SAN FRANCISCO, March 25, 2022 /PRNewswire/ — New market research published by Global Industry Analysts Inc., (GIA), the leading market research firm, today released its report titled “Industrial Fasteners – Global Market Trajectory and Analysis”. The report presents new insights into the opportunities and challenges in a significantly transformed post COVID-19 market.
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Editing: 17; Published: February 2022
Executive Pool: 11345
Companies: 322 – Players covered include Acument® Global Technologies; Bulten AB; Serious machinery products company; Federal screw works; Gem-Year Industrial Co., Ltd. ; Howmet Aerospace Inc.; Illinois Tool Works, Inc.; Infasco; KAMAX Holding GmbH & Co. KG; LISI Group; LISI Aerospace; LISI Automotive; MacLean-Fogg Company; Marmon Holdings Inc.; Atlas Bolt & Screw Company LLC; MNP Corp. ; Nippon Industrial Fasteners Company (Nifco); Nitto Seiko Co., Ltd. ; Nucor Corporation; Precision Castparts Corp. ; Cherry Aerospace; SPS Technologies; STANLEY engineered fastener; Sundram Fasteners Limited; TR fasteners; Whitesell Group; Wilhelm Böllhoff GmbH & Co. KG and others.
Blanket: All major geographies and key segments
segments: raw materials (metal, plastic); Product type (external thread, internal thread, non-threaded, aerospace grade); Application (automotive, industrial machinery, aerospace, building and construction, appliances, motors and pumps, plumbing products, lawn and garden, other applications)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.
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Global industrial fasteners market to reach $87.3 billion by 2026
Industrial fasteners are components intended in particular for the assembly and connection of parts and equipment. In addition, these products perform several other functions and are used in various industries. These fasteners have good resistance to most chemicals and weather conditions and have high durability. Demand for industrial fasteners is expected to record steady growth over the long term, owing to rising demand from various end-use sectors such as construction, machinery and automotive after the COVID-19 pandemic is over in 2020 Strong recovery in construction and automotive will fuel demand for these fasteners in several developed regions. Additionally, the increasing adoption of lightweight fasteners and titanium fasteners in the automotive and aerospace sectors, respectively, also bodes well for the market. The expanding automotive sector globally is expected to support the demand for fasteners. Growing production of light-duty vehicles, medium-duty vehicles, textile machinery, heavy-duty earth-moving machinery, aircraft, utility vehicles and machine tools are also expected to drive the demand for fasteners in the future. Adoption of industrial fasteners in Eastern Europe, Indiaand China is likely to increase in the coming years.
Amid COVID-19 crisis, Global Industrial Fasteners Market Estimated at US$69.7 billion in 2022, is expected to reach a revised size of US$87.3 billion by 2026, growing at a CAGR of 4.2% over the analysis period. Metal Fasteners, one of the segments analyzed in the report, is expected to register a CAGR of 4% and reach US$80.4 billion at the end of the analysis period. After an initial analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Plastic segment is readjusted to a revised CAGR of 5.5% for the next 7-year period. Despite the increasing use of adhesives and chemical bonds in automotive applications, the use of metal fasteners continues to dominate given the unparalleled strength and structural integrity offered. The development of new manufacturing technologies is also helping to maintain the dominance of metal fasteners. Plastic ties, especially nylon ties, are growing in popularity, encouraged by technological breakthroughs in composite materials R&D. Glass and/or metal fillers are often used in combination with plastics to improve strength and performance.
The US market is estimated at $12.3 billion in 2022, when China is expected to reach $19.5 billion by 2026
The industrial fasteners market in the United States is estimated at US$12.3 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$19.5 billion by 2026 with a CAGR of 5.8% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2.7% and 4.1% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.7%. Asia Pacific (including China and Japan) is expected to drive the global industrial fasteners market in terms of value. Expected growth in the manufacturing, automotive and construction sectors will strongly boost the demand for industrial fasteners in the region. The growing demand for automobiles, especially in China and Indiaand growing construction and maintenance activities will drive the demand for industrial fasteners in the region.
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