Industrial Fasteners Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031

The Global Industrial Fasteners Market is experiencing a significant surge, driven by a steady demand in the construction and automotive industries. Valued at US$ 92.16 Bn in 2021, the market is expected to expand at a Compound Annual Growth Rate (CAGR) of 3.2%, reaching a remarkable US$ 131.56 Bn by the end of 2031.

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Key Drivers of Industrial Fasteners Market
1. Construction Boom: The construction industry remains a primary driver, with a surge in construction activities worldwide. The demand for high-quality fasteners, especially steel fasteners, has witnessed an uptick due to their durability and resistance to corrosion. Manufacturers are urged to explore emerging trends, focusing on miniature and design-driven steel fasteners to cater to evolving market needs.

2. Automotive Advancements: The automotive sector, holding a major share in 2021, is set to grow significantly. Automakers' continuous efforts in developing efficient engines and adopting emission-control technology are expected to boost demand for automotive fasteners, particularly bolts and nuts, in the foreseeable future.

3. Railroad and Transportation: The rapid development of railroad and light rail transportation systems globally is another key factor propelling the demand for industrial fasteners. Railway infrastructure, including railroad fasteners, requires high-quality, corrosion-resistant fasteners to meet the increasing demand for reliable and durable railway tracks.

Product Type Insights
The industrial screws segment currently dominates the market, with nuts and bolts anticipated to exhibit the highest CAGR. The increasing application of bolts and nuts in automotive and construction industries, including medium and light commercial vehicles, heavy machinery, and utility vehicles, is fueling this growth.

Regional Outlook
Asia Pacific is expected to hold a substantial share in the global industrial fasteners market, driven by economic development in China and India, rising disposable incomes, and growth in the automotive and construction industries. The region's expansion in the construction sector, coupled with a burgeoning automotive industry, contributes significantly to the demand for industrial fasteners.

Emerging Trends in Industrial Fasteners Market
Manufacturers are focusing on innovation in materials, exploring options such as carbon fiber and alloys to develop corrosion-resistant, lightweight fasteners. Hybrid fasteners, combining injection-molded plastic materials and metals, are gaining popularity for being lighter, easier to install, and cost-effective.

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Companies Profiled
Acument Global Technologies Inc., Arconic Inc., Bulten AB, STANLEY Engineered Fastening, Fortana Group, Hilti Corporation, LISI Group, MacLean-Fogg Company, MISUMI Group Inc., Nifco Inc., Precision Castparts Corp., The SFS Group, A&G Fasteners, SA Fasteners

Market Segmentation
Product Type
• Bolts
• Nuts
• Screws
• Washers
• Rivets
• Others (Anchors, Inserts, Rings etc.)

End-use Industry
• Automotive
• Construction
• Aerospace
• Oil & Gas
• Others (Petro-chemical, Maritime, etc.)

Distribution Channel
• Direct Sales
• Indirect Sales

Key Developments in Global Industrial Fasteners Market

On February 8, 2022, MacLean-Fogg Component Solutions (MFCS) launched Threadstrong Line of Made-In-USA aftermarket wheel fasteners and the accompanying e-commerce website www.Threadstrong.us. These fasteners will be available direct to customers via the website. This strategy is expected to help the company grow its business and market share.

On November 30, 2021, MISUMI group Inc. relocated and expanded its Indian subsidiary (sales site, distribution site, and production site). This move helped the company increase the total warehouse floor space by approximately 60% compared to the previous location, double the number of in-stock items to around 90,000, and strengthen the delivery time and supply.

On December 20, 2019, The SFS Group acquired Moderne Befestigungselemente GmbH, a supplier of painted fasteners for high-performance façade systems. The acquisition is expected to give SFS direct access to specialty retailers for premium façade solutions and expand the product range of SFS.

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