The global industrial fasteners market size is expected to reach USD 101.05 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 3.9% over the forecast period. Increasing mechanization and industrialization globally, demand numerous machinery and equipment, which is expected to propel the growth over the projected period.
Traditionally, Asia Pacific has been the largest fastener producer in the world owing to easy supply of raw material, supportive government policies and the availability of skilled labor and land in the region. However, a major chunk of Asian players serves local markets, owing to an insignificant distribution network, which limits their growth in the international market.
The market is highly competitive in terms of product variation and pricing. The major industry players are benefitted by their well-established buyer base and goodwill in the market. However, rising consumer demand for innovative, high strength, and application-specific fasteners is expected to open new opportunities for emerging players.
Specialty fasteners is the latest trend in the market, which enables custom manufacturing to meet desired product specifications given by users. Aerospace has been the largest application segment for these products, wherein they are primarily manufactured using alloy steel, titanium, and aluminum and need to comply with standards including AS, NFL, AN, MS and NAS.
Further key findings from the report suggest:
- Demand for plastic fasteners in Europe is expected to expand at a CAGR of 4.4% over the forecast period, owing to increasing product penetration in the automotive industry to replace metal fasteners
- Externally threaded fasteners held the highest market share in China, accounting for 54.2%, on account of their high demand for manufacturing industrial machinery and consumer appliances
- Aerospace industry in U.S. is inclusive of major aerospace companies including Boeing, Lockheed Martin, and GE Aviation, and consumed fasteners worth USD 1.91 billion in 2017
- Demand for fasteners in building and construction in Germany was valued at USD 481.4 million, however, it is likely to get affected by the rising substitution by adhesives and sealants
- Manufacturers are aiming to achieve optimum business growth by implementing strategies including acquisition, joint venture, capacity expansion, new product development, promotion of key product brands, and significant investments in R&D