Industrial Fasteners Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Industrial Fasteners Market
The industrial fasteners market size was valued at 85.83 billion in 2023, and the market is now projected to grow from USD 89.34 billion in 2024 to USD 125.87 billion by 2032, exhibiting a CAGR of 4.3% during the forecast period of 2023-2032.
The very advent of the COVID-19 pandemic disaster had an enormous toll on the market. Some end-use industries, such as automotive, aerospace and defense, construction, furniture and others, were operating at the lowest capacity or had been shut down completely as the governments of different countries concluded strict lockdowns of the populations. This eventually has led to the fall of the product demand in the post-pandemic period. On the other hand, supply chain disruption is another phenomenon affecting the industrial fasteners market growth.
The construction industry used nails as fasteners in different tasks and projects. The fact that the population is rising exponentially in the developing economies of the world and more and more people's disposable income is affecting the investments in residential and commercial buildings. Fasteners in the construction and building industry designed for heavy-duty joints of two components in a non-permanent way. This is anticipated to drive the industrial fasteners market share.
Through less energy consumption for electricity and heating, businesses try to attain a lower carbon footprint and ecological footprint. For example, the Swedish fasteners manufacturing company BUMAX announced that the electricity and heat usage at its facility in Ashammar will be reduced by 50%.
Comprehensive Analysis of Industrial Fasteners Market
The industrial fasteners market and Chemicals & Advanced Materials industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the Chemicals & Advanced Materials industry. These segmentations are methodically segregated By Material Analysis. By Product Analysis and By Application Analysis. In the classification by material, the market is divided between the metal and the plastic. The metal segment is expected to be the leading shareholder in the market over the forecast timing. By the product, the market of industrial fasteners are divided into externally threaded, the internally threaded, non-threaded, and aerospace grade. The classified sections are functional for the market as follows; automotive, aerospace, building & construction, industrial machinery, home appliances, lawns & gardens, motors & pumps, furniture, and others.
The Asia Pacific region is led by China, India, Japan, and South Korea which has a good growth rate chances during the forecast span period. Due to the government investments in commercial and residential building projects, the region will face the uplift in the market. As for the global plastic fastener production, China supplier took most of the market as the country is home to numerous medium and small-scale manufacturers.
The top players in the market play a crucial role in the advanced materials industry assuring industrial prospectus growth and setting market standards. These players include, Howmet Aerospace Inc. (U.S.), ATF Inc. (U.S.), Nifco Inc. (Japan), MW Industries, Inc. (MWI) (U.S.), LISI Group - Link Solutions for Industry (France), Sesco Industries, Inc. (U.S.), Birmingham Fastener and Supply Inc. (U.S.), BPF (India), Elgin Fastener Group (U.S.) and Eastwood Manufacturing (U.S.).
Belenus owns the Tellep Brand, which is one of the prestigious international fastener brands owned by Metalac SPS Ind. e Com. Ltda. PCS Components, a member group of Precision Castparts Corp located in Sorocaba, SP. In June 2022, the brand became a trade mark which consisted of many types of hex screw sockets as cylindrical, flat, bulging, and also sockets designed to be used in applications which require high resistance.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 4.3% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Material
- Metal
- Plastic
By Product
- Internally Threaded
- Externally Threaded
- Non-Threaded
- Aerospace Grade
By Application
- Automotive
- Aerospace
- Building & Construction
- Industrial Machinery
- Home Appliances
- Lawns & Gardens
- Motors & Pumps
- Furniture
- Others
By Region
- North America (By Material, By Product, By Application, By Country)
U.S. (By Material)
Canada (By Material)
Mexico (By Material)
- Europe (By Material, By Product, By Application, By Country)
Germany (By Material)
U.K. (By Material)
France (By Material)
Italy (By Material)
Rest of Europe (By Material)
- Asia Pacific (By Material, By Product, By Application, By Country)
China (By Material)
Japan (By Material)
India (By Material)
South Korea (By Material)
Rest of Asia Pacific (By Material)
- Latin America (By Material, By Product, By Application, By Country)
Brazil (By Material)
Rest of Latin America (By Material)
- Middle East & Africa (By Material, By Product, By Application, By Country)
South Africa (By Material)
- Rest of Middle East & Africa (By Material)