Industrial Fasteners Market Growth & Trends

The global industrial fasteners market size is expected to reach USD 119.01 billion by 2028, registering a CAGR of 4.1% over the forecast period, according to a new report by Grand View Research, Inc. Increasing mechanization and growing utilization of machinery in industrial applications are expected to drive the product demand during the forecast period.

Wide product portfolio and commercial availability of application-specific bonding fasteners have propelled the market growth. In addition, innovations in dimension and materials used in fastening products have augmented their demand in industrial machinery manufacturing. Developments in fastening technology to reduce the overall weight of the machine are expected to introduce substitute products for fasteners, which is likely to have a positive impact on the market growth.

The automotive application segment accounted for the largest revenue share of the market in 2020 and is expected to continue its dominance over the forecast period. The growing demand for Electric Vehicles (EVs) is expected to boost automotive production across the globe, which, in turn, will support market growth.

Key players, such as Decker Industries Corp., Acument Global, and Dokka, are acquiring production facilities as a part of business strategies to enhance their scope of operations. Moreover, technological advancements in the products are considered by these players to increase product penetration in industrial manufacturing applications.

Industrial Fasteners Market Report Highlights

  • The demand for plastic fasteners in Europe is expected to expand at a CAGR of 4.3% over the forecast period, owing to the increasing product penetration in the automotive industry to replace metal fasteners
  • Externally threaded fasteners held the highest market share in China on account of their high demand from the industrial machinery manufacturing and consumer appliances application segments
  • The product demand in the building and construction sector in Germany was significant in 2020; however, it is likely to get affected due to the rising substitution by adhesives and sealants
  • Globally, automotive applications accounted for the largest revenue share in 2020. The segment is expected to further ascend owing to the rise in production of EVs
  • 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