The global industrial Fasteners market size is expected to be worth around US$ 121.8 billion by 2030, according to a new report by Vision Research Reports.
The global industrial fasteners market size was valued at US$ 90.12 billion in 2020 and is anticipated to grow at a CAGR of 5.1% during forecast period 2021 to 2030.
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Industrial Fasteners Market (By Raw Material: Plastic, Metal; By Product: Externally Threaded, Internally Threaded, Non-threaded, Aerospace Grade; By Application: Automotive, Aerospace, Building & Construction, Industrial Machinery, Home Appliances, Lawn and Garden, Motors and Pumps, Furniture, Plumbing Products) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Report Coverage
| Report Scope | Details |
| Market Size | US$ 121.8 billion by 2030 |
| Growth Rate | CAGR of 5.1% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Raw material, product, application |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Arconic Fastening Systems and Rings; Acument Global Technologies, Inc.; ATF, Inc.; Dokka Fasteners A S; LISI Group; Nippon Industrial Fasteners Company (Nifco); Hilti Corporation; MW Industries, Inc.; Birmingham Fastener and Supply, Inc.; SESCO Industries, Inc.; Elgin Fastener Group LLC; Rockford Fastener, Inc.; Slidematic Precision Components, Inc.; Manufacturing Associates, Inc.; Eastwood Manufacturing; Brunner Manufacturing Co., Inc.; Decker Industries Corporation; Penn Engineering & Manufacturing Corporation; EJOT; Illinois Tool Works, Inc.; Stanley Black & Decker, Inc.; KOVA Fasteners Pvt. Ltd.; Standard Fasteners Ltd.; Precision Castparts Corp. |
Growth Factors
Increasing mechanization and growing utilization of machinery in industrial applications are expected to drive the product demand during the forecast period. Wide product portfolio and commercial availability of application-specific bonding fasteners have propelled the market growth. In addition, innovations in dimension and materials used in fastening products have augmented their demand in industrial machinery manufacturing. Developments in fastening technology to reduce the overall weight of the machine are expected to introduce substitute products for fasteners, which is likely to have a positive impact on the market growth.
The automotive application segment accounted for the largest revenue share of the market in 2020 and is expected to continue its dominance over the forecast period. The growing demand for Electric Vehicles (EVs) is expected to boost automotive production across the globe, which, in turn, will support market growth.
By Raw Materia lAnalysis
The metal raw material segment accounted for the largest revenue share of more than 91% in 2020 owing to the high demand for metal fasteners. High tensile strength, enhanced lifespan, and durability of metal products are the factors for their popularity in industrial bonding applications. Metal fasteners are manufactured using stainless steel, nylon, aluminum, carbon steel, nickel, silicon bronze, copper, brass, alloy steel, bronze, and titanium
Plastic fasteners are increasingly becoming popular in the automotive and electronics industries for the past few years. Plastic fasteners are manufactured using materials such as Polypropylene (PP), Polyurethane (PUR), Polyvinylchloride (PVC), Polyacrylamide (PA), Polystyrene (PS), Polyethylene (PE), and nylon.
By Product Analysis
The externally threaded product segment accounted for the maximum revenue share of 48.5% in 2020. The segment is likely to maintain its dominance over the forecast period. Bolts and screws are the most commonly used types of externally threaded fasteners.
Non-threaded fasteners include pins, washers, rivets, hooks, grommets, O-rings, clamps, cable ties, and nails. These products have numerous applications, such as in cable management and wire harnessing, and are also used to secure pipe fittings in the automotive and construction sectors.
By Application Analysis
The automotive application segment accounted for the largest revenue share of more than 30% in 2020. Large-scale production of commercial and passenger vehicles across the globe has supported the growth of the segment. In addition, the growing demand for EVs is expected to increase the production of vehicles across the globe, which, in turn, is likely to boost the demand for fasteners in the years to come.
On the basis of application, the market has been segmented into automotive, aerospace, building & construction, industrial machinery, home appliances, lawn & gardens, motors & pumps, furniture, plumbing products, and others. The aerospace segment is estimated to register the fastest CAGR during the forecast years.
By Regional Analysis
Asia Pacific dominated the global market with a revenue share of 42.7% in 2020. The presence of multinational and domestic players engaged in automotive, machinery, and component manufacturing operations has led to the product demand in this region.
Europe is a prime destination for automotive development. The presence of multinational automakers in the region coupled with enhanced production facilities and innovative manufacturing techniques has assisted the market growth. The adoption of automation in production facilities is further expected to boost market growth.
The product demand in Germany is likely to grow at a steady rate on account of the growth of the construction and manufacturing sectors. In Europe, Germany stood as the largest industrial manufacturing country, holding over 20% of the overall market share.
Key Players
Market Segmentation
The study objectives of this report are:
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