The Global Market for Industrial Fasteners is Forecast to Reach US$99 Billion by 2024

Continuous Technological and Design Innovations Drives Growth in the Global Industrial Fasteners Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Industrial Fasteners market. The global market for Industrial Fasteners is forecast to reach US$99 billion by 2024, driven by increasing use of novel threaded and plastic fasteners, focus on safety leading to tool innovations, and growing demand from key end-user industries - automotive and aerospace.

Industrial fasteners are devices that mechanically connect two or more surfaces, parts or components, to enable highly reliable and superior quality end products. Common fastener types include screws, rivets, chips, bolts, nails, nuts, washers, and pins that find applications in industries such as machineries, automotive, consumer electronics, mining, construction, marine, aerospace, nuclear railways and petrochemicals. Application-specific industrial fastener products feature excellent durability and strength for specific requirements. The industrial fasteners market is gathering a notable steam owing to increasing adoption among end-use industries, specifically the automotive and aerospace sectors. These fasteners are expected to witness increasing usage in various other sectors because of their reliability and superior quality.

Large number of exclusive fastening solutions has become popular in the market as modern day industrial fasteners are made of a wide variety of materials and components. Traditional fastener manufacturers have turned towards exotic materials in order to make stronger fasteners and meet industry requirements. Materials such as tungsten carbide, high-nickel alloys and titanium are being preferred over conventional stainless steel due to their resistance to extreme temperatures. Apart from the material used for manufacturing, fastener products are also being innovated on the lines of designs capable of withstanding heavy duty applications. Hex bolts, one of the most popular variants of heavy duty fasteners are being widely used in different end-use segments. The Plus+Tite fasteners that resemble rivets actually comprise a threaded insert designed to secure with a bolt from the rear.

Lightweighting has emerged as a significant objective of automotive designing over the past years, driven by the increasing customer emphasis on energy-efficiency, and the rising need for regulatory compliance to design greener and fuel efficient vehicles. The shifting demand of automotive OEMs is likely to alter the market for conventional fastener suppliers. As a result, fastener manufacturers and suppliers would be required to adapt to the changing automotive needs driven by the shifting design requirements. As a result, lightweight materials such as GFRP (glass-fiber-reinforced plastics), and CFRP (carbon-fiber reinforced plastics) are being widely used in automobiles to enable lean structures with superior strength.

While ultrasonic welding is considered an alternative to joining composites, the technique does present some challenges such as high consumption of power. Consequently, adhesive bonding, a technique known for its non-destructiveness is regarded ideal for joining metals to composites.

As stated by the new market research report on Industrial Fasteners, Asia-Pacific represents the largest market and will continue to be so in the long term. Asia-Pacific’s strong position is attributed to growth of the construction industry coupled with rising production of electrical and electronic components, automotive and industrial machinery. The region is also projected to record the fastest compounded annual growth rate of 6.5% over the analysis period. Europe and the US are the other leading regions accounting for substantial market shares. Though the Rest of World comprising the Middle East and Africa represent a relatively smaller share of global demand, the region is expected to gain from increasing construction activities and industrialization across developing countries.

Key players in the market include Acument® Global Technologies, Arconic Inc., Bulten AB, Earnest Machine Product Company, Federal Screw Works, Gem-Year Industrial Co., Ltd., 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., Nitto Seiko Co., Ltd., Nucor Corp., Precision Castparts Corp., Cherry Aerospace, SPS Technologies, STANLEY Engineered Fastening, Sundram Fasteners Ltd., TR Fastenings, Whitesell Group, and Wilhelm Böllhoff GmbH & Co. KG, among others.

The research report titled “Industrial Fasteners: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, and other strategic industry activities of global companies. The report provides market estimates and projections in value (US dollars) terms for major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. The report also analyzes the market by product segments – Bolts, Nuts, Screws, Rivets/Washers, and Others); and end-use sectors – Automotive, Aerospace, Construction, Mechanical Engineering, and Others.

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