The global Industrial Fasteners market size is expected to reach USD 101.37 billion by 2030, according to a new study by Polaris Market Research. The report “Industrial Fasteners Market Share, Size, Trends, Industry Analysis Report, By Product (Nuts & Bolts, Screws, Nails, Washers, Anchors, Rivets); By Raw Material; By Application; By Type, By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Industrial fasteners play a crucial part in this business because the construction sector demands robust and lightweight gear to join two or more things and hold them together. Different types of products, including screws, spacers, nuts, and bolts, are needed for various building projects. The need for the product in the construction industry is rising as a result of rapid industrialization and urbanization.
Additionally, government spending on infrastructure projects and rising demand for commercial and residential building developments will promote the expansion of the construction business. For instance, the Union budget announced by India’s government in 2021 has allotted US$ 1.89 billion to AMRUT and Smart Cities Mission to support programs including “Housing for All” and “Smart Cities Mission.” As the industry demands strength and accuracy, building & construction screws are employed in heavy-duty applications to link materials together.
Different fastening kinds are employed in the construction industry, including stainless steel, alloy steel, and carbon steel. To ensure secure and sturdy construction, each infrastructure project needs a different kind of fastening product. The need for the product is increased by the fact that stainless steel is the most popular building material because of its strength, resistance to heat, and corrosion resistance.
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Growing demand for the product including nuts, screws, pins, flanges, rivets, hooks, and washers is anticipated to boost industry expansion as well as increase revenues of the the product. These industries include aerospace, building & construction, industrial machinery, motors, and pumps, and aviation, among others are rising has led to the increased adoption of the product across the industries.
Furthermore, the need for these product has expanded along with the level of automobile manufacturing, which explains why the industry holds a sizeable portion of the global market. As a result, these areas experience a subsequent increase in demand for the product, which supports the market’s overall expansion.
Industrial Fasteners Market Report Highlights
- Aerospace Industry is anticipated to grow at a significant CAGR over the forecast period. The demand in aerospace is primarily driven by accelerating technological development, rising defense spending, expanding commercial aircraft manufacturing capacity, and other factors.
- Screws accounted for a substantial revenue share which is accelerated by its benefits across various verticals. This is the broadest and most adaptable category of the product. It does not require a bolt to hold it in place because of its threaded shaft, which provides strong gripping power.
- North America is expected to grow at a fastest CAGR over the forecast period. This is a result of the region’s growing EV production and strong consumer demand for plastic prodcuts for lightweight vehicle components, particularly in the U.S.
- The global industry is highly competitive owing to the existence of large players with a global presence including Acument Global Technologies Incorp., Brunner Manufacturing Co., Inc., Eastwood Manufacturing Inc., Illinois Tool Works, Inc., Nippon Industrial Fasteners Co., Precision Castparts Corp., Rockford Fastener, Inc., Inc., Stanley Black & Decker, Inc., and Standard Fasteners Ltd.
Polaris Market Research has segmented the industrial fasteners market report based on raw material, type, product, application, and region:
Industrial Fasteners, Raw Material Outlook (Revenue – USD Billion, 2018 – 2030)
Industrial Fasteners, Type Outlook (Revenue – USD Billion, 2018 – 2030)
- Externally Threaded
- Internally Threaded
- Aerospace Grade
Industrial Fasteners, Application Outlook (Revenue – USD Billion, 2018 – 2030)
- Building & Construction
- Industrial Machinery
- Home Appliances
- Lawn and Garden
- Motors and Pumps
- Plumbing Products
Industrial Fasteners, Product Outlook (Revenue – USD Billion, 2018 – 2030)
- Nuts & Bolts
Industrial Fasteners, Regional Outlook (Revenue – USD Billion, 2018 – 2030)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa