Selective Laser Sintering Equipment Market Forecasts to 2028 – Global Analysis By Laser Type (Gas Laser, Solid Laser), Material (Nylon, Metal), Industry (Consumer Goods, Aerospace & Aeronautics, Automotive, Art and Fashion) and others
According to Stratistics MRC, the Global Industrial Fasteners Market is accounted for $84.55 billion in 2022 and is expected to reach $121.99 billion by 2028 growing at a CAGR of 6.3% during the forecast period. Industrial fasteners are high-quality fasteners that can be applied in a variety of industries. Permanent fasteners and industrial fasteners are used interchangeably in this context. Almost any weather condition and chemical ingredient can be handled by these fasteners.
Anticipated investment construction and industrial activity across major demand regions are expected to drive the growth in the fasteners market. Moreover, increased demand for bolts, nuts, screws, rivets, nails, washers, studs, expanding construction industry, as well as rapid industrialization in India, China, Thailand, and Vietnam, may drive market growth.
Market Dynamics:
Driver:
Growth in Building & Construction
The market is expected to drive growth during the forecast period. Government spending on infrastructure projects and increasing demand for commercial and residential constructions which will promote the expansion of the construction business. In the construction sector, they are used to securely link two or more objects connected.
Restraint:
Emergence of Alternatives
Metal fasteners being increasingly substituted for tapes, adhesives, and bonding applications may restrict market growth. The emergence of alternatives such as welding and auto part clinching has primarily hampered the automotive fasteners market. Variations in automobile sales, combined with fluctuating economies, may pose a challenge to the overall industry's growth. Most automotive fastening product manufacturers are currently facing numerous challenges. Because the manufacturing method is difficult, manufacturers must adhere to certain specifications and constraints.
Opportunity:
Substitution of Metal Fasteners with Plastic
The current era is characterized by innovations and technologies that demand greater efficiency with minimal resources, a key factor in the development of lightweight automotive products. Industrial fasteners are most commonly used in the automotive industry where there are many fixing needs when manufacturing products. Replacing metal fasteners with plastic fasteners introduces associated costs and increases demand for lighter weight components. Plastic is a cheaper alternative to metal and can be injection molded into any shape.
Threat:
High maintenance
Industrial fasteners are in high demand in various industrial sectors such as aerospace, automotive and manufacturing, but metal fasteners are highly corrosive and stainless steel fasteners are expensive. This metal corrosion and high cost of stainless steel fasteners are analyzed to hamper the market growth during the forecast period.
Covid-19 Impact:
Automotive manufacturing facilities were also shut down during COVID-19, with companies either closing down or reducing their capabilities due to labour shortages and availability. Automobile demand has decreased as consumers focus on essential goods and services. The automotive industry's key players reduced their production rates, minimising the industrial fasteners market share.
The Automotive segment is expected to be the largest during the forecast period
The global automotive sector is expected to grow significantly during the forecast period due to an increase in automobile production. To reduce fuel consumption, automakers are constantly developing new drive trains and more efficient engines. To produce cleaner automobiles, they are implementing emission-control technology. As a result of the growth in the automobile industry, demand for automotive fasteners is expected to accelerate in the near future.
The Nuts and Bolts segment is expected to have the highest CAGR during the forecast period
The nuts and bolts segment is expected to grow at the fastest CAGR due to he increased production of medium and light commercial vehicles, as well as heavy earth moving equipment, textile machinery, machine tools, aircraft, and utility vehicles, has increased the use of fasteners in sub or main assembly parts. It is distinguished by fierce competition, with both small and large players vying to maintain their respective positions. The majority of high tensile fasteners are used in industrial, automotive, and engineering applications.
Region with largest share:
Asia Pacific is a lucrative regional market for the global industrial fasteners market as countries like China are among the largest manufacturers of industrial fasteners. The Asia-Pacific region is one of the major regional markets for the global industrial fasteners market as it has several forefront companies. The region's product demand will be fueled by an increase in the number of aircraft deliveries and order facilities as demand for newer generation aircraft grows.
Region with highest CAGR:
Europe is a major automobile manufacturer. The presence of various multinational automobile companies in Europe is associated with expanded production facilities. The presence of facilities and technology is projected to boost the growth of the overall market.
Key players in the market
Some of the key players in Industrial Fasteners Market include Acument Global Technologies., Bulten AB, Kamax Holding GmbH & Co. KG., Precision Castparts Corporation, Rockford Fastener, Inc. , Asia Bolts Industries LLC, ATF Inc. , Arconic Inc., Eastwood Manufacturing, Nippon Industrial Fasteners Company (Nifco), STANLEY Engineered Fastening , MW Industries, Inc., Illinois Tool Works Inc. (ITW), KOVA Fasteners Pvt. Ltd., Federal Screw Works. , MacLean-Fogg Component Solutions, AFC Industries and Norwegian Dokka Fasteners.
Key Developments:
In February 2022, MacLean-Fogg Component Solutions (MFCS) launched Threadstrong Line of Made-In-USA aftermarket wheel fasteners and the accompanying e-commerce website www.Threadstrong.us. These fasteners will be available direct to customers via the website. This strategy is expected to help the company grow its business and market share.
In December 2021, AFC Industries completed the acquisition of All American Fasteners (AAF), which is a company based in New Jersey, U.S. AAF is a vendor-managed inventory services provider and provides a complete line of fasteners, along with other products. This acquisition is in line with growth strategies of AFC, which are involved in supplying fasteners and assembly components to manufacturing and assembly facilities in various industrial markets.
Product Types Covered:
• Aerospace Grade Fasteners
• Internally threaded fasteners
• Non-Threaded Fasteners
• Externally threaded fasteners
• Screws
• Bolts
• Washers
• Nuts
• Other Product Types
Material Types Covered:
• Plastic
• Metal
Distribution Channels Covered:
• Direct Sales
• Indirect Sales
Applications Covered:
• Industrial Machinery
• Lawns & Gardens
• Furniture
• Other Applications
End-users Covered:
• Aerospace
• Oil & Gas
• Construction
• Electrical
• Automotive
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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