European Industrial Fastener Market 2022-2028

European Industrial Fastener Market 2022-2028

European Industrial Fastener Market Size, Share & Trends Analysis Report by Material (Metal and Non-Metal), by Product Type (Bolts, Nuts, and Washers, Nails, Screws, Rivets, and Others), by Distribution Channel (Do-It-Yourself (DIY), Distributors, Industrial Customers, Professional Retailers, and Online Channels), and by Application (Automotive, Aerospace, Building & Construction, Industrial Machinery, Home Appliances, Lawns and Gardens, Motors and Pumps, Furniture, and Others) Forecast Period (2022-2028)

The European industrial fastener market is projected to reach $25.7 billion in 2028 from $21.0 billion in 2021, growing at a CAGR of 3.0% during the forecast period (2022-2028). The major factor driving the growth of the market includes the growing use of industrial fasteners in various industries such as aerospace, automotive, building and construction, and others. Fasteners used in automobiles are nuts, bolts, and washers. Nuts secure the attachment of bolts and screws to a given surface. Bolts are threaded with pins and rods and are characterized by heads; they are used in manufacturing a wheel. Hence, the rising adoption and manufacturing of motor vehicles, industrial machinery, and other industrial goods owing to the economic expansion of the European countries are bolstering the growth of the market across the region. For instance, according to the Association des Constructeurs Européens d’Automobiles (ACEA), in 2021, the European Union (EU) produced 9.9 million passenger cars. Additionally, among the European region, the country with the highest number of companies operating in the manufacturing industry is Spain, with 306,626 companies, followed by Italy and the UK, with 280,587 and 258,092 companies, respectively.

Market Segment Outlook

Based on material, the European industrial fastener market is bifurcated into metal and non-metal. Among these, the metal sub-segment held the largest market share of 90.0% in 2021, accounting for a market size of $18.9 billion, and is estimated to reach $22.9 billion in 2028. The segment is projected to grow at a CAGR of 2.8% during the forecast period (2022-2028). Metal fasteners are used to combine multiple components made of sheet metal, plastics, and other materials. These types of fasteners are available in various standard shapes, sizes, materials, and purposes; they can also be customized as per the customer’s requirements. Metal fasteners can be used to produce permanent or non-permanent bonds. For instance, metal fasteners, including screws, rivets, clamps, retaining rings, and bolts, create a permanent bond, whereas, the fasteners, such as quick-release couplers and pins, allow the movement of fastened parts, thus referred to as non-permanent metal fasteners. Furthermore, the enhanced lifespan and durability, along with the high mechanical strength of metal products, is the key factor propelling segmental growth.

On the other hand, the non-metal fastener sub-segment is estimated to grow at the highest CAGR of 4.0% during the forecast period. Non-metal fasteners include plastic fasteners, which are gaining traction in the automotive industry due to their low cost and weight along with superior corrosion and chemical-resistant properties.

Based on product type, the market is sub-segmented into bolts, nuts, and washers; nails; screws; rivets; and others, which include anchors. Among these, the bolts, nuts, and washers sub-segment held the largest market share of 32.3% in 2021, accounting for a market size of $6.8 billion, and is estimated to reach $8.9 billion in 2028. The segment is projected to grow at the highest CAGR of 4.0% during the forecast period, due to its usability in a wide range of applications such as construction and aerospace. Every common type of building construction requires fastening products such as bolts, screws, and washers to ensure a safe and robust infrastructure. Similarly, aircraft structural equipment and hardware used in aircraft manufacturing include bolts, nuts, and washers. Thus, the increase in the number of aircraft and growing passenger traffic across the region will eventually propel the requirement for bolts, nuts, and washers.

Based on distribution channels, the European industrial fastener market is sub-segmented into do-it-yourself (DIY), distributors, industrial customers, professional retailers, and online channels. Among these, the industrial customers sub-segment held the largest market share of 45.0% in 2021, accounting for a market size of $9.4 billion, and is estimated to reach $12.1 billion in 2028. The segment is projected to grow at the highest CAGR of 3.6% during the forecast period (2022-2028). There is a considerable increase in the adoption of various strategic initiatives, such as mergers and acquisitions among manufacturers with other industries to cater to a growth extension, which is driving the segment’s growth. For instance, in December 2022, ITW, through its automotive segment, partnered with SimScale. Through this partnership, the companies announced plans to accelerate the production of plastic fasteners using cloud-native simulation.

Further, in December 2021, Simpson Manufacturing Co., Inc., an engineered structural connectors and building solutions provider, acquired Etanco Group (Etanco) for $818 million. Etanco is a designer, manufacturer, and distributor of fixing and fastening solutions for the building construction market throughout Europe, which include innovative fasteners, connectors, anchors, and safety solutions for roofing, cladding, façade, waterproofing, and solar applications. By acquiring Etanco, the company aims to expand its business and product lines.

Based on application, the European industrial fastener market is sub-segmented into automotive, aerospace, building and construction, industrial machinery, home appliances, lawns and gardens, motors and pumps, furniture, and others. Among these, the automotive sub-segment held the largest market share of 20.0% in 2021, accounting for a market size of $4.2 billion, and is estimated to reach $5.6 billion in 2028. The segment is projected to grow at a CAGR of 4.2% during the forecast period (2022-2028). Automotive original equipment manufacturers (OEMs) are the key market for industrial fasteners, due to the high production volume of automotive vehicles across Europe, which is the key factor boosting segmental growth. Due to the high demand from the automotive sector, key market players such as Kamax, ITW, Nedschroef, and others are focusing on supplying their fastener products specifically to the automotive players. For instance, as per the annual report of ITW 2021, the automotive OEM segment of the company produces fasteners and related products for the automotive industry and deals with OEM and tier markets.

Country Outlook

Based on region, the European industrial fastener market is segmented into the UK, Germany, Spain, Italy, France, Russia, Central and Eastern Europe, and the rest of Europe. Among these, Germany held the largest market share of 35.2% in 2021, accounting for $7.4 billion. The number is further estimated to reach $9.3 billion, growing at the highest CAGR of 3.5% during the forecast period (2022-2028). Germany is the largest fastener producer in Europe, followed by Italy and France. According to the CBI Ministry of Foreign Affairs for 2021, the country exported fasteners worth $5.1 billion. This is majorly owing to the huge presence of manufacturing industries. It is the top exporter of vehicles and car parts, machinery, and others. Furthermore, the country held a market share of 11% of global car exports. In addition, Germany has a strong hold on the market owing to the presence of numerous distributors of fastners. Some of the major distributors include Keller & Kalmbach, Nordwest Handel, Reyher, and Fastbolt Schraubengroßhandels GmbH, among others.

Key Players Outlook

Prominent players in the European industrial fastener market include Agrati Group, Bulten AB (Publ), EJOT, Fuchs Schraubenwerk Gmbh, Itw (Europe) Gmbh, and Kamax Group, among others. These market players are adopting various strategies to sustain themselves in a competitive market. These companies are embarking on aggressive strategies such as partnerships and product launches in the industrial fasteners market to gain a leading position across the globe. For instance, in July 2020, Indutrade signed an agreement to completely acquire Holland Fasteners BV (HoFa), a Dutch company that had annual sales of $5.7 million in 2020. HoFa was a supplier of fastener products, including bolts, screws, nuts, rivets, and others, along with customized and requirement-based products. The company supplies its fastener products across European countries; however, its main market for sales is based in the Netherlands.