Industrial Fasteners Market Overview:
Fasteners are used to mechanically join two or more components, devices or surfaces. The most commonly used fasteners include nails, screws, nuts, bolts, pliers, rivets, dowels and washers. The basic requirements for fasteners are that they must be strong enough to withstand loads and pressures, be economical, easy to use, corrosion resistant and aesthetic. They find applications in a wide range of industries such as automotive, construction, electronics, machinery, industry and other everyday applications. The growing demand for automobiles, particularly in countries such as China, Brazil and India, is an important factor that should contribute to the growth of the fastener market during the forecast period.
Industrial Fasteners Market Size:
The Industrial Fasteners Market was worth USD 76.23 billion in 2014 and is expected to reach approximately USD 123.41 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.50% during the forecast period.
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Industrial Fasteners Market Drivers and Restraints:
External thread fasteners were the largest segment of industrial fasteners, accounting for 45% of the market in 2011. These fasteners are used in a variety of applications, including construction, automotive, durable goods, industrial and domestic machinery and others. This segment of products is expected to grow faster due to the growing demand for durable goods. Other factors, such as the development of construction and industrialization activities, should stimulate the demand for fasteners with external threads. The consumption of standard fasteners accounted for more than 30% of the market in 2011.
The use of industrial fasteners in other manufacturers was the largest segment of applications in the market, representing more than 30% in 2011. However, it is expected that the demand for fasteners in the construction sector will be stronger due to growth in construction activities in Asia-Pacific. It is expected that renovation and restructuring activities in mature markets in North America and Europe will contribute significantly to the demand for fasteners in construction.
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Industrial Fasteners Market Segmentation:
Product description
External thread fasteners were the dominant segment and accounted for 58.2% of the global share in 2015. They include critical fasteners, machine screws, threads and sets of screw and washer. The aerospace category is expected to experience the fastest growth during the forecast period due to its increasing use in aircraft engines, luggage racks, cabin doors, containers, floorboards, bulkheads and cabin structures.
Application insights
The other OEM segment was estimated at $ 20.76 billion in 2015. Other OEM applications include electrical, electronic, defense and aerospace applications.
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Industrial Fasteners Market Growth Report
The automotive accessories demand of car manufacturers is expected to be above average due to the growing demand for motorized vehicles in countries such as China and India, due to the growth of disposable income for consumers in this region. In addition, replacement activities are widespread in North America and Europe. These factors are expected to determine the global demand for industrial fasteners for use by automotive manufacturers during the forecast period. Maintenance, Repair and Operation (MRO) is the third largest application segment for industrial fasteners. However, this segment is expected to register the slowest growth due to the growing preference of consumers for the replacement of assets.
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Industrial Fasteners Market Regional Growth, and Share Analysis Report:
The Asia-Pacific region represented the highest demand for industrial fasteners, followed by demand in Western Europe. The Asia-Pacific region accounted for 40% of the total market in 2011. Rapid industrialization that resulted in better economic conditions led to an increase in residential and non-residential construction activity. In addition, industrialization has led to growth in the OEM market in the region. In addition, favorable economic conditions led to an increase in consumers’ disposable income, which led to a greater demand for durable goods. It is expected that changing economic conditions in countries around the world, such as Brazil, will increase the demand for fasteners in the near future. In addition, the intensification of construction activities in the Middle East and Africa should continue to fuel the demand for fasteners.
Industrial Fasteners Market Key Players analysis:
Key players in market include Alcoa Incorporated, Illinois Tool Works Incorporated, LISI Group, NIFCO and Precision Castparts Corporation.
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