dominated the market and is estimated to grow at a CAGR of 7.3% during the forecast period.
  
• Based on application, the global fastners market is segmented into oil & gas, automotive, aerospace, construction, industrial machinery, and others. The automotive segment accounted for the largest market share and is estimated to grow at a CAGR of 7.5% during the forecast period.
  
• Based on raw materials, the global fastners market is segmented into steel, aluminum, and others. The steel segment accounted for the largest market share and is estimated to grow at a CAGR of 7.4% during the forecast period.
  

Competitive Players

Elgin Fastener Group LLC

Birmingham Fastener and Supply, Inc

W. Industries, Inc

Hilti Corporation

Nippon Industrial Fasteners Company (Nifco)

LISI Group - Link Solutions for Industry

Dokka Fasteners A S

ATF Inc.

Acument Global Technologies, Inc.

Arconic Fastening Systems and Ring

Recent Developments

Recent Developments

• September 2022 - In the first eight months of 2022, the Hilti Group increased sales by 6.1 percent to CHF 4108 million . The operating result declined by 36 percent due to global supply chain disruptions, the Russian invasion in Ukraine, negative currency effects, and significant investments into building the software business. In addition, the results are impacted by strong negative base effects that will level out until year-end.
  
• June 2022 - This year, the iF and the Red Dot juries honored four new Hilti products for design quality and innovation. No less than two of them emerged as Red Dot, "Best of the Best" category winners.

Segmentation

By Type

Externally Threaded

Internally Threaded

Non-Threaded.

By Application

Oil & Gas

Automotive

Aerospace

Construction

Industrial Machinery

By Raw Material

Steel

Aluminum

Others

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