The market is expected to generate an incremental $ opportunity of US$ 28,200.0 Mn between 2022 and 2032
Category: Chemicals & Materials Published Date : October 2022 ID: CVC-00248 Format: PDF Pages: 300
Industrial Fasteners Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Industrial Fasteners Market was worth US$ 95,100.0 Mn and is expected to grow at a CAGR of 3.3% over the forecast period. The market is expected to hit US$ 1,27,400.0 Mn by 2032 end.
Industrial fasteners may be applied in various industries, including construction, automotive, and nautical. These fasteners may handle almost every weather condition and chemical ingredient. In many developing sectors, corrosion- and other naturally occurring abrasion-resistant fasteners are a requirement.
For producers of industrial fasteners, this opens up profitable options. Businesses in the industrial fasteners industry are concentrating on cutting-edge materials like carbon fiber and alloys because they make it easier to create industrial fasteners that are lightweight, corrosion-resistant, and superconducting. Other focus areas are injection-molded plastic and metal fasteners that are lighter, simpler to install, and more affordable.
THE GROWTH IN THE CONSTRUCTION INDUSTRY DRIVES THE MARKET
The expansion of several end-use sectors has increased the need for diverse fastener types. The improvement of infrastructure, increased residential buildings, and investments across various industries, including renewable energy and telecommunications, contribute to population growth in growing nations.
As a result, the demand for bolt fasteners and other industrial fasteners is increasing. Additionally, the world’s train and light rail transit systems for people and goods are expanding quickly. The need for energy conservation and the growth of metropolitan areas necessitate modern mass transit systems, which drive the transportation system.
USE IN VARIOUS APPLICATIONS CREATES AMPLE OPPORTUNITIES
Urbanization, industrialization, and rising demand in other application sectors like construction and machine manufacture benefit the industrial fasteners industry. Because of this, manufacturers continuously develop new industrial fasteners that enhance existing structural qualities and fix problems with earlier models. Such initiatives maintain industry competition and create the framework for further growth.
Market Segments Covered in Report
By Raw Material:
By Region and Country:
Why are metal–type Industrial Fasteners projected to have the highest CAGR?
Due to the increasing demand for metal fasteners, the raw material category had the biggest revenue share of 90.0% in 2021. Metal goods’ high tensile strength, prolonged lifespan, and durability are why they are so popular in industrial bonding applications. Stainless steel, nylon, aluminum, carbon steel, nickel, silicon bronze, copper, brass, alloy steel, bronze, and titanium are used in producing metal fasteners.
Materials that can conduct severe and regular duty activities are necessary for the equipment or machinery to accomplish their important functions.
Why is the Externally Threaded segment expected to expand the fastest during the forecast period?
In 2021, the externally threaded product sector had the highest revenue share of 49.0%. Throughout the predicted term, the section will probably continue to rule. The most popular kinds of externally threaded fasteners are bolts and screws. These goods are extensively employed in the heavy equipment manufacturing, shipbuilding, railway, and automobile sectors.
Which application segment is expected to be the fastest growing?
The automotive application category generated more than 30.0% of all sales in 2020. Globally widespread commercial and passenger car production has aided the segment’s expansion. Additionally, it is anticipated that the increased manufacturing of automobiles worldwide due to the rising desire for EVs would enhance fastener demand in the years to come.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, the Middle East, and Africa.
There are several companies and a fragmented market for industrial fasteners. Due to the participation of several local players, the competition is anticipated to increase over the next few years. In addition to novel designs for better grip, manufacturers in the industrial fasteners industry are concentrating on the material aspect.
The latest trends in client demand are being sought after by several businesses. They offer cutting-edge goods like nano-laminated metallic-coated fasteners to stop surface-type corrosion.
Some of the key developments that have taken place in the Industrial Fasteners Market include:
A list of some of the key suppliers present in the market are:
Global Industrial Fasteners Market 2022-2032: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Raw Material, Product, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|