Press release
Industrial Fasteners Market Reached 82 billion in 2019 and Growing at CAGR of 4.5% during 2020-2027 | Size, Share & Growth Forecast
The Industrial Fasteners Market was estimated around USD 82 billion in 2019 and is expected to grow at CAGR of 4.5% over the forecast period (2020-2027).
For More Info, Click to Access Complete Report - https://www.gmiresearch.com/report/industrial-fasteners-market/
The factors driving the growth of Industrial Fasteners Market includes rise in the production of light wight electric vehicles, growing demand for fasteners in construction, machine manufacturing and ship building and increase in the air passenger traffic around the world. According to the report published by International Energy Agency, 6.6 million units of electric cars were sold worldwide in 2021 and 2 million units were sold in the first quarter of 2022, showing an increase of 75% from the same period in 2021, which will accelerate the Global Industrial Fasteners Market in the approaching years. Moreover, growing emphasis on reducing carbon emissions, rise in the launch of innovative products, technological innovations in the construction industry and emerging need to conserve energy, are some of the additional factors supplementing the Industrial Fastener Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes and rapid urbanization, are further contributing towards the market growth.
However, the growth of Industrial Fasteners Market is hindered due to availability of substitutes of metal fasteners.
The major players operating in the market are MW Industries, Inc., Hilti Corporation, Sesco Industries, Acument Intellectual Properties, LLC, Arconic, Dokka Fasteners, Birmingham Fastener and Supply Inc., Nifco Inc, LISI Group and ATF Inc., among others.
Based on Raw Material, the Metal Fasteners segment is predicted to expand at a significant CAGR during the forecast period
Metal fasteners enhances mechanical strength, increases corrosion resistance along with its high tensile properties, are some of the factors responsible for the segment's growth.
Based on Application, Automotive segment is projected to expand at a remarkable CAGR over the forecast period
Rise in the production of passenger vehicles and growing demand for energy efficient engines, are propelling the segment's growth.
Based on Region, the Asia-Pacific region is anticipated to capture the largest market share during the forecast period
Government policies supporting the production of electric vehicles, increase in the Foreign Direct Investment (FDI) inflows in the construction sector, rising disposable incomes, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific.
Key Developments
In 2020, Birmingham Fastener and Supply Inc. completed the acquisition of Atlanta Rod and Manufacturing, through this acquisition, the company is plans to expand its foothold in the United States.
In 2020, Hilti Corporation launched smart fasteners which will enhance jobsite productivity across application chain.
Market Segmentation
Global Industrial Fasteners Market by Raw Material
Plastic Fasteners
Metal Fasteners
Global Industrial Fasteners Market by Product
Internally Threaded Fasteners
Externally Threaded Fasteners
Aerospace Grade Fasteners
Non-Threaded Fasteners
Global Industrial Fasteners Market by Commodity
Bolts
Nuts
Screws
Others
Global Industrial Fasteners Market by Application
Aerospace
Automotive
Industrial Machinery
Building & Construction
Lawns & Gardens
Home Appliances
Furniture
Motors & Pumps
Plumbing Products
Others
Global Industrial Fasteners Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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