Industrial Fasteners Market expected to increase the production of vehicles across the globe

Industrial Fasteners Industry Overview

The global industrial fasteners market size is expected to reach USD 119.01 billion by 2028, registering a CAGR of 4.1% during the forecast period, according to a new report by Grand View Research, Inc. Increasing mechanization and growing utilization of machinery in industrial applications are expected to drive the product demand during the forecast period.

 

Industrial Fasteners Market Segmentation

Grand View Research has segmented the global industrial fasteners market based on raw material, product, application, and region:

 

Based on the Raw Material Insights, the market is segmented into Metal and Plastic.

• 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 over 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.

 

Based on the Product Insights, the market is segmented into Externally Threaded, Internally Threaded, Non-threaded, and Aerospace-grade.

• The externally threaded product segment accounted for the maximum revenue share of 48.5% in 2020. The segment is likely to maintain its dominance during the forecast period. Bolts and screws are the most commonly used types of externally threaded fasteners.
• Internally threaded fasteners primarily include nuts and inserts. Nuts dominate the internally threaded fasteners segment and are generally used opposite to bolts to stack two or more parts of the structure together. The most commonly used nuts are hexagonal, which find large-scale application in the construction, industrial machinery, railways, cars, and motorcycle manufacturing industries.
• 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.
• Aerospace-grade fasteners are classified as a separate grade from other industrial fasteners owing to their high quality. These products are required to have high durability to withstand extreme pressures and temperatures.

 

Based on the Application Insights, the market is segmented into Automotive, Aerospace, Building & Construction, Industrial Machinery, Home Appliances, Lawn & Gardens, Motors & Pumps, Furniture, Plumbing Products, and Others.

• 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 Electric Vehicles (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.
• The aerospace segment is estimated to register the fastest CAGR during the forecast years. The aerospace industry requires huge amounts of metal fasteners, which are generally manufactured using high-strength materials, with high impact resistance. The growth of the aerospace manufacturing and MRO segment is expected to propel the product demand over the projected period.

 

Industrial Fasteners Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

 

Key Companies Profile & Market Share Insights

The industrial fasteners market is highly competitive with the presence of a large pool of domestic as well as multinational manufacturers offering high-grade and customized products. The competition is primarily driven by the application scope. A lot of companies in the market provide several specialty products for end-use segments, such as automotive, aerospace parts, and machinery.

Some prominent players in the global industrial fasteners market include

• Arconic Fastening Systems and Rings
• Acument Global Technologies, Inc.
• ATF, Inc.
• Dokka Fasteners AS
• LISI Group – Link Solutions for Industry
• 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.

 

Order a free sample PDF of the Industrial Fasteners Market Intelligence Study, published by Grand View Research.