What Has Driven the Growth of the Industrial Fasteners Market in Recent Years?
The industrial fasteners market has seen considerable growth due to a variety of factors.
• Recent years have witnessed considerable expansion in the industrial fasteners market. Its size is predicted to escalate from $94.44 billion in 2024 to $100.03 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. This significant growth during the historical phase can be traced back to factors such as the development in manufacturing and construction sectors, the surge in automotive industry, the globalization of supply chains, infrastructure development initiatives, along with the demands for quality and standardization.
What Are the Future Growth Projections for the Industrial Fasteners Market By 2029?
The Industrial Fasteners market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, substantial growth is anticipated for the industrial fasteners market, with its size set to increase to $128.2 billion in 2029, registering a compound annual growth rate (CAGR) of 6.4%.
This projected growth within the forecast period can be tied to various factors such as the rise of renewable energy initiatives, the impact of e-commerce on distribution, the emergence of sustainable fastener solutions, lightweighting initiatives in the automotive sector, and a shift towards lightweight materials. Notable trends for the forecasted timeframe encompass the use of high-performance materials, integration of digitalization and Industry 4.0, customization and specialty fasteners, the digital transformation of inventory management, and technology integration in fastener design.
What Are The Core Factors Supporting Growth In The Industrial Fasteners Market?
The surge in construction operations is anticipated to fuel the expansion of the industrial fasteners market. Construction comprises the process of assembling various components to form a structure at a specific site, following a comprehensive design and plan. Industrial fasteners provide corrosion resistance and shear strength to tools like bolts, nuts, screws, rivets, nails, washers, and studs used in construction. Consequently, the growing need for construction bolsters the demand for the industrial fasteners market. As reported by Eurostat, a government agency in Luxembourg, in February 2024, there was a 0.1% and 0.2% rise in the average yearly building production in the EU and euro area, respectively, relative to 2022. For this reason, the escalating need for construction activities propels the industrial fasteners market's growth.
What Are The Major Segments Within The Global Industrial Fasteners Market?
The industrial fasteners market covered in this report is segmented –
1) By Type: Externally Threaded, Internally Threaded, Non-Threaded, Aerospace Grade
2) By Raw Material: Metal, Plastic
3) By Application: Automotive, Aerospace, Construction, Industrial Machinery, Plumbing Products, Other Applications
Subsegments:
1) By Externally Threaded: Bolts, Screws, Studs, Nuts
2) By Internally Threaded: Inserts, Nuts, Taps
3) By Non-Threaded: Washers, Rivets, Pins, Clips
4) By Aerospace Grade: Aerospace Bolts, Aerospace Screws, Aerospace Rivets, Aerospace Nuts
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Which Trends Are Expected To Transform The Industrial Fasteners Market?
Key industrial fasteners market players are concentrating their efforts on the creation and introduction of novel products to cater to the changing needs of different sectors, ameliorate performance, augment durability, and manage unique difficulties such as extreme heat, corrosion and mechanical strain. These niche products aim to meet a broad range of client needs in diverse sectors by offering superior fastening solutions, boosting production speed and the quality of connections. For example, in April 2024, TR Fastenings, an American company specialising in industrial fasteners, introduced the Plas-Tech 30-2 screws, tailor-made for high-temperature settings – up to 120°C. These screws, produced from modified polyphthalamide, are ideal for use in automotive, electronics, and industrial settings. They provide improved strength, are lighter, and display remarkable resistance to chemicals and moisture, thus rising to the challenge of demanding conditions. This product release corroborates TR Fastenings' relentless dedication to broadening its portfolio of cutting-edge fastener solutions for extreme environments.
Who Are the Key Players In The Industrial Fasteners Market?
Major companies operating in the industrial fasteners market include:
• Arconic Corporation
• Acument Global Technologies Inc.
• Dokka Fasteners AS
• LISI Group
• Nippon Industrial Fasteners Company (Nifco) Inc.
• Hilti Corporation
• MW Industries Inc.
• Stanley Black & Decker Inc.
• ATF Inc.
• Birmingham Fastener Inc.
• Sesco Industries Inc.
• Brunner Manufacturing Co. Inc.
• Illinois Tool Works Inc.
• American Fastener Technologies Corporation
• KD Fasteners Inc.
• Nifco Inc.
• Extreme Bolt & Fastener
• Ford Fasteners Inc.
• Impala Bolt & Nut
• Elgin Fastener Group LLC
• Rockford Fastener Inc.
• Slidematic Precision Components Inc.
• Manufacturing Associates Inc.
• Penn Engineering & Manufacturing Corp.
• Delta Fastener Corp.
• MacLean-Fogg Company
• MISUMI Group Inc.
• Precision Castparts Corp.
• SFS Group
• Eurofast Global Ltd.
What Is The Most Dominant Region In The Industrial Fasteners Market?
Asia-Pacific was the largest region in the industrial fasteners market in 2024. North America is expected to be the fastest-growing region in the industrial fasteners market report during the forecast period. The regions covered in the industrial fasteners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
