Press release
Industrial Fasteners Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Industrial Fasteners
How Large Will the Industrial Fasteners Market Size By 2025?
In recent years, the industrial fasteners market has shown robust growth. The market size will increase from $94.44 billion in 2024 to $100.03 billion in 2025, with a compound annual growth rate (CAGR) of 5.9%. The growth experienced during the historical period has its roots in the expansion of the manufacturing and construction industry, the growth of the automotive industry, globalized supply chains, infrastructure development projects, and stringent quality and standardization requirements.
How Big Is the Industrial Fasteners Market Size Expected to Grow by 2029?
There is a prediction for considerable expansion in the industrial fasteners market over the coming years, with a projected worth of $128.2 billion by 2029, reflecting a compound annual growth rate (CAGR) of 6.4%. The projected increase during this period can be ascribed to factors such as the emergence of renewable energy projects, the influence of e-commerce on distribution, sustainable fastener practices, initiatives for automotive lightweighting, and a trend towards lighter materials. Key trends for this forecast period comprise high-performing materials, industry 4.0 adaptation coupled with digitalization, customization and specialized fasteners, inventory management digitalization, and incorporating technology in fastener design.
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Which Key Market Drivers Powering Industrial Fasteners Market Expansion and Growth?
The industrial fasteners market is predicted to expand due to a surge in construction activities. Construction involves assembling various components to craft a specific structure at a designated location, following a comprehensive design and plan. Industrial fasteners, which include bolts, nuts, screws, rivets, nails, washers, and studs, offer shear strength and corrosion resistance, making them integral to the construction process. As such, when construction activities proliferate, the industrial fasteners market also experiences growth. In February 2024, Eurostat, a government agency based in Luxembourg, reported that the annual construction output in the EU and the euro area saw a respective rise of 0.1% and 0.2% compared to 2022. This underscores how escalating construction activities are fuelling the expansion of the industrial fasteners market.
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Which Fast-Growing Trends Are Poised to Disrupt the Industrial Fasteners Market?
Multinational corporations in the industrial fasteners industry are concentrating their efforts on the creation and introduction of innovative products that cater to the shifting needs of diverse sectors, augment functionality, increase durability, and offer solutions to extreme environmental conditions, corrosion, and mechanical strain. These advanced products promise to cater to the varied demands of different industries by offering cutting-edge fastening solutions that enhance manufacturing efficiency and joint robustness. For example, in April 2024, TR Fastenings, a corporation based out of the US that provides industrial fasteners, introduced the Plas-Tech 30-20 screws, which are particularly intended for high-temperature settings of up to 120°C. Consisting of a modified version of polyphthalamide, these screws are ideal for application in the automotive, electronics, and industrial sectors. They provide superior chemical and moisture resistance, increased strength, and reduced weight, dealing effectively with challenging conditions. This introduces signifies TR Fastenings' sustained dedication towards developing an expansive range of creative fastening solutions for demanding situations.
What Are the Emerging Segments in the Industrial Fasteners Market?
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
Subsegments:
1) By Externally Threaded: Bolts, Screws, Studs, Nuts
2) By Internally Threaded: Inserts, Nuts, Taps
3) By Non-Threaded: Washers, Rivets, Pins, Clips
4) By Aerospace Grade: Aerospace Bolts, Aerospace Screws, Aerospace Rivets, Aerospace Nuts
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Who Are the Global Leaders in the Industrial Fasteners Market?
Major companies operating in the industrial fasteners market include 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., Illinois Tool Works Inc., American Fastener Technologies Corporation, 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.
Which are the Top Profitable Regional Markets for the Industrial Fasteners Industry?
Asia-Pacific was the largest region in the industrial fasteners market in 2024. North America is expected to be the fastest-growing region in the industrial fasteners market report during the forecast period. The regions covered in the industrial fasteners market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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