Press release
$116.5 Bn expected for Global Industrial Fasteners Market at 5.4 % CAGR by 2022
Fasteners are used to join together the various parts of the automobile such as spot welding, soldering, nuts & bolts, washers, screws, clips, clamps among others. The global industrial fastener market is primarily driven by rapidly increasing demand from the end-use industries such as automotive, aerospace, and construction. Furthermore, strong recovery in construction and the automotive segment is sustaining growth in the developed countries. In addition, rising demand for high-value titanium fasteners in aerospace applications and light weight plastic fasteners in automotive is expected to drive the demand in near future. However, the potential threat of substitution from alternative joining technologies such as adhesives is expected to negatively impact the market growth.
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In 2016, the automotive segment dominated industrial fasteners market. The automotive industry is one of the major end users of industrial fasteners market. The automotive sector utilizes several types of fasteners like stainless steel, steel, among others. Standard externally threaded fasteners product segment accounted for half of overall industrial fastener sales in 2016 and is expected to register the largest revenue gains through 2022. This product segment growth is fueled by continued strength in motor vehicle production.
Geographically, Asia-Pacific was the largest market for industrial fasteners in 2016. It accounted for more than 30% share of the total revenue of industrial fasteners market. The growth in the region is mainly attributed to the growth of major end-user industries such as automotive, aerospace and defense, shipbuilding, and railways. North America and Europe are estimated to have decent growth for industrial fasteners in near future. Furthermore, Latin America, Middle East, and Africa are projected to witness the moderate growth for industrial fasteners market owing to the rising demand form construction and automotive industry in the region within the forecast period.
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The global industrial fasteners market is highly fragmented. The top four industrial fasteners producers accounted for around 45% of the global market revenue in 2016. Precision Castparts Corporation, Stanley Black & Decker Inc., Wilhelm Bollhoff GmbH & Co. KG, and Nitto Seiko Co., Ltd. are recognized as the top industrial fasteners producers. Other prominent vendors in the market are Standard Fasteners Ltd., Acument Global Technologies, Kova Fasteners Pvt. Ltd., Nifco, LISI Group, ITW, Alcoa, ATF Inc. and MW Industries Inc.
The report segments the global industrial fasteners market into:
Global Industrial Fasteners Market: Product Segment Analysis
Externally Threaded
Aerospace Grade
Standard
Others (electrical and electronics, aerospace & defense)
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Global Industrial Fasteners Market: Application Segment Analysis
Automotive OEM
Machinery OEM
MRO and Construction
Other OEM
Global Industrial Fasteners Market: Regional Segment Analysis
North America
U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
Middle East and Africa
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