Industrial Standard Fastener Market Size, Share, Growth, and Industry Analysis, By Material (Steel Industrial Standard Fastener, Cooper Industrial Standard Fastener, Aluminium Industrial Standard Fastener, and Other Material), By Application (Automotive Industry, Electric & Electronics, Machinery Industry, Construction Industry, MRO and Others), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Industrial Standard Fastener Market REPORT OVERVIEW

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The global industrial standard fastener market size was USD 63890 million in 2022 and market is projected to touch USD 92523.12 million by 2031, exhibiting a CAGR of 4.2% during the forecasting period.

Industrial fasteners are high-quality fasteners that have a variety of uses, from construction to the automotive and maritime industries. Permanent fasteners and industrial fasteners are used interchangeably in this context. Almost any weather condition and chemical ingredient can be handled by these fasteners. In many developing sectors, corrosion- and other naturally occurring abrasion-resistant fasteners are a requirement. For producers of industrial fasteners, this opens up profitable options. Businesses in the industrial fasteners industry are concentrating on cutting-edge materials like carbon fibre and alloys because they make it easier to create industrial fasteners that are lightweight, corrosion-resistant, and superconducting. Injection-molded plastic and metal fasteners that are lighter, simpler to install, and more affordable are another area of focus.

COVID-19 Impact: Government Restrictions due to the Pandemic to Hamper Market Growth

To combat the pandemic, major marketplaces for the manufacturing sector were closed down, which halted all active industrial standard fastener market projects. The Climate Laws and Real Estate Act of 2016's regulatory restrictions have made the industry's already difficult environment much worse, and COVID-19 has added gasoline to the fire, further impeding market expansion. Legal concerns in the construction sector have grown as a result of the COVID-19 epidemic. Legal issues have arisen as a result of the uncertainty over the applicability of force majeure and termination clauses in the current situation as part of the existing treaties between customers and suppliers. This has led to buyers for the delayed projects invoking the termination clause. While providers have used the clause regarding force majeure to reduce their liability.

LATEST TRENDS

"Usage of Micro Fasteners in Automotive Industry to Promote Market Growth"

The market is seeing an increase in automation across many different production environments. This will encourage market expansion. Automation gives them a competitive advantage over competing manufacturers by reducing operational costs and time. One of the most recent trends in the industrial fasteners market is the increased usage of micro fasteners. Several variables encourage the use of tiny fasteners, including structural necessity, compact designs, installed hardware, and limitations on the amount of space available.

Industrial Standard Fastener Market SEGMENTATION

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• By Material

Based on material; the market is divided into steel industrial standard fastener, cooper industrial fasteners, aluminium industrial standard fastener, and other material.

In terms of product, steel industrial standard fastener is the largest segment.

• By Application

Based on application; the market is divided into automotive industry, electric & electronics, machinery industry, construction industry, MRO and others.

In terms of application, automotive industry is the largest segment.

DRIVING FACTORS

"Adoption of Fasteners in Automotive Industry to Enhance Market Sales"

Due to a growth in automobile production, the global automotive industry is predicted to expand significantly throughout the projection period. To cut down on gasoline usage, automakers are always creating more fuel-efficient engines and drivetrains. To create greener cars, they are embracing emission-control technology. Due to the expansion of the automotive industry, the demand for automotive fasteners is therefore anticipated to increase soon. The use of fasteners in sub or main assembly parts has increased with the production of medium commercial vehicles, light commercial vehicles, heavy earth moving equipment, textile machinery, machine tools, aeroplanes, and utility vehicles.

"Rising Demand for Fasteners in Construction Industry to Augment Market Growth"

The expansion of numerous end-use sectors has increased the need for diverse fastener types. The improvement of infrastructure, increased residential construction, and rise in investments across a variety of industries, including renewable energy and telecommunications, are all contributing to population growth in growing nations. As a result, the demand for bolt fasteners and other industrial fasteners is increasing. Additionally, the world's railroad and light rail transit systems for people and goods are expanding quickly. The need for energy conservation and the growth of metropolitan areas necessitates modern mass transit systems, which are the factors driving the transportation system.

It is anticipated that in the near future, there will be a large increase in the demand for components used in the production of railway infrastructure, particularly railroad fasteners. Due to the rise in passenger traffic, faster transit times, and long-distance trips, there is a considerable demand for fasteners that can support railway equipment. To fulfil the rising demand for railway tracks, superior fasteners that are impervious to corrosion and other forms of natural wear are also necessary. During the anticipated period, these factors are anticipated to drive the industrial standard fastener market Growth.

RESTRAINING FACTORS

"Various Alternates of Fasteners in the Market to Hamper Market Growth"

Growing use of automotive tapes and adhesives is posing a significant challenge for the market for metal fasteners. Growing need for welds and rivets in aircraft is anticipated to fuel the welding industry in the aerospace and military sectors and threaten the market share for fasteners.

Industrial Standard Fastener Market REGIONAL INSIGHTS

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"North America to Dominate the Market Due to Rise in Disposable Income"

During the forecast period, Asia Pacific is expected to dominate the industrial standard fastener market share. The industrial fasteners market in Asia Pacific is being driven by the economies of China and India, a rise in disposable income throughout the region, and the expansion of the automotive sector. The need for fasteners in Asia Pacific is also being driven by the expansion of the worldwide building sector. Owing to the presence of automotive, electronics, and aerospace companies, the market is flourishing in the region.

KEY INDUSTRY PLAYERS

"Better Designs Among Potential Key Players to Boost Market Growth"

The market for industrial standard fasteners is fragmented and has numerous competitors. Due to the participation of numerous local players, the competition is anticipated to increase over the next few years. In addition to novel designs for better grip, manufacturers in the industrial fasteners market are concentrating on the material aspect. The latest trends in customer demand are being sought after by numerous businesses. To stop surface-type corrosion, they are offering cutting-edge products like nano-laminated metallic-coated fasteners. Acument Worldwide Technologies Inc., Arconic Inc., Bulten AB, STANLEY Engineered Fastening, Fortana Group, Hilti Corporation, LISI Group, and MacLean-Fogg Company are a few of the major companies active in the global industrial fasteners industry.

List of Market Players Profiled

• Würth (Germany)
• PCC (India)
• ITW (U.S.)
• Alcoa (U.S.)
• Araymond (France)
• Aoyama Seisakusho (Japan)
• LISI (France)
• STANLEY (U.S.)
• Fontana Gruppo (Italy)
• Shanghai PMC (Nedschroef) (China)
• KAMAX (Germany)

INDUSTRY DEVELOPMENT

February, 2022: The Threadstrong Line of Made-in-the-USA aftermarket wheel fasteners and the associated e-commerce website www.Threadstrong.us were introduced by MacLean-Fogg Component Solutions (MFCS). Through the website, these fasteners will be directly accessible to clients. This tactic is anticipated to aid the organisation in increasing both its revenue and market share.

REPORT COVERAGE

With strategic analysis, micro and macro market trend and scenarios, pricing analysis, and a comprehensive description of the market conditions in the forecast period, the industrial standard fastener market research report keeps a close eye on the leading competitors. It is an expertly written, in-depth study that emphasises key and secondary drivers, market share, top categories, and regional analysis. The paper also examines prominent actors, significant partnerships, mergers, and acquisitions, as well as popular innovations and business practises.