Industrial Fasteners Market Size to Hit Around USD 153 Bn by 2032
According to Precedence Research, it is expanding at a CAGR of 4.97% over the forecast period 2023 to 2032
Information source: GlobeNewswire.
According to Precedence Research, the industrial fasteners market size was valued at USD 94.2 billion in 2022. An essential hardware component, a fastener is used to mechanically attach or fix two or more things together in various engineering-related applications. They are seen as welding alternatives. Along with the fasteners themselves, fastener goods also come with installation-related tools, equipment, and supplies. In all industries, fasteners of every kind have been employed.
Consumer electronics like PCs and cell phones use industrial fasteners. They have been utilized in machinery, robotics, and medicinal adhesives. In the upcoming years, market development is anticipated to be further aided by the rising output of machinery, automobiles, and other durable goods because of various nations’ expanding economies.
North America dominated the market with the highest market share in 2022. The region will continue its dominance during the forecast period. Increasing industrial development and a rise in the use of fasteners in the automobile sector is expected to increase the growth of the industrial fasteners market during the forecast period. Increasing electric vehicle production and consumption in the countries like the United States and Canada is anticipated to propel the demand for high-quality and reliable industrial fasteners in the region.
During the predicted timeframe, the market is expected to be fueled with a substantial growth rate in Asia Pacific. Increasing manufacturing units in several industries are anticipated to boost the growth of the market for industrial fasteners. Major companies investing in industrial growth in the countries like India and China will create higher demand for manufacturing units, this element supports the growth of industrial fasteners market. China is the major exporter of industrial fasteners in the region.
By raw materials, the metal fasteners segment dominated the market with the highest revenue share of 92.50% in 2022. The high mechanical strength of metal material and easy access to metal material fuel the segment’s growth.
By raw materials, the plastic fasteners segment will grow at a CAGR of 5.73% from 2023 to 2032.
By product, the externally threaded fasteners segment accounted for the largest market share of around 49% in 2022. The available variety of products and scope for major developments in the product act as a growth factor for the segment.
By product, the non-thread fasteners segment will reach at a CAGR of 4.5% from 2023 to 2032.
By application, the automotive segment dominated the market share with 32% in 2022. The rapid adoption of electric vehicles in the automotive sector promotes the growth of the segment.
Market Driver: Increased safety and efficiency
The ability to assist boost efficiency in a range of applications is one of the main benefits of industrial fasteners. When compared to conventional methods like welding or bolting, fasteners may join two or more components quickly and easily, which can save a substantial amount of time and work. The ability of fasteners to increase safety in various applications. For instance, components can be fastened in place to make them less likely to fall free or separate, which might possibly result in mishaps. All of these elements will accelerate the growth of market for industrial fasteners.
Market Restraint: Risk of corrosion
Even when metal surfaces are well fitted, corrosion, most frequently iron oxide, also known as rust, can still damage the temporary bond between them. The rusted fasteners can create an obstacle in the operation of devices with which the fasteners are attached. If that occurs, there are chances and risks of losing mechanical connection. All these concerns hamper the growth of the market by limiting the adoption of industrial fasteners.
Market Opportunity: Technological advancements
The production of multifunctional fasteners that may be utilized in several places across a product is known as fastener design. The penetration of multifunctional fasteners boosts productivity and speeds up the assembly process of fasteners. One of the most prevalent trends in fasteners at the moment is the use of small fasteners. Miniature and micro fasteners are being used more often as a result of the present surge in small product designs. Small things cannot use conventionally sized fasteners; hence these products need fastener types and styles that are much smaller than their conventional equivalents. All these elements provide a new opportunity in the market.
Challenge: Fluctuating prices of metal material
The continuously rising or fluctuating cost of metal causes a limitation in the production of metal industrial fasteners. The availability of metal material, geopolitical issues and disturbance in supply chain management can result is raised or fluctuated prices of metal materials. This brings an opportunity for alternatives of fasteners to grow in the market, which creates a significant challenge for the market.
What are the trends of industrial fasteners market?
Technological Advancements: The industrial fasteners market has seen advancements in materials, coatings, and designs to enhance the performance and durability of fasteners. Manufacturers have been investing in research and development to produce fasteners that can withstand harsh environments, high temperatures, and corrosive conditions.
Growing Demand in Automotive and Aerospace Industries: The automotive and aerospace sectors are significant consumers of industrial fasteners. As these industries continue to grow, the demand for high-quality, lightweight, and durable fasteners has also increased.
Shift Towards Environmentally Friendly Fasteners: With a greater focus on sustainability and eco-friendly practices, there has been a trend towards using recyclable and biodegradable materials for manufacturing industrial fasteners. Customers and industries are seeking alternatives to traditional fasteners made from non-renewable resources.
Expansion in Construction and Infrastructure: The construction industry’s growth has a direct impact on the demand for industrial fasteners. With increasing urbanization and infrastructure development, there has been a rise in the need for fasteners for various applications in the construction sector.
E-Commerce and Digitalization: The industrial fasteners market has been impacted by the growing trend of e-commerce and digitalization. Online sales platforms and digital catalogs have made it easier for buyers to find and purchase fasteners, leading to changes in distribution and sales strategies.
Focus on Product Customization: Customers in various industries are increasingly seeking fasteners tailored to their specific requirements. As a result, manufacturers have been offering more customization options to meet the diverse needs of their clients.
Global Supply Chain Challenges: The industrial fasteners market, like many other industries, has faced challenges in the global supply chain due to disruptions caused by events such as the COVID-19 pandemic, trade disputes, and natural disasters. These disruptions have impacted the availability of raw materials and the distribution of finished products.
Increasing Competition: The market has seen an influx of new players and increased competition from both domestic and international fastener manufacturers. This has led to price pressures and a greater emphasis on product differentiation and customer service.