Press release
Global Industrial Fasteners Market 2024 - Sharing Share Insights, Assessing Size, Analyzing Growth, and Forecasting Strategically Till 2033
Global Industrial Fasteners Market
The Business Research Company offers in-depth market insights through Industrial Fasteners Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The industrial fasteners market size has grown strongly in recent years. It will grow from $89.73 billion in 2023 to $95.04 billion in 2024 at a compound annual growth rate (CAGR) of 5.9%. The growth in the historic period can be attributed to manufacturing and construction growth, automotive industry expansion, globalization of supply chains, infrastructure development projects, quality and standardization requirements.
The industrial fasteners market size is expected to see strong growth in the next few years. It will grow to $119.12 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to rise of renewable energy projects, e-commerce impact on distribution, sustainable fastener solutions, automotive lightweighting initiatives,shift towards lightweight materials. Major trends in the forecast period include high-performance materials, digitalization and industry 4.0 integration, customization and specialty fasteners, digitalization of inventory management, technological integration in fastener design.
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Market Segmentation:
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
Major Driver - Surging Construction Demand Fuels Growth In The Industrial Fasteners Market
Increasing demand for construction activities is expected to propel the growth of the industrial fasteners market going forward. Construction refers to an activity of putting together various elements to create a structure for a specific location, using a detailed design and plan. Industrial fasteners provide shear strength and corrosion resistance capabilities of fastener tools such as bolts, nuts, screws, rivets, nails, washers, and studs that are used in construction, as a result, increasing demand for construction increases the demand for industrial fasteners market. For instance, in June 2021, according to the Stats NZ Tatauranga Aotearoa, a New Zealand-based government data agency, building activities increased by 3.7 percent in March 2021. Further, in 2021, residential activities rose 4.3% compared to 2020. Additionally, according to US Census Bureau, The value of construction activities increased from $1,626.4 billion in 2021 to $1,792.9 billion in 2022 with a growth rate of 10.2%. Therefore, an increasing demand for construction activities is driving the growth of the industrial fasteners market.
Competitive Landscape:
Major companies operating in the industrial fasteners market report are 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., Decker Industries Corporation, Eastwood Manufacturing Inc., Illinois Tool Works Inc., American Fastener Technologies Corporation, Johns Manville, 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. .
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Top Trend - Industrial Fasteners Market Thrives On Innovative Solutions
Product innovations are a key trend gaining popularity in the industrial fasteners market. Major companies operating in the industrial fasteners sector are focused on developing and launching new innovative products to strengthen their position in the market. For instance, in March 2021, Valley Forge & Bolt, a US-based manufacturer of industrial fasteners launched a new High Temp Maxbolt. This product helps to reduce downtime, premature wear, and catastrophic joint failures in critical industries such as processing, mining, and energy. This is featured with a high-temperature lens, and an easy-to-read gauge, the new bolt that is suitable in rapid thermal cycle applications and in prolonged high-temp situations.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Industrial Fasteners Market Characteristics
3. Industrial Fasteners Market Trends And Strategies
4. Industrial Fasteners Market - Macro Economic Scenario
5. Industrial Fasteners Market Size And Growth
…..
27. Industrial Fasteners Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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