Mining And Oil & Gas Fasteners Market Size, Share & Trends Analysis Report By Material (Plastics, Metal), By Product (Externally Threaded, Internally Threaded, Non-threaded), By Region, And Segment Forecasts, 2023 - 2030
Mining And Oil & Gas Fasteners Market Size, Share & Trends Analysis Report By Material (Plastics, Metal), By Product (Externally Threaded, Internally Threaded, Non-threaded), By Region, And Segment Forecasts, 2023 - 2030
Mining And Oil & Gas Fasteners Market Growth & Trends
The global mining and oil & gas fasteners market size is expected to surpass USD 1.88 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.9% from 2023 to 2030. The factors attributed to drive the market are expanding consumption in end-use industry, increasing demand for customized fastener, and growing demand for energy efficient solutions.
The global energy consumption is growing at a rapid rate owing to the increase in electricity consumption and transportation. This is further supported by the increasing per capita income and rising global gross domestic product. The global population is gradually increasing, thereby propelling energy needs.
Fastening tools are significant component of oil & gas sector and come in a variety of forms and sizes. Nuts, bolts, screws, rivets, studs, bits, anchors, and panel fasteners are the popular connectors used in mining and oil & gas sector. Stud bolts are threaded tiny rods used in oil & gas and petrochemical industries to hold high-pressure flange connectors together. Cranes, mud pumps, masts, and engines all utilize fasteners. They are also utilized in the construction of storage facilities and for flange and valve fastening in oil & gas pipelines. The growing oil & gas industry is likely to create upswings for market growth over the forecast period.
The growing energy and exploration industries in the country is expected to have a positive spillover effect on the mining and oil & gas fasteners market in the coming years. Bolts and nuts are used on pumps, vessels, metering pumps and pumping stations. Fasteners are used for cranes, masts, mud pumps and engines. They are also used for flange and valve bolting in oil and gas pipelines, and oil storage facility construction.
Mining is critical to the economic prosperity of many countries. Emerging economies are important producers and suppliers of critical commodities such as copper, bauxite, iron ore, and precious metals. Mining support fasteners are used in the construction and maintenance of tunnels, entrances, and exits to the mines. Growing demand for metals such as silver, gold, and copper in electronics and consumer goods, along with other minerals used in construction sector is expected to create upswings for fasteners in mining sector over the forecast period.
Mining And Oil & Gas Fasteners Market Report Highlights
The metal segment accounted for the highest market share of 98.0% in the products segment in 2022. This is owning to high strength and durability, ease of use and wide availability of metals over plastic fasteners
Based on products, the externally threaded type fasteners accounted for the largest revenue share of 47.3%. This is owning to externally threaded products such as screws and bolts are commonly used in easy installation, have high clamping force, and cost effective in nature
The Asia Pacific mining and oil & gas fasteners segment accounted for the highest revenue share of 35.7% in 2022 and is forecasted to grow significantly over the coming years. Rapid industrialization in developing economies of Asia Pacific coupled with rising investments in energy and mining projects is expected to contribute to the overall growth of the mining and oil & gas fasteners market in the region
The bargaining power of buyers defines the pressure consumers can exert on businesses to provide them superior quality products at suitable prices for enhanced customer experience. Buyers in the market are manufacturers of drilling equipment, oil extraction system, petrochemical machineries, pumps heat exchangers, among others that are used in oil & gas rigs and mining plants
The mining and oil & gas fasteners market is fragmented and highly competitive in nature with various medium and small-scale manufacturers in the U.S, China, Taiwan, Thailand, and Japan. The global mining and oil & gas fasteners market is competitive and relies on technological developments and product improvements
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Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 Research Scope and Assumptions
1.3 Information Procurement
1.3.1 Purchased Database
1.3.2 GVR’s Internal Database
1.3.3 Secondary Sources
1.3.4 Third Party Perspective
1.3.5 Primary Research
1.4 Information Analysis
1.4.1 Data Analysis Models
1.5 Market Formulation and Data Visualization
1.6 Data Validation and Publishing
Chapter 2 Executive Summary
2.1 Regional Outlook
2.2 Segmental Outlook
2.3 Competitive Outlook
Chapter 3 Market Variables, Trends and Scope
3.1 Market Lineage Outlook
3.2 Global Mining and Oil & Gas Fasteners Market - Value Chain Analysis
3.2.1 Raw Material Trends
3.2.2 Metal Fasteners
3.2.2.1 Stainless Steel
3.2.2.2 Bronze
3.2.2.3 Cast Iron
3.2.2.4 Super Alloys
3.2.2.5 Titanium
3.2.3 Plastic Fasteners
3.2.3.1 Polycarbonate
3.2.3.2 Nylon
3.2.3.3 Polyvinyl Chloride (PVC)
3.2.3.4 Polyethylene
3.3 Regulatory framework
3.3.1 International Organization for Standardization (ISO) - 21.060.10 -Bolts, Screws, Studs
3.3.2 American Society for Testing and Materials
3.4 Mining and Oil & Gas Fasteners Market Dynamics
3.4.1 Market Driver Analysis
3.4.1.1 Positive Outlook toward Oil & Gas Sector
3.4.1.2 Fast-Paced Developments in Mining Sector
3.4.2 Market Restraint Analysis
3.4.2.1 Rising Market Share Of Substitutes
3.4.3 Market Challenges Analysis
3.4.3.1 Volatility in Raw Material Pricing and Demand-Supply Restraints