The Global Industrial Fasteners Market is projected to gain the significant growth during the forecast period majorly due to increasing use of industrial fasteners primarily in aerospace and defense.
Industrial fasteners are hardware devices used for mechanically joining two or more objects together. Industrial fasteners include screws, bolts, nuts and rivets, which can be installed and removed with hand tools or power tools. Bolts are headed fasteners that possess external threads for accepting a non-tapered nut. Screws are headed, externally-threaded fasteners that are threaded into the material they hold. Industrial fasteners are used for development of modular designs consisting of sub-assemblies or dis-assembly of machines for inspection and repair. The industrial fasters are categorized into removable, which includes nut and bolt, semi-permanent, which includes cotter pin, and permanent, which includes rivets.
The growing industrialization and automation primarily drives the growth of the industrial fasteners market. There has been an increased demand of industrial fasteners from automotive and aerospace sectors, which supports the market growth. The growing use of industrial fasteners in varied industries such as manufacturing in aerospace and defense, healthcare, and electronics among others boosts the adoption. There has been an increasing demand of high end luxury automobiles, which supports the growth of industrial fasteners market. There has been an increased demand of industrial fasteners in emerging economies owing to development of electronics and automotive sectors. Global players are expanding their business in developing regions to increase their customer base and improve the geographical outreach.
The global Industrial fasteners market is segmented on the basis of type, end-user, and geography.
Geographically, the global Industrial fasteners market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, Asia-Pacific is expected to exhibit the highest growth in the global industrial fasteners market during the forecast period. The increasing demand from the automotive sector is expected to drive the growth of the industrial fasteners market in this region. The growing disposable income and improving lifestyle of consumer also accelerates the adoption of consumer goods and electronics, thereby supporting the growth of the industrial fasteners market. There has been a growing demand of industrial fasteners from industries such as healthcare, automotive, electronics, and consumer goods among others in the region. Increasing initiatives and investments by governments in the region to support industrialization and modernization of manufacturing equipment boost the adoption of industrial fasteners in the region.
Key players in the global Industrial Fasteners market are: