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Global Industrial Fasteners Market Has Reached A Valuation Of US$ 168.7 Billion By 2032

industrial-fasteners-market-forecast-2022-2032

The market for industrial fasteners worldwide was valued at US$ 102.8 billion in 2022, and by the end of 2032, it is expected to have grown at a steady CAGR of 5.1% to reach US$ 168.7 billion. Industrial fasteners are high-quality fastening items that serve as glue to firmly join various pieces in various industries. Fasteners are necessary for a variety of industries, including aircraft, construction, and transportation. Governments from all around the world are investing a lot of money in constructing and modernising their aerospace and defence facilities.

The market for industrial fasteners is anticipated to grow significantly as a result of the increased demand from the transportation industry, particularly the railroad and car sectors. Each car uses between 50 and 90 different application scenarios offered by the automotive industry. kg of fasteners on average.

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To create specifically adapted vehicle fasteners, several automakers are collaborating with coating and fastener producers.

For instance, Greeknote, a leading manufacturer of anti-corrosion coatings, has created G5K, which provides coating performance for at least 5,000 hours and eliminates the issue of hydrogen embrittlement on fasteners.

The automotive industry has experienced steady demand from emerging markets. Large oil & gas producing nations such as Russia and the U.S. have been constantly undertaking the cyclical maintenance of their refineries to produce highly marketable oil & gas products.

  • Short Term (2022 Q2 to 2025): Growing transportation, power generation, and automobile industries will positively impact industrial fasteners market growth.
  • Medium Term (2025-2028): China and the U.S. are projected to witness comparatively higher demand for industrial fasteners due to their large construction and automobile industries.
  • Long Term (2028-2032): Automation, as a result of Industry 4.0, will lead to some modifications in fasteners so that they can be adapted to end-use industries. Upgraded features such as compact size, vast work envelopes, high speed, accuracy.

From 2017 to 2021, the global market for industrial fasteners registered a CAGR of 2.1%. Fact.MR, a market research and competitive intelligence provider, predicts that the market will exhibit growth at 5.1% CAGR between 2022 and 2032.

Key Takeaways from Market Study

  • The global industrial fasteners market is projected to grow 1.6X and reach US$ 168.7 billion by 2032.
  • Between 2017 and 2021, the market exhibited 2.1% CAGR.
  • Under product type, bolts dominate the market with US$ 20.1 billion valuation in 2022.
  • The transportation segment is currently valued at US$ 23.1 billion.
  • Europe leads the global market with 26.9% share in 2021.

Segmentation of Industrial Fasteners Industry Research

  • By Material :
    • Metal
      • Steel
      • Stainless Steel
      • Alloy Steel
      • Copper & its Alloys
      • Aluminum
      • Titanium
      • Nickel & its Alloys
      • Others
    • Polymer
  • By Type :
    • Screws
      • Wood Screws
      • Machine Screws
      • Thread Cutting Machine Screws
      • Sheet Metal Screws
      • Self-Drilling
      • Socket Screws
      • Others
    • Nuts
      • Hexagon Nuts
      • Flange Nuts
      • Wing Nuts
      • Kep Nuts
      • Push Nuts
      • Castle Nuts
      • Coupling Nuts
      • Pal Nuts
      • Others
    • Bolts
      • Track Bolts
      • Square Bolts
      • Plow Bolts
      • Round Bolts
      • Lag Bolts
      • Aircraft Bolts
      • J-Bolts
      • U-Bolts
      • Shoulder Bolts
      • Elevator Bolts
      • HR Bolts
      • HV Bolts
      • Others
    • Washers
      • Lock Washers
      • Structural Washers
      • Others
    • Anchors
    • Dowel Pins
  • By Application :
     

    • Chemical Industry
      • Heat Exchangers
      • Exhaust Systems
      • Tanks and Vessels
      • Processing Equipment
    • Petrochemical Industry
      • High Pressure Pumps & Vessels
      • Pumping Stations
      • MeterinPumps
      • Others
    • Transportation
      • Railways
        • Trains
        • Infrastructure
      • Marine
        • Decks
        • Tanks
        • Ramps
        • Bulkheads
        • Others
      • Automotive
    • Power Generation & Transmission
      • Renewable
        • Onshore
          • Electrical Equipment
          • Turbines
          • Motors
          • Exhaust Systems
          • Pumping Systems
          • Storage Vessels
        • Offshore
      • Non-renewable
    • Construction
      • Precious Metal Mining
      • Industrial Metal Mining
    • Mining
    • Agriculture
    • Aerospace & Defense
  • By Sales Channel :
    • Online
      • Direct to Customer
      • Third-Party Online
    • Offline
      • Authorized Distributors
      • Garages & Workshops
      • Specialty Stores
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia &Oceania
    • Middle East & Africa

Market Development

The sales of different types of vehicles are also burgeoning. Industrial fasteners are used in several industries and they are of vital significance. Technological advancements in industrial fasteners that make them more durable, easy to use, and corrosion protective are making then highly preferred, creating consistency in demand.

Key players are hinging their emphasis on targeted expansions, strategic collaborations, and product launches in the market to substantially increase their market presence. Market players are on acquisition sprees and are majorly focusing on improving their geographic presence in untapped markets.

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