The global industrial fasteners market size is expected to reach USD 131.45 billion by 2030, growing at a CAGR of 4.7% during the forecast period, according to a new report by Grand View Research, Inc. The market is anticipated to be driven by factors such as the increasing population, significant investments in the construction industry, and rising demand in industries like aerospace and automotive.
Industrial fasteners are available in two major types: metal and plastic. Metal fasteners dominate the industry; however, they are expected to witness lower growth than their counterparts owing to the increasing penetration of materials like plastic in applications such as aerospace and automotive due to their high corrosion resistance and lightweight characteristics.
Industrial Fasteners Market Report Highlights
- Externally threaded industrial fasteners accounted for 48.08%, the largest revenue market share in 2023. High investments in the region’s agriculture, construction, and mining sectors are expected to propel the demand for heavy equipment such as material handling, excavation, drilling, hauling, paving, grading, and lifting machinery over the projected period
- Metal fasteners are expected to grow at a CAGR of 4.6% over the projected period. They offer high mechanical strength and impact resistance and are less susceptible to harsh conditions such as high temperature and pressure, which is expected to drive the demand over the forecast period
- The Asia Pacific market is estimated to witness the fastest growth at a CAGR of 6.2% from 2024 to 2030, owing to the growth in the region’s infrastructure sector, which is expected to propel the market. Furthermore, automotive, industrial machinery and electronics applications will drive the regional market for industrial fasteners
- Automotive applications of industrial fasteners accounted for about USD 28.61 billion in 2023. High production volumes of automotive vehicles across the Asia Pacific have been a key factor driving the industry’s growth over the past few years. Metal has dominated the segment over the past few decades. However, the rising popularity of plastic fasteners, owing to their lightweight and low cost, is expected to drive the industry’s growth
- The market is highly competitive and consists of several global and regional players. As the need for creative and application-specific fastener designs rises, opportunities for new players are anticipated. Rising raw material costs and high-volume production by established competitors are anticipated to be major obstacles for new entrants
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The market is highly competitive due to the presence of many manufacturers. A major challenge faced by the competitors is the fluctuation of raw material prices; hence, a high degree of backward and forward integration is likely to be observed among the major players in the market. This will further intensify the market rivalry and competition, making it difficult for emerging players to sustain themselves.
The growth of building & construction industry and product penetration in the market directly influence the demand for industrial fasteners. Asia Pacific is expected to witness the highest growth owing to the rapid expansion and magnitude of the construction industry in countries such as India and China. The growing population and high investments in the construction sector are the key factors driving the construction industry in these countries, which, in turn, is projected to boost the market growth over the forecast period.
Major industrial fastener manufacturing companies are established in North America and Asia Pacific; as a result, the global supply shortage for industrial fasteners provides a great business opportunity for players in these regions. Asia Pacific is expected to be the preferred market for fastener manufacturers due to high product demand and lower costs associated with raw materials, labor, land, and power.
List of major companies in the Industrial Fasteners Market
- Illinois Tool Works, Inc.
- Arconic Fastening Systems and Rings
- Hilti Corporation
- LISI Group – Link Solutions for Industry
- Nifco Inc
- MW Industries, Inc.
- Birmingham Fastener and Supply, Inc.
- SESCO Industries, Inc.,
- Elgin Fastener Group LLC
- Slidematic
- Dokka Fasteners A S
- Manufacturing Associates, Inc.
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We have segmented the global industrial fasteners market report based on raw material, product, application, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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