Industrial Fasteners Market Size, Share, Forecast To 2030

(MENAFN- Straits Research) Introduction

The industrial fastener industry is one of the few industries that has a constant need in the global market. Major industries like automotive, aerospace, manufacturing, and construction have a constant need for such fasteners. Fasteners are used to bond two or more components of a product together to form a solid joint for the efficient functioning of the end product. Fasteners can fasten and join varied parts, irrespective of the material to be joined.

Fasteners, the key parts needed to make a complete and fully-functional end product, have a high demand in the industry, which is why they have a subsequent market share and are one of those industrial segments that can never go obsolete. Though there has been an evolution in the fastening industry by introducing chemical bonding techniques, the need for fasteners has never gone down with their resilience and the limitations of the chemical adhesives for bonding purposes.

Market Dynamics

Increased Automotive Production in the Aerospace Industry is driving the Global Industrial Fasteners Market

Fasteners are one of the most important parts of any vehicle, be it a passenger or a commercial vehicle, as the automotive product is developed by fastening various parts and components. Automotive is the largest market for industrial fasteners, as the said industry is one of the top consumer-based industries. With the increase in automotive production, the need for industrial fasteners has increased, which is why the industrial fastener market is growing with a significant share of the market. Talking about the next driving factor, the growing demand in the aerospace industry is the increase in passenger numbers and their travel frequency. In response to the growing demands of end users, the aerospace sector is working to improve and streamline passengers' overall aircraft travel experience. As the global aerospace and defense industry is growing at a rate of 4.8%, the demand for industrial fasteners is continuously increasing and proving to be the key driver for the
industrial fasteners market .

Substitution of Metal fasteners with Plastic Fasteners Opens a Wide Range of Opportunities for Manufacturers

The current era of technology is driving the global industry to new heights that demand higher efficiency with minimal resources, which has been a major factor in the evolution of lightweight automotive products. The substitution of metal fasteners with plastic fasteners is the cost of manufacturing the metal fasteners and the increased demand for lightweight components. Plastics are low-cost substitutes for metals, and they can be molded into any kind of shape with injection molding and extrusion techniques. The fasteners required in the automotive industry vary in size, design, and measurements based on the application. This is why plastic fasteners are in demand and are available in various sizes in quick time, unlike metal fasteners. And the substitution of metal fasteners with plastic fasteners is creating a huge window of opportunity that will lead the industrial fastener industry to new heights.

COVID-19 had forced an operational shutdown of each industrial segment around the world, which disrupted the entire global supply chain network. This shutdown led to huge losses to the entire industry globally, which created a barrier to production and even the basic operations of the manufacturing units. The same is true for the industrial fastener market, as production and distribution were completely stopped, the entire market sustained huge losses, and the full stocked inventories that incurred high costs of stocking created a barrier to the money flow in the market. These high costs impacted the industrial fastener market, as companies were not ready to spend the higher amount, and hence they decided to find a new solution for their fastening needs, which eventually reached the find of adhesives.

Regional Analysis of the Global Industrial Fasteners Market

The global industrial fasteners market is regionally segmented into four regions, which are North America, Europe, Asia-Pacific, and the Middle-East & Africa. The Asia-Pacific region has the largest share of the market with an estimated revenue of USD 63388 million in 2030 at a CAGR of 6% that was earlier standing at 38162 million in 2021. North America has major players in the industry operating in the region and plays an important role in driving the industrial fasteners market forward. It is the second dominant region after Asia-Pacific with an impressive revenue generation in 2021 with figures of USD 21543 million and growing rapidly at USD 29361 million by 2030 at a CAGR of 4%. Apart from these two regions, Europe and Middle-East & Africa also contribute substantial revenue generation. Europe had a revenue generation of USD 21094 million in 2021 and grew at a CAGR of 3% to reach USD 27764 million by 2030. Middle-East & Africa also has a whopping sales figure of USD 1933 million in 2021 which is anticipated to grow to USD 2823 million in 2030 at a CAGR of 4%.

Key Highlights

• The global industrial fasteners market was valued at USD 7804 million in 2021 and expected to grow at USD 12420 million in 2030. The market is expected to grow at CAGR of 5% during the forecast period (2022–2030).
• The externally threaded fasteners segment has the highest share, with a revenue of USD 42882 million in 2021 and expected to reach at USD 63726 million by 2030 at a CAGR of 5%.
• Based on the segmentation by application, the automotive industry segment has a market share of USD 28904 million in 2021 and is expected to grow to USD 40083 million by 2030 at a CAGR of 4%.
• Considering the regional analysis, the Asia-Pacific region has the most dominant market share that accounts for USD 38162 million in 2021 and is expected to grow to 63388 million in 2030 at a CAGR of 6%.