Advancements in the automotive and construction industries in terms of safety and security are expected to mark significant growth in the Global Industrial Fasteners Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post-pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in the rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global LVDS (low-voltage differential signaling) chip market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, the impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global Industrial Fasteners market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, the global Industrial Fasteners market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global Industrial Fasteners market.
Metal Industrial Fasteners to Sustain the Largest Revenues, Followed by Plastic
The metal industrial segment is expected to lead with the largest revenue during the forecast period. Metal fasteners are often used due to their properties such as High tensile strength, enhanced lifespan, and durability of metal products. These are manufactured mainly stainless steel, nylon, aluminum, carbon steel, nickel, silicon bronze, copper, brass, alloy steel, bronze, and titanium. These fasteners are especially used in those machines that are used to perform in extreme conditions. These fasteners can also be used in conditions like corrosion, high impact, and vibrations.
Plastic fasteners are widely used in the automotive and electronic industries. These are manufactured by Polypropylene (PP), Polyurethane (PUR), Polyvinylchloride (PVC), Polyacrylamide (PA), Polystyrene (PS), Polyethylene (PE), and nylon.
Four Channels Industrial Fasteners Type Segment to be the Most Lucrative
The externally threaded segment is accounted for the highest revenue share in 2020. Threaded segment mainly includes screws and bolts are externally threaded fasteners and these are widely used in industries like automobiles, electronics, shipbuilding, railway, and heavy equipment manufacturing industries. These are generally used to fix and dismantle two or more objects.
Internally threaded fasteners include nuts and inserts. These fasteners can be used for various applications like cable management, wire harnessing, pipe fittings in the automotive and construction sectors.
An Automotive Segment to be Accounted for the Largest Revenue Share
The automotive sector is expected to account for the largest revenue share during the forecast period. An increase in the large-scale production of automobiles has increased the demand for fasteners to ensure the safety and security of the driver. In the coming years, it is expected to notice significant growth in the automotive industry.
On the other hand, the aerospace segment is expected to lead with the highest CAGR during the forecast period as this sector requires a huge amount of metal fasteners and is generally manufactured using high-strength and high impact resistance.
APAC to Sweep the Largest Revenue Streams Followed by Europe
Asia Pacific region is a lucrative regional market for the global Industrial Fasteners market as countries such as China are one of the largest producers of Industrial Fasteners. Several frontline companies are established in the Asia-pacific region and therefore the region is one of the leading regional markets for the global Industrial Fasteners market.
Further, end-use applications such as the automotive, construction, aerospace industries are one of the fastest-growing end-use industries which in turn is favoring rampant expansion of the global Industrial Fasteners market across regions such as the Asia Pacific and Europe.
Europe is a major producer of automobiles. The presence of the various multinational automotive companies in Europe is coupled with the enhanced production facilities. The presence of facilities and technologies is expected to boost the overall market growth.
The emergence of advanced industrial metal fasteners such as bolts, screws with promising high extreme conditions tolerant capacities and better performance is offering new opportunities in the global industrial fasteners market
Industrial fasteners are hardware devices that are used to create non-permanent joints, joints that can be removed or dismantled without damaging the joining components. Industrial fasteners mechanically join two or more objects. Examples include screws, rivets, inserts, blind rivets, threaded standoff pillars. There are mainly two types of industrial fastening, non-permanent and permanent.
Permanent fastening is single-use fasteners that are designed to permanently join two or more objects or parts. Examples such as threaded or non-threaded fasteners. Non-permanent fasteners are quick-release parts that can be removed at any time according to the need. Examples such as nuts, bolts, rivets, others.
Despite a minor growth dip owing to Covid-19 implications, the global Industrial Fasteners Market is expected to recoup growth and register over USD 76.4 billion by 2028 ticking at a CAGR of 5.1%.
Further, increasing production of industrial machinery and its components are expected to ravel new growth opportunities in the global Industrial Fasteners market during the forecast period.
At present times, the manufacturing industry in the United States is widely producing automotive and industrial machinery, increasing the overall demand for industrial fasteners. The growing demand for vehicles such as electric vehicles is positively increasing the demand for plastic fasteners and substitutes, including adhesives and sealants.
Forward-looking players in the global Industrial Fasteners market are furthering investments towards developing advanced and better quality industrial fasteners. The market is characterized by the presence of various suppliers having a wider portfolio and higher production volume.
The major players of the global Industrial Fasteners market are Arconic Fastening Systems and Rings; Acument Global Technologies, Inc.; ATF, Inc.; Dokka Fasteners A S; LISI Group; Nippon Industrial Fasteners Company (Nifco); Hilti Corporation, others.
The Industrial Fasteners market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst the Covid-19 impact.
Latest Innovations in the Global Industrial Fasteners Market: a Snapshot
- In September 2020, fastener innovation technology corporation (FIT) was acquired by Avantus aerospace, a C-class, and composite parts manufacturer for the defense and aerospace industry in Rancho Dominguez, California.
- In January 2020, for the development of new products, Stanley black & decker, inc. (SWK) acquired consolidated aerospace manufacturing LLC (CAM), a prime manufacturer of engineered hardware for aerospace application globally.
Industrial Fasteners Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 76.4 billion|
|Growth Rate||CAGR of 5.1% during 2021-2028|
|Segment Covered||Raw Material, Product, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||Arconic Fastening Systems and Rings; Acument Global Technologies, Inc.; ATF, Inc.; Dokka Fasteners A S; LISI Group; Nippon Industrial Fasteners Company (Nifco); Hilti Corporation, others.|
Key Segments of the Global Industrial Fasteners Market
Raw Material Overview, 2018-2028 (USD Billion)
Product Overview, 2018-2028 (USD Billion)
- Externally Threaded
- Internally Threaded
- Aerospace Grade
Application Overview, 2018-2028 (USD Billion)
- Building & Construction
- Industrial Machinery
- Home Appliances
- Lawn and Garden
- Motors and Pumps
- Plumbing Products
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa