Global Industrial Fasteners Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Global Industrial Fasteners Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Global Industrial Fasteners Market is expected to witness a CAGR of 4.5% during the forecast period (2022-2027). The market is majorly driven by the rising demand from different industries like construction, automotive, and aerospace.

• The growing production of machinery, motor vehicles, and other durable goods due to the economic expansion of different countries is expected to further support the market growth in the coming years.
• The rising production of industrial machinery and components are further expected to increase the penetration of industrial fasteners in the coming years. Suspension of industrial operations to curb the COVID-19 impact across the globe affected the product demand in 2020.
• The COVID-19 pandemic has significantly hampered the growth of the automotive industry across the world, with disruptions in supply chain activities, interruptions in large-scale manufacturing, and restrictions on travel. The pandemic also significantly impacted the construction sector, which is sensitive to economic cycles.
• However, both these sectors have started reporting strong revival from 2021, which is the major factor contributing to the growth of the industrial fasteners market. Fasteners are extensively used in the construction industry to join two or more objects together in a non-permanent way, while automotive fasteners are useful for clamping parts of vehicles together to avoid their separation, preventing leakage of joints, and transmitting loads.
• Further, the rapid advancement in technology in the aviation industry has led to the production of newer and more durable aerospace fasteners. The hardware helps to effectively hold the parts of commercial airplanes, military aircraft, jets, ballistic missiles, etc., and space-bound rockets.
• However, an increase in the substitution of metal fasteners for adhesives and tapes in bonding and NVH applications, majorly in the automotive industry, is expected to restrict the market growth.

• Metal fasteners are used to combine multiple components, whether made from sheet metal, plastics, or other materials. They are available in various standard shapes, sizes, materials, and purposes. They can also be produced customarily for specific needs. Metal fasteners are often manufactured using powder metallurgical and casting processes.
• Metal fasteners are commonly made with steel. Stainless, alloy, and carbon steel are among the most used steel fasteners across various industries. Other materials such as titanium, aluminum, and different alloys are also being used to construct metal fasteners. Special coatings or plating are also applied to metal fasteners to increase their performance characteristics. Zinc, chrome, and hot-dip galvanizing are standard coating/plating techniques performed on fasteners.
• Metal fasteners can be used to produce permanent or non-permanent bonds. Examples of metal fasteners that create a permanent bond are screws, rivets, clamps, retaining rings, or bolts. Non-permanent fasteners are items like quick-release couplers and pins that allow the movement of fastened parts.
• The primary benefit of metal fasteners is that they can bear significant loads before reaching a breaking point. Further, the enhanced lifespan and durability of metal products are the factors for their popularity in industrial bonding applications.

• The presence of several multinational and domestic players engaged in automotive, machinery, and component Manufacturing operations has increased the product demand across the Asia Pacific. In addition, the key manufacturing hubs across India and China are further expected to foster market growth due to the rapid expansion of manufacturing operations in these countries.
• China is one of the largest producers and exporters of industrial fasteners in the region, owing to the presence of several small and medium-scale players. Industry players are investing in R&D and production of plastic and specialty fasteners for catering to application-specific demand by end-users and for sustaining in the highly competitive market.
• In India, the demand for industrial fasteners is led by the strong growth in the automotive sector. Despite the ongoing challenges of COVID-19, the Indian automotive industry is recovering steadily, also benefiting from the increasing government investments and initiatives to support this sector.
• In addition, Manufacturing has emerged as one of the high-growth sectors in India. The Prime Minister of India has launched the ‘Make in India’ program to make India a significant manufacturing hub globally. Moreover, India is expected to become the fifth largest manufacturing country globally by the end of the year 2020. Thus, the demand for industrial fasteners is expected to foster in the coming years.
• For instance, To support localization and reduce import dependency on the auto sector, the Indian government announced a big-ticket PLI (production linked incentive) scheme in August 2021.
• Japan is also a significant market for industrial fasteners in the Asia Pacific. As per the Fasteners Institute of Japan, The Japanese fastener industry consists of approximately 3,000 manufacturers that produce around JPY 1 trillion worth of fasteners annually. Over the years, the strong economic growth in the region has also strengthened the market.

The Industrial Fasteners Market is moderately competitive and consists of some influential players. Some of these important actors currently manage the market in terms of market share. These significant players with a noticeable share in the market concentrate on expanding their customer base across foreign countries. These businesses are leveraging strategic collaborative actions to improve their market percentage and profitability.

• March 2021 - Valley Forge & Bolt, an American manufacturer of load-indicating fasteners, has launched the new High Temp Maxbolt, which operates in temperatures up to 650° F for a wide range of applications and with proven performance in extended high-temperature run times and thermal cycling.
• April 2022 - LindFast Solutions Group (LSG), a major distributor of specialty fasteners in North America, has announced the completion of its purchase of Toronto-based Fasteners and Fittings, Inc. (F&F), which has a leading position in imperial, metric, and stainless steel fasteners market.

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